Recent literature has reported situations in which discretion dominates timeless perspective in the presence of elements that reduce the slope of the New Keynesian Phillips curve. Considering a model-consistent welfare metric inhibits this mechanism in the standard New Keynesian framework. © 2013 Elsevier B.V.
Discretion vs. timeless perspective under model-consistent stabilization objectives
Petrella, Ivan
;
2014-01-01
Abstract
Recent literature has reported situations in which discretion dominates timeless perspective in the presence of elements that reduce the slope of the New Keynesian Phillips curve. Considering a model-consistent welfare metric inhibits this mechanism in the standard New Keynesian framework. © 2013 Elsevier B.V.
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