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Hyperbolic Discounting and the Phillips Curve

Graham, LM; Snower, DJ; (2008) Hyperbolic Discounting and the Phillips Curve. Journal of Money Credit and Banking , 40 (2-3) pp. 427-448. 10.1111/j.1538-4616.2008.00120.x.

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Abstract

Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to in�flation having significant long-run effects on real variables.

Type: Article
Title: Hyperbolic Discounting and the Phillips Curve
DOI: 10.1111/j.1538-4616.2008.00120.x
Keywords: infl‡ation, unemployment, Phillips curve, nominal inertia, monetary policy, dynamic general equilibrium
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: http://discovery.ucl.ac.uk/id/eprint/43626
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