Graham, L.;
Snower, D.J.;
(2007)
Hyperbolic discounting and the Phillips curve.
(Kiel Working Papers
1346).
Kiel Institute for the World Economy: Hamburg, Germany.
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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 inflation having significant long-run effects on real variables.
| Type: | Working / discussion paper |
|---|---|
| Title: | Hyperbolic discounting and the Phillips curve |
| Open access status: | An open access version is available from UCL Discovery |
| Publisher version: | http://www.ifw-kiel.de/publications/kap_e/kiel-wor... |
| Language: | English |
| Keywords: | JEL classification: E20, E40, E50. Infl�ation, unemployment, Phillips curve, nominal inertia, monetary policy, dynamic general equilibrium |
| UCL classification: | UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics |
| URI: | https://discovery.ucl.ac.uk/id/eprint/3894 |
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