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Hyperbolic discounting and the Phillips curve

Graham, L.; Snower, D.J.; (2007) Hyperbolic discounting and the Phillips curve. (Kiel Working Papers 1346). Kiel Institute for the World Economy: Hamburg, Germany. Green open access

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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 SandHS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/3894
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