Hyperbolic discounting and the Phillips curve

Liam Graham; Dennis J. Snower

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. -- Inflation ; unemployment ; Phillips curve ; nominal inertia ; monetary policy ; dynamic general equilibrium

Year of publication:	2008
Other Persons:	Graham, Liam (contributor) ; Snower, Dennis J. (contributor)
Publisher:	Bonn : IZA
Subject:	Phillips-Kurve \| Phillips curve \| Lohnrigidität \| Wage rigidity \| Dynamisches Gleichgewicht \| Dynamic equilibrium \| Geldpolitik \| Monetary policy \| Theorie \| Theory

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