Hyperbolic Discounting and the Phillips Curve
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. Copyright (c)2008 The Ohio State University.
Year of publication: |
2008
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Authors: | GRAHAM, LIAM ; SNOWER, DENNIS J. |
Published in: |
Journal of Money, Credit and Banking. - Blackwell Publishing. - Vol. 40.2008, 2-3, p. 427-448
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Publisher: |
Blackwell Publishing |
Saved in:
freely available
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