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

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Year of publication:	2004
Authors:	Graham, Liam ; Snower, Dennis J.
Publisher:	[S.l.] : SSRN
Subject:	Phillips-Kurve \| Phillips curve \| Theorie \| Theory \| Zeitkonsistenz \| Time consistency \| Geldpolitik \| Monetary policy \| Lohnrigidität \| Wage rigidity \| Dynamisches Gleichgewicht \| Dynamic equilibrium

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