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.

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Year of publication:	2008
Authors:	GRAHAM, LIAM ; SNOWER, DENNIS J.
Published in:	Journal of Money, Credit and Banking. - Blackwell Publishing. - Vol. 40.2008, 2-3, p. 427-448
Publisher:	Blackwell Publishing

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005521983