Discretion vs. timeless perspective under model-consistent stabilization objectives

Ivan Petrella; Raffaele Rossi; Emiliano Santoro

doi:https://doi.org/10.1016/j.econlet.2013.11.004

Discretion vs. timeless perspective under model-consistent stabilization objectives

Ivan Petrella, Raffaele Rossi, Emiliano Santoro

Economics

Research output: Contribution to journal › Article › peer-review

Abstract

Recent literature has reported situations in which discretion dominates timeless perspective in the presence of elements that reduce the slope of the New Keynesian Phillips curve. Considering a model-consistent welfare metric inhibits this mechanism in the standard New Keynesian framework.

Original language	English
Pages (from-to)	84-88
Number of pages	5
Journal	Economics Letters
Volume	122
Issue number	1
DOIs	https://doi.org/10.1016/j.econlet.2013.11.004
Publication status	Published - 2014

Keywords

Monetary policy
Discretion
Timeless perspective
Loss of social welfare

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https://doi.org/10.1016/j.econlet.2013.11.004

https://www.sciencedirect.com/science/article/pii/S0165176513004916

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title = "Discretion vs. timeless perspective under model-consistent stabilization objectives",

abstract = "Recent literature has reported situations in which discretion dominates timeless perspective in the presence of elements that reduce the slope of the New Keynesian Phillips curve. Considering a model-consistent welfare metric inhibits this mechanism in the standard New Keynesian framework.",

keywords = "Monetary policy, Discretion, Timeless perspective, Loss of social welfare",

author = "Ivan Petrella and Raffaele Rossi and Emiliano Santoro",

year = "2014",

doi = "https://doi.org/10.1016/j.econlet.2013.11.004",

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AU - Petrella, Ivan

AU - Rossi, Raffaele

AU - Santoro, Emiliano

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AB - Recent literature has reported situations in which discretion dominates timeless perspective in the presence of elements that reduce the slope of the New Keynesian Phillips curve. Considering a model-consistent welfare metric inhibits this mechanism in the standard New Keynesian framework.

KW - Monetary policy

KW - Discretion

KW - Timeless perspective

KW - Loss of social welfare

U2 - https://doi.org/10.1016/j.econlet.2013.11.004

DO - https://doi.org/10.1016/j.econlet.2013.11.004

M3 - Article

SN - 0165-1765

VL - 122

SP - 84

EP - 88

JO - Economics Letters

JF - Economics Letters

IS - 1

ER -

Discretion vs. timeless perspective under model-consistent stabilization objectives

Abstract

Keywords

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