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 | |
| Publication status | Published - 2014 |
Keywords
- Monetary policy
- Discretion
- Timeless perspective
- Loss of social welfare
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