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Discretion vs. timeless perspective under model-consistent stabilization objectives

Research output: Contribution to Journal/Magazine › Journal article › peer-review

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<mark>Journal publication date</mark>01/2014
<mark>Journal</mark>Economics Letters
Issue number1
Volume122
Number of pages5
Pages (from-to)84-88
Publication StatusPublished
<mark>Original language</mark>English

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.