Kiel Working Papers, Kiel Institute for World Economics
No 1346:
Hyperbolic Discounting and the Phillips Curve
Liam Graham and Dennis J. Snower
Abstract: 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.
Keywords: inflation, unemployment, Phillips curve, nominal inertia, monetary policy, dynamic general equilibrium; (follow links to similar papers)
JEL-Codes: E20,; E40,; E50; (follow links to similar papers)
29 pages, June 2007
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