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Journal Article

Hyperbolic Discounting and the Phillips Curve

Journal of Money, Credit, and Banking
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Autoren

  • Graham
  • L.
  • Snower
  • D.J.

Erscheinungsdatum

JEL Classification

E20 E40 E50

Schlagworte

monetary policy

Phillips-Kurve

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.

Kiel Institut Expertinnen und Experten

  • Prof. Dennis J. Snower, Ph.D.
    Präsident Emeritus

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