Hyperbolic Discounting and the Phillips Curve

Liam Graham and Dennis J. Snower

Journal of Money, Credit and Banking, 2008, vol. 40, issue 2-3, pages 427-448

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. Copyright (c)2008 The Ohio State University.

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Working Paper: Hyperbolic Discounting and the Phillips Curve (2007)
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