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Hyperbolic Discounting and the Phillips Curve


Liam Graham


University College London - Department of Economics

Dennis J. Snower


University of Kiel - Institute for World Economics (IfW); Institute for the Study of Labor (IZA); Centre for Economic Policy Research (CEPR); CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

IZA Working Paper No. 3477

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.

Number of Pages in PDF File: 32

Keywords: inflation, unemployment, Phillips curve, nominal inertia, monetary policy, dynamic general equilibrium

JEL Classification: E20, E40, E50

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Date posted: May 23, 2008  

Suggested Citation

Graham, Liam and Snower, Dennis J., Hyperbolic Discounting and the Phillips Curve. , Vol. , pp. -, . Available at SSRN: http://ssrn.com/abstract=1136278 or http://dx.doi.org/10.1111/j.0042-7092.2007.00700.x

Contact Information

Liam Graham (Contact Author)
University College London - Department of Economics ( email )
Gower Street
London, WC1E 6BT
United Kingdom
Dennis J. Snower
University of Kiel - Institute for World Economics (IfW) ( email )
Duesternbrooker Weg 120
D-24118 Kiel
Germany
+49+431-8814-235 (Phone)
Institute for the Study of Labor (IZA)
P.O. Box 7240
Bonn, D-53072
Germany
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
CESifo (Center for Economic Studies and Ifo Institute for Economic Research)
Poschinger Str. 5
Munich, DE-81679
Germany
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