Time-Inconsistent Discounting and the Friedman Rule : The Role of Non-Unitary Discounting

Material type: 文書・図像類

Author: Hori, Takeoほか

Publisher: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University

Publication date: 2018-02-13

Material Format: Paper

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Note (General)：: We examine the optimality of the Friedman rule by considering recent developments in behavioral economics. We construct a simple macroeconomic model w...

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Paper

Material Type: 文書・図像類
Title: Time-Inconsistent Discounting and the Friedman Rule : The Role of Non-Unitary Discounting
Author/Editor: Hori, Takeo
Futagami, Koichi
Author Heading: Hori, Takeo
https://nrid.nii.ac.jp/nrid/1000080547513
Futagami, Koichi
https://nrid.nii.ac.jp/nrid/1000030199400
Publication, Distribution, etc.: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
Publication Date: 2018-02-13
Publication Date (W3CDTF): 2018-02-13
Periodical title: Discussion Papers In Economics And Business
No. or year of volume/issue: 18-04
Volume: 18-04
Pages: 1-16
Text Language Code: eng
Subject Heading: Non-unitary discount rate
Hyperbolic discounting
Exponential discounting
Friedman rule
Optimal inflation
Target Audience: 一般
Note (General): We examine the optimality of the Friedman rule by considering recent developments in behavioral economics. We construct a simple macroeconomic model where agents discount consumption and leisure at different rates. We also consider a standard exponential discounting model and a hyperbolic discounting model, assuming that the same discounting applies to both consumption and leisure. Money is introduced via a cash-in-advance constraint. Although the three models are observationally equivalent, they provide different policy implications. The Friedman rule is optimal in the latter two models, whereas it is not optimal in the first model when agents discount consumption at a higher rate than leisure.
Periodical Title (NCID): AA1160366X
https://ci.nii.ac.jp/ncid/AA1160366X
References (URI): URI
http://www2.econ.osaka-u.ac.jp/library/global/dp/1804.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華