@TechReport{iza:izadps:dp3477, author={Graham, Liam and Snower, Dennis J.}, title={Hyperbolic Discounting and the Phillips Curve}, year={2008}, month={Apr}, institution={Institute of Labor Economics (IZA)}, address={Bonn}, type={IZA Discussion Paper}, number={3477}, url={https://www.iza.org/publications/dp3477}, 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}, }