monetary policy-making may be superior to timeless perspective. To this end, we formulate an input-output economy in which … greatly amplify the loss of social welfare under timeless perspective, even for small departures of the economy from its … timeless perspective. …

. In our setting, a reversal occurs when the Ramsey policy under timeless perspective commitment ceases to be dominant …

demonstrate the possible inferiority of the Ramsey monetary policy under timeless perspective commitment to simple (non …

In this paper I show that discretionary policymaking can be superior to timeless perspective policymaking and identify … variables that characterize the timeless perspective equilibrium appropriately, I use a New Keynesian DSGE model to show that … discretion can dominate timeless perspective policymaking when the Phillips curve is relatively flat, due, perhaps, to firm …

that improves upon the timeless perspective method of Woodford (2003) in deterministic problems, and on average in …

unconditional loss, when it operates under the timeless perspective than under discretion. This paper consider the robustness of … policymaker. It finds that for reasonable parameter values discretion can be superior to the timeless perspective. The reason for … this stems from the fact that the timeless perspective policy varies more with the degree of inflation persistence than …

Policy, Timeless Perspective, Nominal Rigidity, Simple Targeting Rules. 1. Introduction In this paper, we propose simple … frameworks is in general time inconsistent and so Woodford (2003) has proposed formulating optimal policy from a timeless … perspective; one should model optimal policy as the policy that would have been intended for the current period had such a policy …

, we show that the timeless perspective policy has the same steady state as the commitment case, but without any short …

rule under optimal policy from a timeless perspective (TP) involves additional history dependence in the form of lagged …