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 …

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

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 …