The timeless-perspective approach suggests that policymakers implement in each period policy actions conforming to a rule that would have been fully optimal to adopt in the distant past. A motivating advantage is that policy henceforth would continue by recommending the same optimality...

Assuming a production process with returns to scale that vary with the intensity it is operated at, an AK-model of endogenous growth with constant returns to scale in production is shown to arise due to replication driven by profit-maximization. If replication occurs at the efficiency-maximizing...

In a standard New-Keynesian sticky-price model of monetary policymaking, we show that formulating the policy objective of a monetary union in terms of a weighted average of objectives for inflation and output in each of the member countries, instead of union-wide aggregate inflation and output,...

When present and past policy is used to learn about policymaking and predict future policy, central banks can exploit this to influence expectations and thereby improve policy without making any commitments. In a sticky-information model of the inflation-output trade-off, we show how the optimal...

When policy forecasts are based on the policymaker's present and past actions, current policy affects expectations of future policy, contrary to what happens when forecasters can replicate policymaking perfectly. We show that when forecasts are generated through any linear combination of present...

This paper analyzes the consequences of an increasing non-profit sector and its impact on the municipalities and other local authorities. We discuss different forms of cooperation between non-governmental organizations and local authorities’ organizations. The basis for the discussion is the...

Several recent papers have usefully emphasized the inefficiency that arises from discretionary monetary policymaking, relative to optimal policy from a 'timeless perspective,' in macroeconomic models with forward-looking private behavior. The inefficiency in question is in terms of average...

In a standard New-Keynesian sticky-price model, we study how the gains from commitment depend on how far ahead policymakers commit. While the traditional time-inconsistent solution assumes a once-and-for-all commitment to a plan for all future periods, we show that most of the gains can be...