Discretion vs. timeless perspective under model-consistent stabilization objectives
نویسندگان
چکیده
منابع مشابه
When is Discretion Superior to Timeless Perspective Policymaking?
The monetary policy literature assumes increasingly that policies are formulated according to the timeless perspective (Woodford, 1999a). However, treating the auxiliary state variables that characterize the timeless perspective equilibrium appropriately when evaluating policy performance, this paper shows that discretionary policymaking can be superior to timeless perspective policymaking and ...
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ژورنال
عنوان ژورنال: Economics Letters
سال: 2014
ISSN: 0165-1765
DOI: 10.1016/j.econlet.2013.11.004