Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/53771
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dc.contributor.authorJuillard, Michelen_US
dc.contributor.authorPelgrin, Florianen_US
dc.date.accessioned2011-12-15T12:55:36Z-
dc.date.available2011-12-15T12:55:36Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/53771-
dc.description.abstractSince the contribution of Kydland and Prescott (1977), it is well known that the optimal Ramsey policy is time inconsistent. In a series of recent contributions, Woodford (2003) proposes a new methodology to circumvent this problem, namely the timeless perspective solution. However, one main limitation is that it is not yet empirically implementable. In this paper, we develop a new methodology to compute initial values of the Lagrange multipliers in order to implement the timeless-perspective solution. In so doing, we also provide a generalization of the Ramsey and timeless-perspective problems. We apply our results to a small-open economy model in Canada.en_US
dc.language.isoengen_US
dc.publisher|aBank of Canada |cOttawaen_US
dc.relation.ispartofseries|aBank of Canada Working Paper |x2007,32en_US
dc.subject.jelC6en_US
dc.subject.jelE5en_US
dc.subject.jelE6en_US
dc.subject.ddc330en_US
dc.subject.keywordMonetary policy frameworken_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwZeitökonomieen_US
dc.subject.stwDynamisches Modellen_US
dc.subject.stwKanadaen_US
dc.titleComputing optimal policy in a timeless-perspective: An application to a small-open economyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn53154494Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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