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dc.contributor.authorJuillard, Michelen
dc.contributor.authorPelgrin, Florianen
dc.date.accessioned2011-12-15T12:55:36Z-
dc.date.available2011-12-15T12:55:36Z-
dc.date.issued2007-
dc.identifier.pidoi:10.34989/swp-2007-32en
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
dc.language.isoengen
dc.publisher|aBank of Canada |cOttawaen
dc.relation.ispartofseries|aBank of Canada Working Paper |x2007-32en
dc.subject.jelC6en
dc.subject.jelE5en
dc.subject.jelE6en
dc.subject.ddc330en
dc.subject.keywordMonetary policy frameworken
dc.subject.stwGeldpolitiken
dc.subject.stwZeitökonomieen
dc.subject.stwDynamisches Modellen
dc.subject.stwKanadaen
dc.titleComputing optimal policy in a timeless-perspective: An application to a small-open economy-
dc.typeWorking Paperen
dc.identifier.ppn53154494Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:bca:bocawp:07-32en

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