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https://hdl.handle.net/10419/53771
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Juillard, Michel | en |
dc.contributor.author | Pelgrin, Florian | en |
dc.date.accessioned | 2011-12-15T12:55:36Z | - |
dc.date.available | 2011-12-15T12:55:36Z | - |
dc.date.issued | 2007 | - |
dc.identifier.pi | doi:10.34989/swp-2007-32 | en |
dc.identifier.uri | http://hdl.handle.net/10419/53771 | - |
dc.description.abstract | Since 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.iso | eng | en |
dc.publisher | |aBank of Canada |cOttawa | en |
dc.relation.ispartofseries | |aBank of Canada Working Paper |x2007-32 | en |
dc.subject.jel | C6 | en |
dc.subject.jel | E5 | en |
dc.subject.jel | E6 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Monetary policy framework | en |
dc.subject.stw | Geldpolitik | en |
dc.subject.stw | Zeitökonomie | en |
dc.subject.stw | Dynamisches Modell | en |
dc.subject.stw | Kanada | en |
dc.title | Computing optimal policy in a timeless-perspective: An application to a small-open economy | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 53154494X | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:bca:bocawp:07-32 | en |
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