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Optimal Time-Invariant Monetary Policy

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  • Charles Brendon
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    Abstract

    This paper investigates how best to determine time-invariant policy rules in macroeconomic models with forward-looking constraints, where fully optimal policy is known to be time-inconsistent.� It proposes a new 'coefficient optimisation' approach that improves upon the timeless perspective method of Woodford (2003) in deterministic problems, and on average in stochastic problems, without resorting to asymptotic ('unconditional') loss comparisons.

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    File URL: http://www.economics.ox.ac.uk/materials/working_papers/paper463.pdf
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    Bibliographic Info

    Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 463.

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    Date of creation: 01 Nov 2009
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    Handle: RePEc:oxf:wpaper:463

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    Related research

    Keywords: Timeless perspective; Time consistency; Optimal monetary policy; Time-invariant policy;

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