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Optimal Monetary Policy Rules from a Timeless Perspective
| Content Provider | Semantic Scholar |
|---|---|
| Author | Damjanovic, Tatiana Damjanovic, Vladislav Nolan, Charles |
| Copyright Year | 2005 |
| Abstract | The timelessly optimal monetary policy proposed by Woodford (2003) may be dominated by alternative timeless policies. We provide a formal justification for these alternative policies. We demonstrate why discount rates do not matter and establish that optimizing over the unconditional expectation of the policy criterion function recovers these alternative strategies. |
| File Format | PDF HTM / HTML |
| DOI | 10.2139/ssrn.827264 |
| Alternate Webpage(s) | https://www.st-andrews.ac.uk/CDMA/papers/wp0510.pdf |
| Alternate Webpage(s) | https://doi.org/10.2139/ssrn.827264 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |