The non-optimality of proposed monetary policy rules under timeless perspective commitment

DOI10.1016/S0165-1765(02)00096-4MaRDI QIDQ1852898zbMATH OpenOpenAlexFDO

Authors Christian Jensen, Bennett T. McCallum

Publication date 21 January 2003

Published in Economics Letters (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/s0165-1765(02)00096-4

zbMATH Keywords

optimalitypolicy rulesforward-lookingtimeless perspective

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64)

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Cites work

• Estimation and Control of a Macroeconomic Model with Rational Expectations

Cited in

(12)

• A quantitative analysis of optimal sustainable monetary policies
• A note on timeless perspective policy design
• LEARNING, COMMITMENT, AND MONETARY POLICY
• The Role of Monetary Policy in Eliminating Nonconvergent Dynamic Paths
• Inflation-targeting rules: history-dependent or forward-looking?
• The value of monetary policy commitment under imperfect fiscal credibility
• Reflections on the failure of the Taylor principle under commitment
• Cross-checking optimal monetary policy with information from the Taylor rule
• Optimal monetary policy in a New Keynesian model with heterogeneous expectations
• OPTIMAL POLICY IN RATIONAL EXPECTATIONS MODELS: NEW SOLUTION ALGORITHMS
• Discretion vs. timeless perspective under model-consistent stabilization objectives
• Linear-quadratic approximation of optimal policy problems

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