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

  • Jensen C
  • McCallum B
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Abstract

In a near-canonical forward looking model, the ‘timeless perspective’ form of commitment typically provides outcomes that are on average superior to those resulting from discretion. The specific condition that appears in the literature is, however, not optimal from the relevant perspective. © 2002 Elsevier Science B.V.

Author-supplied keywords

  • Forward-looking
  • Optimality
  • Policy rules
  • Timeless perspective

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Authors

  • Christian Jensen

  • Bennett T. McCallum

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