monetary policy-making may be superior to timeless perspective. To this end, we formulate an input-output economy in which … greatly amplify the loss of social welfare under timeless perspective, even for small departures of the economy from its … timeless perspective. …

. In our setting, a reversal occurs when the Ramsey policy under timeless perspective commitment ceases to be dominant …

demonstrate the possible inferiority of the Ramsey monetary policy under timeless perspective commitment to simple (non …

unconditional loss, when it operates under the timeless perspective than under discretion. This paper consider the robustness of … policymaker. It finds that for reasonable parameter values discretion can be superior to the timeless perspective. The reason for … this stems from the fact that the timeless perspective policy varies more with the degree of inflation persistence than …