20, E32, F32, F41. Keywords: Time consistency, unconditional expectation, timeless perspective, optimal policy. 1 … policies, under rational expectations, which maximize the unconditional expectation of the government�s objective function … is to show how one can derive analytically policies that minimize the unconditional expectation of losses, what we refer …

establish that optimizing over the unconditional expectation of the policy criterion function recovers these alternative … optimizing over the unconditional expectation of the policy criterion function recovers these alternative strategies. JEL … Classification: C61, E30, E52, E58, E61. Keywords: Time consistency, unconditional expectation, timeless perspective, optimal …