@article{Timeless-Perspective::1431,
      recid = {1431},
      author = {Juillard, Michel and Pelgrin, Florian},
      title = {Computing Optimal Policy in a Timeless-Perspective: An  Application to a Small-Open Economy},
      publisher = {Bank of Canada},
      address = {2007},
      pages = {1 online resource (iii, 34 pages)},
      abstract = {Since the contribution of Kydland and Prescott (1977), it  is well known that the optimal Ramsey policy is time  inconsistent. In a series of recent contributions, Woodford  (2003) proposes a new methodology to circumvent this  problem, namely the timeless perspective solution. However,  one main limitation is that it is not yet empirically  implementable. In this paper, we develop a new methodology  to compute initial values of the Lagrange multipliers in  order to implement the timeless-perspective solution. In so  doing, we also provide a generalization of the Ramsey and  timeless-perspective problems. We apply our results to a  small-open economy model in Canada.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/1431},
      doi = {https://doi.org/10.34989/swp-2007-32},
}