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How Severe is the Time Inconsistency Problem in Monetary Policy?

Stefania AlbanesiV. V. ChariLawrence J. Christiano

出版	National Bureau of Economic Research, 2001
URL	http://books.google.com.hk/books?id=itC0nQEACAAJ&hl=&source=gbs_api

註釋

We analyze two monetary economies - a cash-credit good model and a limited participation model. In our models, monetary policy is made by a benevolent policymaker who cannot commit to future policies. We define and analyze Markov equilibrium in these economies. We show that there is no time inconsistency problem for a wide range of parameter values.