Haubrich, Joseph G; Ritter, Joseph A - In: Journal of Money, Credit and Banking 32 (2000) 4, pp. 766-84
Considering the dynamics of commitment highlights some neglected features of time inconsistency problems. We modify the standard rules-versus-discretion question in three ways: (1) a government that does not commit today retains the option to do so tomorrow, (2) the government's commitment...