characterizations leave the discounting function essentially unrestricted, the theory can accommodate, in particular, decision makers … constraints, limited foresight, and partial commitment. …

is driven by exogenous technology shocks. We first consider the commitment case, and characterize the Ramsey equilibrium … positively correlated with production. Then, we relax the commitment assumption, and we show how to determine numerically whether …, Commitment, Time-consistency, Ramsey equilibrium, Markov perfect equilibria, Sustainable equilibria. …

, optimal monetary policy under commitment is associated with a determinate rational expectations equilibrium that is stable …

consumers from self-control and extracts consumers' commitment surplus. When some consumers are tempted by cheaper, lower …

used as commitment devices when it is impossible to commit not to renegotiate them. We characterize renegotiation …

The theory of incomplete contracting is rival to that of complete contracting as a frame of reference to understand … optimal contracts with and without commitment and derive an exclusion restriction that is useful to identify the relevant … commitment scenario. The empirical analysis takes advantage of a data set from Spanish soccer player contracts. Our test rejects …