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. …

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

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

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

the theory on the thus selected sample of overhang countries. In the spirit of event studies, we ask whether, as the …

prior to issuing additional debt. For realistic values of issuance costs and debt maturity, the no-commitment policy … generates tax benefits that are similar to those obtained by a benchmark policy with commitment. For positive but arbitrarily …

's choices with commitment or in the moment are "better". This impasse can be overcome in settings in which dynamically …