CELLINI, ROBERTO; LAMBERTINI, LUCA - In: International Game Theory Review (IGTR) 12 (2010) 02, pp. 161-174
We reformulate the monetary policy model of Barro and Gordon (1983a) by using an extended game with observable delay where the hierarchy of play between the central bank and the private sector is endogenous. This allows us to endogenise the institutional setup wherein the monetary policy game...