the policy maker acts under pure discretion. We apply a framework developed by Schaumburg and Tambalotti (2007) and …

multiple equilibria under pure discretion, and under full commitment there are two distinct determinate regimes. We study how … these properties change over the continuum of intermediate cases between commitment and discretion. We find that although …

multiple equilibria under pure discretion, and under full commitment there are two distinct determinate regimes. We study how … these properties change over the continuum of intermediate cases between commitment and discretion. We find that although …

, which arise if the policy maker acts under pure discretion. We apply a framework developed by Schaumburg and Tambalotti …