this paper we allow policy to be described by various forms of optimal policy - commitment, discretion and quasi-commitment …

traps under limited commitment and identify the minimum degree of commitment which is needed to escape from these traps. We …

this paper we allow policy to be described by various forms of optimal policy - commitment, discretion and quasi-commitment …

. Second, we show that the commitment (time inconsistent) solution does not normally involve zero inflation and output at its …, we show that the timeless perspective policy has the same steady state as the commitment case, but without any short …

This paper investigates the conduct of monetary and fiscal policy in the UK in the period of the Bank of England … better explained as following optimal policy under discretion than under commitment. We estimate policy objectives of both …