optimal monetary and fiscal policies under commitment and discretion. With symmetric rigidities, fiscal policy will not be … the case under discretion. We conduct numerical analyses to assess the welfare gains from commitment and from having … rates and the terms of trade. Under commitment, both monetary policy and relative spending are inertial, while this is not …

. 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 …

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 …We study the existence and uniqueness properties of monetary policy with limited commitment in LQ RE models. We use a …

. 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 …

framework for monetary policy deliberations, some of the central themes will be the importance of commitment for a superior … characterizing a central bank's policy commitment. …