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A Complementary Note On The Issue Of Time Inconsistency Revisited As An Extended Game

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  • HUBERT KEMPF

    ()
    (Banque de France and Paris School of Economics, France)

  • GRGOIRE ROTA GRAZIOSI

    ()
    (CERDI-CNRS (Université d'Auvergne), France; IMF, Fiscal Affairs Department, USA)

Abstract

Cellini and Lambertini endogenize through a timing game the moves of the central bank and the private sector in a model of monetary policy la Barro and Gordon. They find a multiplicity of equilibria, as the two Stackelberg outcomes emerge as the solutions of the timing game, with different inflation levels. By using the risk-dominance criterion to select the equilibrium we prove that there is a discontinuity in the inflation bias, depending on the inflation aversion of the private sector.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal International Game Theory Review.

Volume (Year): 13 (2011)
Issue (Month): 04 ()
Pages: 475-480

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Handle: RePEc:wsi:igtrxx:v:13:y:2011:i:04:p:475-480

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Related research

Keywords: Endogenous timing; first-second-mover advantage; monetary policy; time consistency; risk dominance; E52; E61;

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