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Time Inconsistency: An Updated Survey of the Literature

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  • Marco Catenaro

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    (Department of Economics, University of Milan-Bicocca)

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    Abstract

    We provide an updated survey of the literature on time inconsistency, focusing on the key contributions that followed the seminal papers of Kydland and Prescott (1977) and Barro and Gordon (1983a). Starting from the traditional models addressing the time inconsistency problem of monetary policy, we then proceed to analyse the more recent contributions accounting for the important monetary and fiscal policy interactions. We conclude by sketching an encompassing open-economy model summarising the most recent positions concerning the optimal management of fiscal policies.

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    File URL: http://dipeco.economia.unimib.it/repec/pdf/mibwpaper29.pdf
    File Function: First version, 2000
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    Bibliographic Info

    Paper provided by University of Milano-Bicocca, Department of Economics in its series Working Papers with number 29.

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    Length: 30 pages
    Date of creation: Oct 2000
    Date of revision: Oct 2000
    Handle: RePEc:mib:wpaper:29

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    Related research

    Keywords: Time Inconsistency; Monetary Policy; Central Banking; EMU; Policy Co-ordination;

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    References

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    1. Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-67, March.
    2. Taylor, John B., 1983. "`Rules, discretion and reputation in a model of monetary policy' by Robert J. Barro and David B. Gordon," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 123-125.
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    Cited by:
    1. Gürbüz Beşek, Yeşim, 2011. "Crédibilité en matière de ciblage d'inflation," GIAM Working Papers 11-1, Galatasaray University Economic Research Center, revised 08 Feb 2011.

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