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- W3203151311 abstract "The standard approach to the credibility problem facing government policymakers rests on the notion of time inconsistency: the “optimal” policy involves promises of future policy which the government will not find advantageous to fulfill when the future arises. The essence of the credibility/time-inconsistency problem is the government’s inability to pre-commit its future actions. The Barro and Gordon model leaves one with the impression that inflation is the inevitable outcome of government policy. In most of the plays of the finitely-repeated game, the equilibrium outcome has the government sticking to an ex-ante optimal policy of causing zero inflation. Finally, the analysis explains why one would expect to find the Phillips curve relation unstable over time and across countries. A credible announcement of future anti-inflationary policy, or a pre-commitment, will cut inflation more rapidly than an irresolute policy stance." @default.
- W3203151311 created "2021-10-11" @default.
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- W3203151311 date "2021-10-07" @default.
- W3203151311 modified "2023-10-14" @default.
- W3203151311 title "Policy Credibility and Unemployment in the U.K." @default.
- W3203151311 doi "https://doi.org/10.4324/9781003165002-1" @default.
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