Dynamic Games and the Time Inconsistency of Optimal Policy in Open Economies
نویسندگان
چکیده
منابع مشابه
The Timing of Asset Trade and Optimal Policy in Dynamic Open Economies
Using a standard open economy DSGE model, it is shown that the timing of asset trade relative to policy decisions has a potentially important impact on the welfare evaluation of monetary policy at the individual country level. If asset trade in the initial period takes place before the announcement of policy, a national policymaker can choose a policy rule which reduces the work effort of house...
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ژورنال
عنوان ژورنال: The Economic Journal
سال: 1985
ISSN: 0013-0133
DOI: 10.2307/2232876