【摘 要】
:
This article develops a model to examine the equilibrium behavior of the time inconsistency problem in a continuous time economy with stochastic and endogenized
【机 构】
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School of Management,Department of Economics
【基金项目】
:
Lewis Faculty Fellowship at Texas A&M University;Private Enterprise Research Center;国家自然科学基金;the Bush Program in the Economics of Public Policy
论文部分内容阅读
This article develops a model to examine the equilibrium behavior of the time inconsistency problem in a continuous time economy with stochastic and endogenized dis-tortion. First, the authors introduce the notion of sequentially rational equilibrium, and show that the time inconsistency problem may be solved with trigger reputation strategies for stochastic setting. The conditions for the existence of sequentially rational equilibrium are provided. Then, the concept of sequentially rational stochastically stable equilibrium is introduced. The authors compare the relative stability between the cooperative behavior and uncooperative behavior, and show that the cooperative equilibrium in this monetary policy game is a sequentially rational stochastically stable equilibrium and the uncooper-ative equilibrium is sequentially rational stochastically unstable equilibrium. In the long run, the zero inflation monetary policies are inherently more stable than the discretion rules, and once established, they tend to persist for longer periods of the time.
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