Time Inconsistency: An Updated Survey of the Literature

Marco Catenaro ()
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Marco Catenaro: Department of Economics, University of Milan-Bicocca

No 29, Working Papers from University of Milano-Bicocca, Department of Economics

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.

Keywords: Time Inconsistency; Monetary Policy; Central Banking; EMU; Policy Co-ordination (search for similar items in EconPapers)
JEL-codes: E50 E58 E61 F15 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2000-10, Revised 2000-10
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:mib:wpaper:29

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