HIGHLIGHTS
- who: Discretion and colleagues from the University of Konstanz have published the article: Implementing the commitment solution via discretionary policy-making, in the Journal: (JOURNAL) of August/27,/2020
- what: This paper shows that in large class of linear-quadratic models with rational expectations losses due to time-inconsistency problems can be avoided as the solution can be implemented by policy-maker who acts under The authors show that nonMarkovian reputational equilibrium that implements the solution always exists. The authors show how to policy-maker with an additional objective for the policy instrument can be . . .
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