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Dynamic Consistency and Credibility

Jean-Pascal Bénassy

in Macroeconomic Theory

Published in print:
2011
Published Online:
April 2015
ISBN:
9780195387711
eISBN:
9780190261405
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780195387711.003.0019
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter analyzes the issues of time consistency and credibility in fiscal and monetary policy making. It briefly describes the article by Finn Kydland and Edward Prescott which introduced the ... More


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