TimeInconsistency in Economic Policy经济政策的时间不一致.pptVIP

Macroeconomic Themes:15 Time-Inconsistency in Economic PolicyInflation, Output and Welfare under Discretion, Credibility, Cheating and Policy Rule Discretion, Policy Rule and Cheating in Economic Policy Optimisation problem for Economic Policy Policy Rule, Discretion, Cheating and Time Inconsistency in Economic Policy Making Slopes of Social Cost Function Optimal inflation under the discretion-1 Optimal inflation under the discretion- 2 Optimal inflation under the discretion- 3 Actual output under the discretion Social Welfare Cost Under the Discretion I Cheating Problem in Economic Policy Inflation and Output Under Cheating:Incredibility and Time-Inconsistency in economic Policy-1 Inflation and Output Under Cheating:Incredibility and Time-Inconsistency in economic Policy-2 Comparison of the Social Welfare Cost Under Discretion, Cheating and Policy Rule Key Remarks about Time-Inconsistency Problem in Policy Making References * Social Cost function: Objectives of Policy Makers Actual Inflation, output and Social Cost Under the Policy Rule *