Abstract
An infinitely repeated monetary policy game à la Barro and Gordon (1983) is considered. Before the game starts the government announces a policy rule. If there is a slight probability that government is honest and a slight probability that the government makes mistakes, then a sufficiently patient government will have average loss close to its commitment loss in all sequentially rational equilibria of the infinitely repeated game
| Originalsprog | Engelsk |
|---|---|
| Udgiver | Department of Economics, University of Copenhagen |
| Antal sider | 11 |
| Status | Udgivet - 1996 |