Barro-Gordon revisited: Reputational equilibria with inferential expectations

Elsevier Inc
Publication Type:
Journal Article
Economics Letters, 2011, 112 (2), pp. 144 - 147
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We incorporate inferential expectations into the BarroGordon model (Barro and Gordon, 1983a) of time inconsistency and consider reputational equilibria. The range of sustainable equilibria shrinks as the private sector becomes more belief-conservative.
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