Barro-Gordon revisited: Reputational equilibria with inferential expectations

Publisher:
Elsevier Inc
Publication Type:
Journal Article
Citation:
Economics Letters, 2011, 112 (2), pp. 144 - 147
Issue Date:
2011-01
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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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