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The Time Consistency Problem of the Optimal Inflation
The Sufficiency of the Persson Persson and Svensson
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assume Barro and Gordon central bank profit collection costs consistency problem consistent solution discretion discussion Economic Review end of period endowment tax equal to zero European University Institute exogenous expected inflation rate expected seigniorage Fischer framework government bonds Guidotti inconsistency inflation surprises Inflation Tax intertemporal Journal of Monetary Journal of Money Journal of Political Klein and Neumann Kydland Laffer curve literature on optimal Lucas and Stokey marginal losses marginal revenue marginal social losses maximizing inflation rate Monetary Economics monetary policy nominal balances nominal interest rate nominal liabilities Open Economy open market operations optimal inflation rate optimal policy optimal tax problem optimal taxation output taxes Persson and Svensson policy instruments precommitment private agents private sector public debt public finance literature public sector real interest rate real seigniorage revenues real value revenue instruments revenues from money second order conditions seigniorage maximizing inflation subsection surprise inflation tion trigger strategies unexpected Vegh welfare