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Barro-Gordon revisited: Reputational equilibria with inferential expectations

Henckel, Timo; Menzies, Gordon; Prokhovnik, Nick; Zizzo, Daniel


We incorporate inferential expectations into the Barro-Gordon 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.

CollectionsANU Research Publications
Date published: 2011
Type: Journal article
Source: Economics Letters
DOI: 10.1016/j.econlet.2011.03.031


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