Barro-Gordon revisited: Reputational equilibria with inferential expectations
Date
2011
Authors
Henckel, Timo
Menzies, Gordon
Prokhovnik, Nick
Zizzo, Daniel
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Publisher
Elsevier
Abstract
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.
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Keywords
Keywords: Credibility; Inferential expectations; Reputation; Time inconsistency
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Source
Economics Letters
Type
Journal article
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2037-12-31
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