Embedding hyperbolic and quasihyperbolic discounting into a game-theoretic model of temptation versus enforcement narrows the range of enforceable inflation targets.
Rules, discretion and reputation in a mod el of monetary policy
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Behavioural Macroeconomic Policy: New perspectives on time inconsistency
Embedding hyperbolic and quasihyperbolic discounting into a game-theoretic model of temptation versus enforcement narrows the range of enforceable inflation targets.