-consuming legislative process and an abolition will thus be previously expected. Therefore, a currency board solves the time inconsistency … shocks makes the abolition more likely. Currency boards are more credible than standard pegs if the time inconsistency …

-consuming legislative process and an abolition will thus be previously expected. Therefore, a currency board solves the time inconsistency … shocks makes the abolition more likely. Currency boards are more credible than standard pegs if the time inconsistency …

shown that the relationship between the firm's quality choice and the time-inconsistency problem crucially depends on how … the time-inconsistency problem. Also, it may have incentives to choose a quality higher or lower than the optimal … (often regarded as a measure of quality) to mitigate the time-inconsistency problem …

derive implications for monopoly profits, consumer welfare and the path of prices (Coase conjecture). We conclude that time … inconsistency will reduce monopoly profits and the welfare of all consumers, except of the highest valuation ones. Moreover, with …

specifies the highest allowable inflation rate. The more severe the time inconsistency problem and the less important is private … information, the smaller is the optimal degree of discretion. As either the time inconsistency problem becomes sufficiently severe … monetary authority discretion to react to its private information against society's need to guard against the time …