between precommitment and discretionary policy in both a stylized theoretical framework and in estimated data …-consistent models. From the precommitment and discretionary solutions we calculate the permanent deviation of inflation from target that … in welfare terms is equivalent to moving from discretion to precommitment, the inflation equivalent. In the estimated …

-theoretic model, and discuss implications for optimal policy design under different assumptions regarding regulatory pre-commitment …-based policies. Further, in terms of dynamic efficiency, no pre-commitment policies are shown to be at least as good as the pre-commitment … be in favor of the no pre-commitment regime. …

/her reputation for precommitment can sustain the ex ante optimal policy. Canzoneri introduces imperfect monitoring of monetary policy …

' inability to irrevocably commit to their trade instrument may be welfare superior to the precommitment solution. The negative …

policy is at the government's discretion. Time consistent emission tax is lower than optimal emission tax under precommitment …

This article examines the welfare implications of an incumbent's pre-commitment to an exclusive contract in a partially …

depends on a basic welfare trade-off between the benefits of wage precommitment and the costs of reduced ex-post wage …

depends on a basic welfare trade-off between the benefits of wage precommitment and the costs of reduced ex-post wage …