sequential basis, sudden stop risk increases the average duration by 1 year. Second, we illustrate the time inconsistency problem …

sequential basis, sudden stop risk increases the average duration by 1 year. Second, we illustrate the time inconsistency problem …

sequential basis, sudden stop risk increases the average duration by 1 year. Second, we illustrate the time inconsistency problem …

a time inconsistency problem. We show that if the government can optimally subsidize R&D today, there is no time … inconsistency problem. Thus, lack of commitment is not an argument for higher current R&D subsidies. If the offered R&D subsidy is …

that time inconsistency does not exist in the case of an equal number of instruments and targets. Target uncontrollability … and time inconsistency, however, emerge as problems in the case of fewer instruments than targets. In this case, we obtain … targets, rather than from time inconsistency as the literature stresses. Policy makers must address target uncontrollability …

future (negative). The model generates time- inconsistency as generations disagree on the relative weights on utility and …