optimal band width widens in response to a decrease in policy-makers' commitment reputation, an increase in the cost of …

. Comparing decisions made in these two environments allows us to ask whether the degree of policy commitment has a measurable …

expectations is time-inconsistent. This, it is argued, undermines the credibility of the optimal policy in the eyes of the private … inconsistency problem. They assume that policy-makers suffer a loss of reputation if they renege on earlier commitments. With this …

credibility as a commitment device. But the contract’s strength is that renegotiation can be very visible and this facilitates a …

model in which all individuals currently alive vote on social security. There is no commitment to preserve the legislation …

under discretion or commitment, and rules that approximate optimal policy under commitment. For some reaction functions we …

competing auctions and competitive search continue to hold unaltered even without ex ante price commitment. …

Directed search models are market games in which each firm announces a wage commitment to attract a worker … commitments to fill their vacancies faster, which yields constrained efficient outcomes. We show that commitment is not essential … subsequent wage-formation stage. The insights from existing commitment models extend unchanged to such a cheap-talk environment …