. Second, we show that the commitment (time inconsistent) solution does not normally involve zero inflation and output at its …, we show that the timeless perspective policy has the same steady state as the commitment case, but without any short …

This Paper studies an advantage of commitment over discretion when a central bank observes only noisy measures of … current inflation and output, in the context of an optimizing model with nominal-price stickiness. Under a commitment regime …

Commitment in monetary policy leads to equilibria that are superior to those from optimal discretionary policies. A … number of interest rate reaction functions and instrument rules have been proposed to implement or approximate commitment …

We examine a central bank's endogenous choice of degree of control and degree of transparency, under both commitment … and discretion. Under commitment, we find that the deliberate choice of sloppy control is far less likely under a standard … degree of control is the only equilibrium. With regard to the degree of transparency, under commitment, a sufficiently …

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

women. Here, using a randomized controlled trial, we examine whether access to an individually-held commitment savings …