the role of long-run and short-run price stickiness under discretion and commitment in a straightforward and intuitive way … when a commitment to hold nominal rates at zero for an extended period is optimal. We then introduce government spending …

paradox, and also show how it may be avoided by introducing a commitment device. …

can thus use promises not to vote-sell as a commitment device. An invitation to promise not to vote-sell is taken up by a …

-cost firm under incomplete information: a separating auction implies adverse selection and relies substantially on commitment to … allocation and transfer rules. A pooling auction serves as a commitment device against ex-post opportunistic behavior and …

This paper examines capital tax competition in the presence of an interstate transfer policy without federal commitment …. Lack of commitment implies that tax policy is chosen prior to federal transfers. The paper s main result is that ex …

that global carbon taxes remain elusive, policy makers have to use a second-best subsidy. In case of credible commitment … transition to the carbon-free takes longer and cumulative carbon emissions are higher. Under first-best and second best with pre-commitment … peak warming is 2.1 - 2.3 °C, under second best without commitment 3.5°C, and without any policy temperature 5.1°C above …

politicians time preferences. In the non-commitment case, incentive contracts may need to include a golden parachute clause …