This paper analyses the sustainability of intergenerational transfers in Samuelson's consumption-loan model when agents are imperfectly informed about past events. The authors find that with mild informational constraints, transfers cannot be supported by pure-strategy equilibria. Mixed...

Taylor's model of staggered contracts is an influential explanation for nominal inertia and the persistent real effects of nominal shocks. However, in standard imperfect competition models, if agents are allowed to choose the timing of pricing decisions, they will typically choose to...