prior to issuing additional debt. For realistic values of issuance costs and debt maturity, the no-commitment policy … generates tax benefits that are similar to those obtained by a benchmark policy with commitment. For positive but arbitrarily …

is driven by exogenous technology shocks. We first consider the commitment case, and characterize the Ramsey equilibrium … positively correlated with production. Then, we relax the commitment assumption, and we show how to determine numerically whether …, Commitment, Time-consistency, Ramsey equilibrium, Markov perfect equilibria, Sustainable equilibria. …

follows because a lack of board independence serves as a substitute for commitment. Boards that are dependent on the incumbent …

macroeconomic model of commitment and credibility. As the dependent variable, we calculate a post-reform inflation rate. The … exogenous variables are the degree of legal commitment and the constraining influence of institutions. The paper allows for the … conclusion that monetary commitment, the consideration of institutional constraints and abstinence from the money press are …

store image, salesperson likeability, relationship orientation, trust in salesperson, commitment to retail store and …