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time-inconsistency

monetary rules, discretionary monetary policy, time-inconsistency problem, stable spending, NGDP targeting
Economic Thought, Monetary Policy Primer, Money & Politics, The Fed & Central Banks

A Monetary Policy Primer, Part 10: Discretion, or a Rule?

George Selgin/May 11, 2017June 19, 2022

A Class Camping Trip Forget about monetary policy for a moment or two, and imagine, instead, that you're back in 6th grade. You and your classmates are about to go on a camping trip, involving some strenuous hiking, and lasting several days. Somehow, your teacher must see…

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