| 单词 | time-consistency |
| 释义 | time-consistency The property of policies carried out over a period of time, that the policy choices made at later dates are independent of any commitments made at earlier dates. Where the policy authorities have no credibility, a time-consistent policy is the only one available to them; there is no point in making promises that nobody expects you to keep. Where the authorities do have credibility, they may be able to get better results by the use of time-inconsistent policies: for example, inflation this year can be reduced by promises to cut government spending or growth of the money supply next year. When next year comes, the authorities would prefer to substitute cuts in the following year to keeping their promises; the incentive to keep promises is desire to retain the reputation which makes time-inconsistent policies posssible. See also: reputational policy |
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