| 单词 | time-inconsistency |
| 释义 | time-inconsistency The property of policies carried out over a period of time, that the policy choices which would be made at later dates if the authorities were starting afresh are inconsistent with commitments made at earlier dates. Where the authorities have credibility, they may choose 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 possible. 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. See also: reputational policy |
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