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42 search results for: time inconsistency


Policy and heterogeneity: A point

Via Geoff Simmons came this interesting post about new health policy in New Zealand.  This isn’t my area of expertise, but I found the post really insightful – I’d definitely recommend it as a read. However, a small part of the post did spark my imagination, and will lead me to write on a loosely […]


The new Bank of Japan

Look at that, the Bank of Japan has joined other central banks in announcing an explicit inflation target, and doing all they can to show their credibility for achieving it. Good. Some will call this a currency war, or “monetization” – but again, this is the Bank targeting a specific inflation target in a forward […]


Independence and credibility: The crisis and central banks

There is this view going around that the financial crisis has undermined central bank independence – or made it less important.  I have no idea where this has even come from, and it doesn’t seem to follow for me.  If anything, the crisis appears to have increased the importance of credibility and independence. What? Well […]