On the Time Inconsistency of Optimal Monetary and Fiscal Policies with Many Consumer Goods*
研究了在消费者使用现金购买多种商品且税率可能不同的环境中，最优货币与财政政策通常因债券工具不足而时间不一致，但若最优差别税率为零则一致。
Abstract In this paper, we study the time consistency of optimal policies in an environment where agents use cash to purchase many consumer goods and where those goods might be taxed at differential rates. Our main result is that optimal monetary and fiscal policies are, in general, time‐inconsistent, because the number of bond instruments is insufficient to influence all future fiscal decisions. However, there is one special case where optimal policies are time‐consistent, which is when differential tax rates across cash goods are optimally zero.