Time‐consistent implementation in macroeconomic games
研究了政府需要多少承诺能力才能在宏观经济博弈中实现唯一均衡结果并排除自我实现的预期，发现即使承诺能力很低也能做到，并讨论了救助和资本税收模型的意义。
The commitment ability of governments is neither infinite nor zero but intermediate. In this paper, we determine the commitment ability that a government needs to implement a unique equilibrium outcome and rule out self‐fulfilling expectations. We show that, in a large class of static macroeconomic games, the government can obtain a unique equilibrium with any low level of commitment ability. We finally derive implications for models of bailouts and capital taxation.