Kydland & Prescott's Time Inconsistency model belongs in the top 5 most elegant social scientific models. It's applicable across so many domains that it's almost a shame they wrote it about the problems of central banking. (And I say this as a macroeconomist)https://twitter.com/sbkaufman/status/1176136946239885314 …
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4 decades is also about how long central bank independence has been recognized as important. Just because we've done ok solving the problem doesn't mean the problem is overrated!
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The time inconsistency argument doesn’t necessarily rely on political interference though — even an independent welfare-maximizing CB can still be tempted to inflate in the short run
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