Abstract
‘Optimal fiscal and monetary policy’ is a policy of choosing taxes and transfers or monetary instruments to maximize social welfare. ‘Absence of commitment’ refers to inability of a policymaker to make binding policy choices.
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Golosov, M., Tsyvinski, A. (2018). Optimal Fiscal and Monetary Policy (Without Commitment). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2821
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2821
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