关键词: 时间不一致 , 相机抉择 , 非对称信息 , 货币政策

Abstract: This paper extends Kydland and Prescott s classical model of time inconsistent monetary policy to a more general case in which the government and private sector have asymmetric information on the economic state. The equilibrium outcomes show that an efficient economic policy has to take the private sector s belief on economic state into account. From the perspective of social welfare, policy maker has an incentive to disclose the information on economic state to private sector when the economic state is relatively sensitive to the policy. Some related policy suggestions are provided in this paper.

Key words: time inconsistence , discretionary policy , asymmetric information , monetarypolicy