@ged252

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extrait :

"In the 1970s governments attempted to maximise social welfare, in the form of low unemployment and inflation, by trying to exploit the short-run trade-off between the two. They engineered surprise booms “just once” before promising to revert to a policy of low inflation in future, especially when motivated by the electoral cycle. The insights of a number of Nobel laureates showed how these policies were bound to fail and why they were time inconsistent.[2] The same incentive to renege remains in the future, and promises to do otherwise lack credibility. Rational wage and price setters will not believe in a policy that policymakers will find it optimal to renege on, making it difficult for policymakers to achieve price stability without a recession. "