Die Zeitpräferenz der Zentralbank als strategische Handlungsalternative bei der Ausgestaltung von Geldpolitikmustern im Reputationsgleichgewicht

In the present paper a Barro-Gordon model of monetary policy with asymmetric information is considered. Since monetary policy formation is an ongoing process with repeated interactions between the central bank and the private sector, game-theoretic methodology is the appropriate tool to analyse the problem of reputation as a repeated game. It is shown, that in a sequential equilibrium, which describes the policy actions, the time preference selection by the players has an important influence on the development of the real economy.