00000caa a22000003i 4500 UP-1685594773862388432 Buklod 20210312134856.0 m | | ta 210312s1993 xx r |||| u|eng d (iLib)UPBAG-00039458434 BAG rda eng ARTICLE-2633 Encarnacion, Jose, Jr. author. The source of time inconsistency in optimal plans by Jose Encarnacion, Jr. 1993. pages [157]-164 25 cm text rdacontent unmediated rdamedia volume rdacarrier Includes bibliographical references (page 163-164). Kydland-Prescott (1977) and Calvo (1978) have argued that optimal dynamic plans are time inconsistent in general. It is shown that their demonstrations of this proposition are not valid. However, the proposition is correct because a later optimization problem always drops some condition required of the original plan. When that condition is not satisfied by, since not required of, the solution to the later problem, the result is time inconsistency. Monetary policy. Economic indicators. The Philippine Review of Business and Economics Vol. XXX, No. 2 (December 1993), p. [157]-164. (viewed 12 March 2021) FI UPBAG UPBAG-MAIN ARTICLE-2633 Analytics