论零通货膨胀均衡与动态一致相容性

一般认为,作为理想规则的零通胀均衡是动态不一致的,然而这里却论述了零通货膨胀率借助无限期界设定下的广泛存在性:无限期界内在经济强制力下的一劳永逸的存在性;无限期界路径依赖下的存在性,这两者都是动态一致的。且在引入外生不确定性的信誉模型中,零通货膨胀均衡无论作为纯策略的随机结果(较大概率)出现,还是作为混合策略的(较小概率)随机结果出现,均是整个最优动态化路径的组成部分,从而仍与动态一致相容。

On the Compatibility between Zero Inflation and Dynamic Consistency

It is generally acknowledged that zero inflation equilibrium as the ideal rule is incompatible with dynamic consistency. But this paper expounds the fact zero inflation can exist in various conditions under the framework of infinite horizon. This paper specially has shown the existence of zero inflation through self-enforcement or path-dependence mechanism. Moreover, we construct a reputation model with exogenous uncertainty that shows zero inflation consisting with dynamic consistency is as a result of not only pure strategy but also mixed strategy.