The Institute for Social and Economic Research and Policy is now open. Our office hours are from: 9:00am - 5:00pm, Monday - Friday. Please refer to the COVID-19 Resource Guide for all matters related to the return to campus. All visitors and vendors must fill out the Columbia University Health Screening Form. We look forward to seeing you on campus.
Wednesday, February 22, 2023 - 03:00 to Friday, February 24, 2023 - 08:45
In 1978 Guillermo Calvo published the paper “On the Time Consistency of Optimal Policy in a Monetary Economy”. This paper shows how a conflict between the interests of the current government with those of a future government, both of which share the same objective of maximizing social welfare, gives rise to a credibility problem.