Sehr geehrte Damen und Herren, liebe Kolleginnen und Kollegen, ich darf Dich/Sie herzlich zu dem online stattfindenden Forschungsseminar einladen: Mittwoch, 17.6.2020, 16h Volker Hahn (Universität Konstanz) https://www.wiwi.uni-konstanz.de/chair-of-international-and-monetary-macroec... <https://www.wiwi.uni-konstanz.de/chair-of-international-and-monetary-macroeconomics/team/prof-dr-volker-hahn/> Implementing the Commitment Solution via Discretionary Policy-Making Abstract: In a large class of linear-quadratic models with rational expectations, the commitment solution can be implemented by a policy-maker who acts purely under discretion. To show this, we construct discretionary equilibria with payoff- irrelevant state variables. These additional state variables are constructed in a way such that the policy-maker finds it impossible to renege on past promises. On the equilibrium path, the state variables are identical to the Lagrange multipliers associated with the constraints for the non-predetermined variables in the corresponding commitment problem. Details zur ANMELDUNG und weitere Termine finden Sie hier: https://www.jku.at/en/department-of-economics/research/research-events/onlin... <https://www.jku.at/en/department-of-economics/research/research-events/online-economics-research-seminar/> Follow us on facebook (https://www.facebook.com/jku.econ/ <https://www.facebook.com/jku.econ/>) or twitter (https://twitter.com/jku_econ <https://twitter.com/jku_econ> )! *** Dear colleagues, we cordially invite you to our online research seminar Mittwoch, 17.6.2020, 16h Volker Hahn (University of Konstanz) https://www.wiwi.uni-konstanz.de/chair-of-international-and-monetary-macroec... <https://www.wiwi.uni-konstanz.de/chair-of-international-and-monetary-macroeconomics/team/prof-dr-volker-hahn/> Implementing the Commitment Solution via Discretionary Policy-Making Abstract: In a large class of linear-quadratic models with rational expectations, the commitment solution can be implemented by a policy-maker who acts purely under discretion. To show this, we construct discretionary equilibria with payoff- irrelevant state variables. These additional state variables are constructed in a way such that the policy-maker finds it impossible to renege on past promises. On the equilibrium path, the state variables are identical to the Lagrange multipliers associated with the constraints for the non-predetermined variables in the corresponding commitment problem. Please see https://www.jku.at/en/department-of-economics/research/research-events/onlin... <https://www.jku.at/en/department-of-economics/research/research-events/online-economics-research-seminar/> for REGISTRATION and upcoming presentations. Follow us on facebook (https://www.facebook.com/jku.econ/ <https://www.facebook.com/jku.econ/> ) or twitter (https://twitter.com/jku_econ <https://twitter.com/jku_econ> )! With best regards, rené böheim PS: Our seminars are listed in RePEc’s Economics Virtual Seminar Calendar https://ideas.repec.org/v/ <https://ideas.repec.org/v/> — PD René Böheim, PhD Department of Economics JOHANNES KEPLER UNIVERSITÄT LINZ Altenberger Straße 69 4040 Linz, Österreich P +43-732-2468-7369