In this paper, we study the time consistency of optimal policies in an environment where agents use cash to purchase many consumer goods and where those goods might be taxed at differential rates. Our main result is that optimal monetary and fiscal policies are, in general, time‐inconsistent, because the number of bond instruments is insufficient to influence all future fiscal decisions. However, there is one special case where optimal policies are time‐consistent, which is when differential tax rates across cash goods are optimally zero.

中文翻译：

---

关于多种消费品的最优货币和财政政策在时间上的不一致*

在本文中，我们研究了在代理商使用现金购买许多消费品并且这些商品可能要按不同税率征税的环境中最优政策的时间一致性。我们的主要结果是，由于债券工具的数量不足以影响所有未来的财政决策，因此最佳的货币和财政政策通常在时间上是不一致的。但是，有一种特殊情况，即最佳政策与时间保持一致，即现金商品之间的差异税率最优为零。