Apparently, Tombini stated that the CB objective is ALWAYS 4,5%.
That seems to be untrue, to put it mildly. Average inflation since 2011 is 6%.
Moreover, he himself stated clearly that the target (missed) for 2013 was anything below 5.84%
He also said that the exchange rate was to blame. But who caused the FX to depreciate in 2012, my dear Tombini? I remember, it was you guys in the government.
I am teaching games this semestre. The models, equilibrium concepts and even the advanced N.Eq. refinements I cover all assume players have perfect recollection of their past actions.
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