for one more day. If asked on that night, such students might agree to commit to paying, say, $10 on the day of the exam for it to be held the next day. Months before the exam is held, however, students generally do not care much about having the exam put off for one day. And, in fact, if the students were made the same offer at the beginning of the term, that is, they could have the exam put off for one day by committing during registration to pay $10 on the day of the exam, they probably would reject that offer. The choice is the same, although made at different points in time. Because the outcome would change depending on the point in time, the students would exhibit time inconsistency. Monetary policy makers suffer from dynamic inconsistency with inflation expectations, as politicians are best off promising lower inflation in the future. But once tomorrow comes lowering inflation may have negative effects, such as increasing unemployment, so they do not make much effort to lower it. This is why independent central banks are believed to be advantageous for a country. Indeed, "a central bank with a high degree of discretion in conducting monetary policy would find itself under constant political pressure to boost the economy and reduce unemployment, but since the economy cannot exceed its potential GDP or its natural rate of unemployment over time, this policy would instead only lead to higher inflation in the long run". The first paper on this subject was published by Finn E. Kydland and Edward C. Prescott in the Journal of Political Economy in 1977, which eventually led to their winning the Nobel Prize in Economics in 2004. (See also Monetary policy credibility.) One famous example in literature of a mechanism for dealing with dynamic inconsistency is that of Odysseus and the Sirens. Curious to hear the Sirens' songs but mindful of the danger, Odysseus orders his men to stop their ears with beeswax and ties himself to the mast of the ship. Most importantly, he orders his men not to heed his cries while they pass the Sirens; recognizing that in the future he may behave irrationally, Odysseus limits his future agency and binds himself to a commitment mechanism (i.e., the mast) to survive this perilous example of dynamic inconsistency. This example has been used by economists to explain the benefits