The time inconsistency of monetary policy means that Group of answer choices once people have formed expectations of low inflation based on a promise by the central bank, the central bank is tempted to raise inflation to lower unemployment. at some times central banks think it is more important to keep unemployment low; at other times, they think it is more important to keep inflation low. monetary policy is not consistent across time because it is influenced by politics. monetary policy is not consistent across time because policymakers are incompetent.