The credibility criterion commonly used in the strategicmacroeconomic policy literature, subgame perfection or its variants,ignores a critical problem concerning intertemporal consistency ofpolicy announcements.To capture this additional credibilityconstraint,this note applies two distinct notions ofRenegotiation-Proof, originally proposed in the context of two-personrepeated games.Macroeconomic policy games, where thebenevolentgovernment interacts with atomistic private agents, offers a newtestingground for these criteria to be evaluated.This notediscusses the relative strengths andweaknesses of thesecriteria.