In a repeated partnership game with imperfect monitoring, we distinguish among the
effects of (1) reducing the interest rate, (2) shortening the period over which actions
are held fixed, and (3) shortening the lag with which accumulated information is
reported. All three changes are equivalent in games with perfect monitoring. With
imperfect monitoring, reducing the interest rate always increases the possibilities
for cooperation, but the other two changes always have the reverse effect when the
interest rate is small.