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Contracts as Threats: on a Rationale For Rewarding A while Hoping For B
Iossa, Elisabetta; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2011
Contracts often reward inefficient tasks and are not enforced ex post. We provide a new explanation based on the relationship between explicit contracts and implicit agreements, distinguishing the ex-ante decision to sign a contract from the ex-post decision whether to apply it. We show that it...
Persistent link: https://www.econbiz.de/10008854495
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Governing the Governors: A Clinical Study of Central Banks
Frisell, Lars; Roszbach, Kasper F.; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2008
Recent research on central bank governance has focused mainly on their monetary policy task. As the sub-prime loan … also in ensuring their soundness and stability. In this paper we study the specific corporate governance structures of a … public governance literatures, where present. Our analysis highlights a striking variety in central bank governance …
Persistent link: https://www.econbiz.de/10005656403