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Macroeconomic Modeling when Agents are Imperfectly Informed
Grauwe, Paul De - CESifo - 2008
DSGE-models have become important tools of analysis not only in academia but increasingly in the board rooms of central banks. The success of these models has much to do with the coherence of the intellectual framework it provides. The limitations of these models come from the fact that they...
Persistent link: https://www.econbiz.de/10005405712
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Information Transmission within Federal Fiscal Architectures: Theory and Evidence
Dreher, Axel; Gehring, Kai; Kotsogiannis, Christos; … - CESifo - 2013
of unverifiable information and the quality of communication depends on the conflict of interests between the government …
Persistent link: https://www.econbiz.de/10010693469
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Does Central Bank Communication really Lead to better Forecasts of Policy Decisions? New Evidence Based on a Taylor Rule Model for the ECB
Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2009
central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the … ECB communication that are all based on the ECB President’s introductory statement at the press conference following an … included in our Taylor rule model, the ECB communication indicators remain significant. …
Persistent link: https://www.econbiz.de/10005013956
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Institutionalizing Eurozone Exit: A Modified NEWNEY Approach
Huck, Steffen; Valasek, Justin Mattias - CESifo - 2013
In this note, we argue that the Eurozone needs an institutional exit mechanism to enhance Eurozone stability, and propose modifications to the Dobbs' NEWNEY mechanism, the only mechanism that satisfies the twin properties of eliminating incentives for intra-Eurozone capital flight and...
Persistent link: https://www.econbiz.de/10010610083
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Monetary Commitment, Institutional Constraints and Inflation: Empirical Evidence for OECD Countries since the 1970s
Freytag, Andreas; Schneider, Friedrich - CESifo - 2007
Central bank independence (CBI) is a very important precondition for price stability. However, the empirical evidence for a correlation between both is relatively weak. In this paper, this weakness is countered with a) an extended measure of monetary commitment, which includes well-known...
Persistent link: https://www.econbiz.de/10005406295
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How Do Judgmental Overconfidence and Overoptimism Shape Innovative Activity?
Herz, Holger; Schunk, Daniel; Zehnder, Christian - CESifo - 2013
Recent field evidence suggests a positive link between overconfidence and innovative activities. In this paper we argue that the connection between overconfidence and innovation is more complex than the previous literature suggests. In particular, we show theoretically and experimentally that...
Persistent link: https://www.econbiz.de/10010877694
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Individual and Developmental Differences in the Relationship of Preferences and Theory of Mind
Leipold, Kristina; Vetter, Nora C.; Dittrich, Marcus; … - CESifo - 2012
Theory of mind and individual preferences are important determinants in social decision making. The current study examined in a large sample whether being a cooperative preference type is related with better theory of mind skills. Furthermore, by testing adolescents and adults, we examined the...
Persistent link: https://www.econbiz.de/10010877849
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Market Transparency, Adverse Selection, and Moral Hazard
Klein, Tobias J.; Lambertz, Christian; Stahl, Konrad O. - CESifo - 2013
We study the effects of improvements in market transparency on eBay on seller exit and continuing sellers’ behavior. An improvement in market transparency by reducing strategic bias in buyer ratings led to a significant increase in buyer valuation especially of sellers rated poorly prior to...
Persistent link: https://www.econbiz.de/10010877941
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Shop Around and You Pay More
Yan, Ji; Tian, Kun; Dixon, Huw D.; Heravi, Saeed; … - CESifo - 2014
We examine the relationship between the prices paid by households and their shopping patterns measured in terms of shopping frequency and the range of stores visited. We use the TNS data which allows us to control for household heterogeneity. The main contribution of the paper is that we find...
Persistent link: https://www.econbiz.de/10010888454
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Auctions vs. Negotiations: The Effects of Inefficient Renegotiation
Herweg, Fabian; Schmidt, Klaus - CESifo - 2015
For the procurement of complex goods the early exchange of information is important to avoid costly renegotiation ex post. We show that this is achieved by bilateral negotiations but not by auctions. Negotiations strictly outperforms auctions if sellers are likely to have superior information...
Persistent link: https://www.econbiz.de/10011210403