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Strategic Complementarity, Fragility, and Regulation

Vives, Xavier - CESifo - 2011

The paper analyzes a very stylized model of crises and demonstrates how the degree of strategic complementarity in the actions of investors is an important determinant of fragility. It is shown how the balance sheet composition of a financial intermediary, parameters of the information structure...

Persistent link: https://www.econbiz.de/10009144883

Monetary Policy Transparency

Geraats, Petra - CESifo - 2014

There has been a remarkable rise in the transparency of monetary policy during the last two decades. This paper …. Furthermore, it reviews the theoretical literature on monetary policy transparency and relevant empirical findings. The focus is …

Persistent link: https://www.econbiz.de/10010737509

Observable Strategies, Commitments, and Contracts

Wärneryd, Karl - CESifo - 2014

We consider rules (strategies, commitments, contracts, or computer programs) that make behavior contingent on an opponent’s rule. The set of perfectly observable rules is not well defined. Previous contributions avoid this problem by restricting the rules deemed admissible. We instead limit...

Persistent link: https://www.econbiz.de/10011086457

Interpreting How Others Interpret It: Social Value of Public Information

Gizatulina, Alia - CESifo - 2012

This paper studies the social value of public information in environments without common knowledge of data-generating process. We show that the stronger is the coordination motive behind agents behaviour, the more they would like to interpret private or public signals in the way that they...

Persistent link: https://www.econbiz.de/10010583887

Central Bank Independence and Conservatism under Uncertainty: Substitutes or Complements?

Hefeker, Carsten; Zimmer, Blandine - CESifo - 2011

The paper examines the optimal combination of central bank independence and conservatism in the presence of uncertain central bank preferences. We develop a model of endogenous monetary policy delegation in which government chooses the central bank's degree of inde-pendence and conservatism so...

Persistent link: https://www.econbiz.de/10008833933

Transparency, Flexibility and Macroeconomic Stabilization

Geraats, Petra - CESifo - 2014

. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic …

Persistent link: https://www.econbiz.de/10010877697

Political Pressures and Monetary Mystique

Geraats, Petra - CESifo - 2007

Central bank independence and transparency have become best practice in monetary policy. This paper cautions that … transparency about economic information may not be beneficial in the absence of central bank independence. The reason is that it …

Persistent link: https://www.econbiz.de/10005765657

Optimal Degree of Public Information Dissemination

Cornand, Camille; Heinemann, Frank - CESifo - 2004

In currency exchange markets, there is a conflict between individual decisions and the socially optimal solution. Whereas agents have a coordination motive to take the same position, at the social level effective market coordination per se is not socially valuable, and the central bank aims at...

Persistent link: https://www.econbiz.de/10005765918

Who do you Blame in Local Finance? An Analysis of Municipal Financing in Italy

Bordignon, Massimo; Piazza, Santino - CESifo - 2010

A 1999 reform allowed Italian Mayors to partially substitute a more accountable source of tax revenue (the property tax) with a less transparent one (a surcharge on the personal income tax). Theoretical analysis suggests this should give incompetent Mayors a less costly way to hide themselves,...

Persistent link: https://www.econbiz.de/10008583710

Transparency of Monetary Policy: Theory and Practice

Geraats, Petra - CESifo - 2005

Transparency has become one of the main features of monetary policymaking during the last decade. This paper … establishes some stylized facts. In addition, it provides a systematic overview of the practice of monetary policy transparency … framework, including inflation targeting. Nevertheless, the paper finds significant differences in transparency across monetary …

Persistent link: https://www.econbiz.de/10005405911