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Some Evolutionary Foundations for Price Level Rigidity
Saint-Paul, Gilles - CESifo - 2002
This paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in face of aggregate demand shocks. Their payoff depends on the level of aggregate demand, as well as on...
Persistent link: https://www.econbiz.de/10005051547
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Money, Credit and Banking
Berentsen, Aleksander; Camera, Gabriele; Waller, Christopher - CESifo - 2005
improves the allocation and that the gains in welfare arise from paying interest on deposits and not from relaxing borrowers …
Persistent link: https://www.econbiz.de/10005405820
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Academics Appreciate Awards - A New Aspect of Incentives in Research
Frey, Bruno S.; Neckermann, Susanne - CESifo - 2009
This paper analyzes awards as a means of motivation prevalent in the scientific community, but so far neglected in the economic literature on incentives, and discusses their relationship to monetary compensation. Awards are better suited than performance pay to reward scientific tasks, which are...
Persistent link: https://www.econbiz.de/10005406082
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Democracy and Countries with Muslim Majorities: A Reply and Update
Potrafke, Niklas - CESifo - 2012
democratic. Hanusch takes issue with my results – and by inference with all past empirical results on the relation between Islam …. He establishes his conclusion by excluding the heartland of Islam from the estimation sample. For his estimates, Hanusch … in the heartland of Islam. …
Persistent link: https://www.econbiz.de/10010598912
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The Female Vote and the Rise of AKP in Turkey
Fidrmuc, Jan; Tunali, Cigdem Börke - CESifo - 2015
Differences between the voting behavior of men and women have become one of the most significant issues in social science research in recent years. In this study, we examine whether there is gender gap in voting behavior in Turkey. Using European Social Survey data, we find that education level...
Persistent link: https://www.econbiz.de/10011194239
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Transparency, Flexibility and Macroeconomic Stabilization
Geraats, Petra - CESifo - 2014
inflation expectations. As a result, they mute their interest rate response and no longer fully offset anticipated demand shocks …
Persistent link: https://www.econbiz.de/10010877697
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How Expoerts Decide: Preferences or Private Assessments on a Monetary Policy Committee?
Hansen, Stephen; McMahon, Michael; Rivera, Carlos Velasco - CESifo - 2013
Using voting data from the Bank of England, we show that different individual assessments of the economy strongly influence votes after controlling for individual policy preferences. We estimate that internal members form more precise assessments than externals and are also more hawkish, though...
Persistent link: https://www.econbiz.de/10010877935
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Asset Allocation and Monetary Policy: Evidence from the Eurozone
Hau, Harald; Lai, Sandy - CESifo - 2014
The eurozone has a single short-term nominal interest rate, but monetary policy conditions measured by real short …-term interest rates varied substantially across countries in the period 2003-2010. We use this cross-country variation in the (local …) tightness of monetary policy to examine its influence on equity and money market flows. In line with a powerful risk …
Persistent link: https://www.econbiz.de/10010948820
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Monetary Policy and the Relative Price of Durable Goods
Cantelmo, Alessandro; Melina, Giovanni - CESifo - 2015
In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...
Persistent link: https://www.econbiz.de/10011272622
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Taxation, Corruption and the Exchange Rate Regime
Hefeker, Carsten - CESifo - 2009
The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...
Persistent link: https://www.econbiz.de/10005013051