Showing 1 - 10 of 12
Financial constraints are an important impediment to the growth of small businesses. We study theoretically and empirically how the financial constraints of agents affect their decisions to exert effort, and, hence the organizational decisions and growth of principals, in the context of...
Persistent link: https://www.econbiz.de/10010877784
In the 1980s, many U.S. cities initiated programs reserving a proportion of government contracts for minority-owned businesses. The staggered introduction of these set-aside programs is used to estimate their impacts on the self-employment and employment rates of African-American men. Black...
Persistent link: https://www.econbiz.de/10010636597
Field-experimental studies have shown that people litter more in more littered environments. Inspired by these findings, many cities around the world have adopted policies to quickly remove litter. While such policies may prevent people from following the bad example of litterers, they may also...
Persistent link: https://www.econbiz.de/10010764300
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
in quantity and quality of output. We use data from a controlled field experiment that changed the communication of the …
Persistent link: https://www.econbiz.de/10010539149
We focus on the role that the transmission of information between a multilateral (the IMF) and a country has for the optimal design of conditional reforms. Our model predicts that when agency problems are especially severe, and/or IMF information is valuable, a centralized control is indeed...
Persistent link: https://www.econbiz.de/10005051565
This paper characterizes geometrically the set of all Nash equilibrium payoffs achievable with unmediated communication …
Persistent link: https://www.econbiz.de/10005181479
We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the monthly press conferences during 1999-2004. Over time, the relative amount of words devoted to the monetary analysis has decreased. Our analysis of indicators of the monetary policy...
Persistent link: https://www.econbiz.de/10005406390
Should principals explain and justify their evaluations? Suppose the principal’s evaluation is private information, but she can provide justification by sending a costly cheap-talk message. If she does not provide justification, her message space is restricted, but the message is costless. I...
Persistent link: https://www.econbiz.de/10010781550
communication, a normal feature in contracting, can remove the potential cost of flexibility (disagreements caused by conflicting … shock and a discretionary buyer transfer. In the absence of communication, we find that rigid contracts are more frequent … and lead to higher earnings for both buyer and seller. By contrast, in the presence of communication, flexible contracts …
Persistent link: https://www.econbiz.de/10010558687