Showing 1 - 10 of 11
Persistent link: https://www.econbiz.de/10000953959
Most of the literature on monetary policy delegation assumes that the government can credibly commit to the delegation contract, an assumption criticized by McCallum. This paper provides foundations for the assumption that renegotiating a delegation contract can be costly by illustrating how...
Persistent link: https://www.econbiz.de/10001600048
We find that contrary to common perception, cooperation as equilibrium of the infinitely repeated discounted prisoner's dilemma is in many relevant cases not very plausible, or at least questionable: for a significant subset of the payoff-discount factor parameter space cooperation equilibria...
Persistent link: https://www.econbiz.de/10001600066
We study the consequences of 'leniency' - reduced legal sanctions for wrongdoers who spontaneously self-report to law enforcers - on corruption, drug dealing, and other forms of sequential, bilateral, illegal trade. We find that when not properly designed, leniency may be highly...
Persistent link: https://www.econbiz.de/10001600084
Persistent link: https://www.econbiz.de/10000921856
Persistent link: https://www.econbiz.de/10000931003
Persistent link: https://www.econbiz.de/10000993262
Persistent link: https://www.econbiz.de/10000993547
Persistent link: https://www.econbiz.de/10000997436
Persistent link: https://www.econbiz.de/10000987470