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Trust As a Means of Improving Corporate Governance and Efficiency

Chami, Ralph; Fullenkamp, Connel - International Monetary Fund (IMF) - 2002

Agency problems within the firm are a significant hindrance to efficiency. We propose trust between coworkers as a superior alternative to the standard tools used to mitigate agency problems: increased monitoring and incentive-based pay. We show how trust induces employees to work harder,...

Persistent link: https://www.econbiz.de/10005826212

Conditional Lending Under Altruism

Mourmouras, Alex; Rangazas, Peter - International Monetary Fund (IMF) - 2004

We analyze how the altruism of an international financial institution (IFI) towards its lowincome member countries …. Thus, IFI altruism and the inability to commit are sufficient reasons to equip loans with conditions. Conditional loans … produce an efficient allocation of resources, so altruism is not a fundamental reason that loans fail to increase welfare. …

Persistent link: https://www.econbiz.de/10005604948

Putting the New Keynesian Model to a Test

Straub, Roland; Peersman, Gert - International Monetary Fund (IMF) - 2006

In recent years, New Keynesian dynamic stochastic general equilibrium (NK DSGE) models have become increasingly popular in the academic literature and in policy analysis. However, the success of these models in reproducing the dynamic behavior of an economy following structural shocks is still...

Persistent link: https://www.econbiz.de/10005264045

Precautionary Savings in the Great Recession

Mody, Ashoka; Sandri, Damiano; Ohnsorge, Franziska - International Monetary Fund (IMF) - 2012

Heightened uncertainty since the onset of the Great Recession has materially increased saving rates, contributing to lower consumption and GDP growth. Consistent with a model of precautionary savings in the face of uncertainty, we find for a panel of advanced economies that greater labor income...

Persistent link: https://www.econbiz.de/10009654146

Asset Prices in Affine Real Business Cycle Models

Shamloo, Maral; Malkhozov, Aytek - International Monetary Fund (IMF) - 2010

We develop a tractable way to solve for equilibrium quantities and asset prices in a class of real business cycle models featuring Epstein-Zin preferences and affine dynamics for productivity growth and volatility. The method relies on log-linearization and exploits the log-normality of all the...

Persistent link: https://www.econbiz.de/10008727787

Life-Cycles, Dynasties, Savings; Implications for Closed and Small, Open Economies

Faruqee, Hamid; Laxton, Douglas - International Monetary Fund (IMF) - 2000

This paper examines the macroeconomic implications of life-cycle and dynastic saving behavior for closed and small, open economies. Using an extended version of Blanchard’s overlapping agents model, the analytical framework nests these two competing views, treating agents as either dynastic...

Persistent link: https://www.econbiz.de/10005826319

Fundamental Determinants of the Effects of Fiscal Policy

Kumar, Manmohan S.; Botman, Dennis P. J. - International Monetary Fund (IMF) - 2006

We explore the underlying determinants of the macroeconomic effects of fiscal policy and tax and social security reform using the Global Fiscal Model (GFM). We show that the planning horizon of consumers, access to financial markets, and the elasticity of labor supply, as well as the...

Persistent link: https://www.econbiz.de/10005769145

Are Developing Countries Better off Spending their Oil Wealth Upfront?

Takizawa, H.; Gardner, E. H.; Ueda, Kenichi - International Monetary Fund (IMF) - 2004

We question the conventional view that it is optimal for government to maintain a stable level of spending out of oil wealth. We compare this conventional policy recommendation with one where government spends all of its oil revenues upfront, at the same rate as oil is extracted. Using a...

Persistent link: https://www.econbiz.de/10005769156

Countering the Cycle; The Effectiveness of Fiscal Policy in Korea

Eskesen, Leif Lybecker - International Monetary Fund (IMF) - 2009

The Korean authorities having taken decisive and proactive fiscal measures to help stem the fallout from the current global economic and financial crisis, with the size of the fiscal stimulus well-above the average response of other G20 economies. In this context, a key question is how effective...

Persistent link: https://www.econbiz.de/10008540935

Frugality; Are We Fretting too Much? Household Saving and Assets in the United States

Tanner, Evan; Abdih, Yasser - International Monetary Fund (IMF) - 2009

Household savings rates in the United States have recently crept up from all-time lows. Some have suggested that a shift toward frugality will hamper GDP growth-the Keynesian "paradox of thrift." We estimate that households compensate for a fall in their asset income by saving more out of their...

Persistent link: https://www.econbiz.de/10008528609

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