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Rudebusch, Glenn D. - 1998

Policy rules that are consistent with inflation targeting are examined in a small macroeconomic model of the US economy. We compare the properties and outcomes of explicit instrument rules' as well as targeting rules.' The latter, which imply implicit instrument rules, may be closer to actual...

Persistent link: https://www.econbiz.de/10012472292

Kleptocracy and Divide-and-Rule : A Model of Personal Rule

Acemoglu, Daron - 2003

Many developing countries have suffered under the personal rule of kleptocrats', who implement highly inefficient economic policies, expropriate the wealth of their citizens, and use the proceeds for their own glorification or consumption. We argue that the success of kleptocrats rests, in part,...

Persistent link: https://www.econbiz.de/10012468558

Implementing Optimal Policy through Inflation-Forecast Targeting

Svensson, Lars E. O. - 2003

We examine to what extent variants of inflation-forecast targeting can avoid stabilization bias, incorporate history-dependence, and achieve determinancy of equilibrium, so as to reproduce a socially optimal equilibrium. We also evaluate these variants in terms of the transparency of the...

Persistent link: https://www.econbiz.de/10012468951

Monetary Policy and Real Stabilization

Svensson, Lars E. O. - 2003

the instrument responds to all information that significantly affects the projections of inflation and the output gap …

Persistent link: https://www.econbiz.de/10012469217

Optimal Policy with Partial Information in a Forward-Looking Model : Certainty-Equivalence Redux

Svensson, Lars E. O. - 2003

This paper proves a certainty equivalence result for optimal policy under commitment with symmetric partial information …, Indicator Variables for Optimal Policy,' which synthesizes what is known about the case of symmetric partial information, and …, and thereby potentially affect the future information available …

Persistent link: https://www.econbiz.de/10012469273

What is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules

Svensson, Lars E. O. - 2003

transformation and substitution between the target variables. Targeting rules allow the use of judgment and extra-model information …

Persistent link: https://www.econbiz.de/10012469282

The Political Economy of Public Income Volatility : With an Application to the Resource Curse

Robinson, James Alan; Torvik, Ragnar; Verdier, Thierry - 2015

We develop a model of the political consequences of public income volatility. As is standard, political incentives create inefficient policies, but we show that making income uncertain creates specific new effects. Future volatility reduces the benefit of being in power, making policy more...

Persistent link: https://www.econbiz.de/10012457462

Can't We All Be More Like Scandinavians? Asymmetric Growth and Institutions in an Interdependent World

Acemoglu, Daron; Robinson, James Alan; Verdier, Thierry - 2012

Because of their more limited inequality and more comprehensive social welfare systems, many perceive average welfare to be higher in Scandinavian societies than in the United States. Why then does the United States not adopt Scandinavian-style institutions? More generally, in an interdependent...

Persistent link: https://www.econbiz.de/10012460215

The Economics of Cultural Transmission and Socialization

Bisin, Alberto - 2010

Cultural transmission arguably plays an important role in the determination of many fundamental preference traits (e.g., discounting, risk aversion and altruism) and most cultural traits, social norms, and ideological tenets ( e.g., attitudes towards family and fertility practices, and attitudes...

Persistent link: https://www.econbiz.de/10012462145

Bend It Like Beckham : Ethnic Identity and Integration

Bisin, Alberto - 2010

We propose a theoretical framework to study the determinants of ethnic and religious identity along two distinct motivational processes which have been proposed in the social sciences: cultural conformity and cultural distinction. Under cultural conformity, ethnic identity is reduced by...

Persistent link: https://www.econbiz.de/10012462192