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Money Demand in Ireland, 1933-2012
Gerlach, Stefan; Stuart, Rebecca - C.E.P.R. Discussion Papers - 2014
Using annual data from several sources, we study the evolution of M1, M2, income, prices and long and short interest … rates in Ireland over the period 1933-2012. We find cointegration and that prices, income and interest rates are weakly … relatively high income elasticity, and detect parameter instability. We estimate a short-run M2 demand function that passes a …
Persistent link: https://www.econbiz.de/10011084447
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Trust in the Monetary Authority
Bursian, Dirk; Faia, Ester - C.E.P.R. Discussion Papers - 2015
Trust in policy makers fluctuates significantly over the cycle and affects the transmission mechanism. Despite this it is absent from the literature. We build a monetary model embedding trust cycles; the latter emerge as an equilibrium phenomenon of a game-theoretic interaction between atomistic...
Persistent link: https://www.econbiz.de/10011252623
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R&D Cooperation and the Stability of International Environmental Agreements
Carraro, Carlo; Siniscalco, Domenico - C.E.P.R. Discussion Papers - 1995
International agreements to protect the global environment are typically difficult to reach. In principle they should be profitable for all players involved in the negotiation. Even when they are profitable, however, they are often unstable due to the incentive to free-ride (enjoying the clean...
Persistent link: https://www.econbiz.de/10005792083
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Learning and Complementarities: Implications for Speculative Attacks
Goldstein, Itay; Ozdenoren, Emre; Yuan, Kathy - C.E.P.R. Discussion Papers - 2010
We study a model where the aggregate trading of currency speculators reveals new information to the central bank and affects its policy decision. We show that the learning process gives rise to coordination motives among speculators leading to large currency attacks and introducing...
Persistent link: https://www.econbiz.de/10008468601
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The Price Impact of Institutional Herding
Dasgupta, Amil; Prat, Andrea; Verardo, Michela - C.E.P.R. Discussion Papers - 2010
-concerned money managers interact with profit-motivated proprietary traders and security dealers endowed with market power. We show …
Persistent link: https://www.econbiz.de/10008530349
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Distrust - The Hidden Cost of Control
Falk, Armin; Kosfeld, Michael - C.E.P.R. Discussion Papers - 2004
We show experimentally that a principal's distrust in the voluntary performance of an agent has a negative impact on the agent's motivation to perform well. Before the agent chooses his performance, the principal in our experiment decides whether he wants to restrict the agents' choice set by...
Persistent link: https://www.econbiz.de/10005124063
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Policy Choice: Theory and Evidence from Commitment via International Trade Agreements
Limão, Nuno; Tovar, Patricia - C.E.P.R. Discussion Papers - 2009
Why do governments employ inefficient policies to redistribute income towards special interest groups (SIGs) when more …
Persistent link: https://www.econbiz.de/10005136624
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Asset Price Dynamics When Traders Care About Reputation
Dasgupta, Amil; Prat, Andrea - C.E.P.R. Discussion Papers - 2005
What are the equilibrium features of a dynamic financial market where traders care about their reputation for ability? We modify a standard sequential trading model to study a financial market with career concerns. We show that this market cannot be informationally efficient: there is no...
Persistent link: https://www.econbiz.de/10005067667
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Keeping Up With the Joneses: Competition and the Evolution of Collusion in an Oligopolistic Economy
Dixon, Huw David - C.E.P.R. Discussion Papers - 1998
An economy consists of many duopolistic markets. Firms must earn normal profits in the long run if they are to survive. Normal profits are interpreted as the long-run limit of average profits in the whole economy. We adopt the aspiration based model of firm behaviour, and link it to the economy...
Persistent link: https://www.econbiz.de/10005504330
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Bargaining and Sustainability: The Argentine Debt Swap of 2005
Dhillon, Amrita; García-Fronti, Javier; Ghosal, Sayantan; … - C.E.P.R. Discussion Papers - 2005
When Argentine sovereign default in December 2001 led to a collapse of the peso, the burden of dollar debt became demonstrably unsustainable. But it was not clear what restructuring was feasible, nor when. Eventually, in 2005 after a delay of more than three years, a supermajority of creditors...
Persistent link: https://www.econbiz.de/10005504331