Showing 1 - 10 of 300
his reputation for truth telling, we show that the larger the inequality, the less information can credibly be transmitted … to the policy-maker. We also investigate the effects of inequality on welfare, and discuss the welfare effects of … institutions that increase transparency but which, as an unintended side effect, lower the lobbyist’s incentives for truth telling. …
Persistent link: https://www.econbiz.de/10005792547
We study the tension between competitive screening and contract enforcement where a principal trades repeatedly with one among several agents, moral hazard and adverse selection coexist, and non-contractible dimensions are governed by relational contracting. We simultaneously characterize...
Persistent link: https://www.econbiz.de/10005082534
. To realize the gains from international cooperation requires reputation; and to realize the gains from reputation … requires cooperation. Moreover, cooperative policies with reputation are found to be sustainable; and the joint gains from … cooperation and reputation are found to be considerable. …
Persistent link: https://www.econbiz.de/10005662252
This paper considers fiscal policy coordination in a European Economic and Monetary Union (EMU). We use an overlapping generations model which leads to departures from Barro-Ricardian neutrality. In our calibrated model, however, we find these departures to be rather small. Two models are...
Persistent link: https://www.econbiz.de/10005662412
We examine the role of non-economic partnerships in promoting international economic exchange. Since far-sighted countries are more willing to join costly international partnerships such as environmental treaties, environmental engagement tends to encourage international lending. Countries with...
Persistent link: https://www.econbiz.de/10005666580
inconsistency problem. They assume that policy-makers suffer a loss of reputation if they renege on earlier commitments. With this …
Persistent link: https://www.econbiz.de/10005666643
We consider independent monetary policy committees as a simple way of attaining relatively low inflation without completely sacrificing the stabilization role of monetary policy. If central banker's types are unknown, then for a wide range of parameters an independent monetary policy committee...
Persistent link: https://www.econbiz.de/10005666817
expectations improve and the economy grows. Once there is predation, the reputation of the current government is ruined and the … model also generates new empirical implications on the joint dynamics of income inequality, output and political variables. …
Persistent link: https://www.econbiz.de/10005667096
We define and study transparency, credibility and reputation in a model where the central bank’s characteristics are … the sense that it induces lower inflation and employment than expected. Increased transparency makes the bank’s reputation … and credibility more sensitive to its actions. This has a moderating influence on the bank’s policy. Full transparency of …
Persistent link: https://www.econbiz.de/10005788947
This paper studies the role of intrinsic motivation, reputation and reciprocity in driving open source software … reputation, but less for reciprocity. …
Persistent link: https://www.econbiz.de/10005789146