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How Experts Decide : Preferences or Private Assessments on a Monetary Policy Committee?
Hansen, Stephen; McMahon, Michael F.; Rivera, Carlos - 2021
Using voting data from the Bank of England, we show that different individual assessments of the economy strongly influence votes after controlling for individual policy preferences. We estimate that internal members form more precise assessments than externals and are also more hawkish, though...
Persistent link: https://www.econbiz.de/10013315799
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Merchants of Doubt : Corporate Political Influence When Expert Credibility is Uncertain
Chiroleu-Assouline, Mireille - 2016
policymakers. However, recent evidence has emerged showing that industry-backed groups often attempt to undermine the credibility …
Persistent link: https://www.econbiz.de/10012977549
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Tenancy Rent Control and Credible Commitment in Maintenance
Arnott, Richard J. - 2014
Under tenancy rent control, rents are regulated within a tenancy but not between tenancies. This paper investigates the effects of tenancy rent control on housing quality and maintenance. Since the discounted revenue received over a fixed-duration tenancy depends only on the starting rent,...
Persistent link: https://www.econbiz.de/10013058510
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Credibility for Sale
Dellas, Harris - 2013
We develop a sovereign debt model with official and private creditors where default risk depends on both the level and the composition of liabilities. Higher exposure to official lenders improves incentives to repay but carries extra costs, such as reduced ex-post flexibility. The model implies...
Persistent link: https://www.econbiz.de/10013078524
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The Impact of Monetary Strategies on Inflation Persistence
Kočenda, Evžen - 2017
We analyze the impact of price stability-oriented monetary strategies (inflation targeting — IT — and constraining exchange rate arrangements) on inflation persistence using a time-varying coefficients framework in a panel of 68 countries (1993–2013). We show that explicit IT has a...
Persistent link: https://www.econbiz.de/10012962672
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Has the EMU Reduced Wage Growth and Unemployment? Testing a Model of Trade Union Behaviour
Mikosch, Heiner - 2013
By using a model of trade union behaviour Grüner (2010) argues that the introduction of the European Monetary Union (EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner's model, monetary centralization lets the central bank react less flexibly to...
Persistent link: https://www.econbiz.de/10013093430
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The Elasticity of Derived Demand, Factor Substitution and Product Demand : Corrections to Hicks' Formula and Marshall's Four Rules
Chirinko, Robert S. - 2006
Nearly 75 years ago, John Hicks introduced and formalized the concept of the elasticity of substitution between capital and labour and its relation to derived demand. The resulting formula has proven very useful in understanding the derived demand for productive factors, the distribution of...
Persistent link: https://www.econbiz.de/10012779812
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Heterogeneity in Needs and Negative Marginal Tax Rates
Bastani, Spencer - 2017
This paper highlights the possibility that negative marginal tax rates arise in an intensive-margin optimal income tax model where wages are exogenous and preferences are homogeneous, but where agents differ both in skills (labor market productivity) and their needs for a work-related...
Persistent link: https://www.econbiz.de/10012942345
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Noblesse Oblige? Determinants of Survival in a Life and Death Situation
Frey, Bruno S. - 2008
This paper explores the determinants of survival in a life-and-death situation created by an external and unpredictable shock. We are interested in seeing whether pro-social behaviour matters in such extreme situations. We therefore focus on the sinking of the RMS Titanic as a quasi-natural...
Persistent link: https://www.econbiz.de/10012769705
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VAT Notches
Liu, Li - 2015
taxable income to an indirect tax setting. We bring the theory to the data, using linked administrative VAT and corporation … tax records in the UK from 2004-2009. Consistently with the theory, voluntary registration is positively related to the … transactions, again consistently with the theory. We provide an estimate of the elasticity of the VAT tax base in the range of 0 …
Persistent link: https://www.econbiz.de/10013021432