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Brueckner, Jan K.; Helsley, Robert W. - 2021

The objective of this paper is to show how the same market failures that contribute to urban sprawl also contribute to urban blight. The paper develops a simple dynamic model in which new suburban and older central-city properties compete for mobile residents. The level of housing services...

Persistent link: https://www.econbiz.de/10013316314

The Limits of Political Compromise : Debt Ceilings and Political Turnover

Cunha, Alexandre B. - 2017

We study the desirability of limits on the public debt and of political turnover in an economy where incumbents have an incentive to set public expenditures above the socially optimal level due to rent-seeking motives. Parties alternate in office and cannot commit to future policies, but they...

Persistent link: https://www.econbiz.de/10012956707

Central Bank Independence and Conservatism Under Uncertainty : Substitutes or Complements?

Hefeker, Carsten - 2013

The paper examines the optimal combination of central bank independence and conservatism in the presence of uncertain central bank preferences. We develop a model of endogenous monetary policy delegation in which government chooses the central bank's degree of inde-pendence and conservatism so...

Persistent link: https://www.econbiz.de/10013093869

Discretionary Fiscal Policy : Review and Estimates for the EU

Beetsma, Roel M. W. J. - 2013

We briefly review the theoretical and empirical consequences of discretionary fiscal policy changes, after which we provide our own estimates for the EU countries. A fiscal expansion raises output and consumption and reduces the trade balance. Moreover, the stimulating effect of higher...

Persistent link: https://www.econbiz.de/10013095097

The Impact of Fiscal Rules on Public Finances : Theory and Empirical Evidence for the Euro Area

Marneffe, Wim - 2011

This paper presents a review of the most significant fiscal rules policymakers can choose from. The insights from this review are then applied to the current budgetary situation of the European Union. In the European Union, the supranational Stability and Growth Pact (SGP) should provide the...

Persistent link: https://www.econbiz.de/10013131350

The Threat of Exclusion and Implicit Contracting

Brown, Martin - 2016

an implicit contract is the threat of exclusion: the agent fears that he will lose future income if the principal breaks …

Persistent link: https://www.econbiz.de/10012979617

Cooperation and Mistrust in Relational Contracts

Herz, Holger - 2016

Work and trade relationships are often governed by relational contracts, in which incentives for cooperative action today stem from the prospective future benefits of the relationship. In this paper, we study how reductions in clarity about the financial consequences of actions, induced by...

Persistent link: https://www.econbiz.de/10012981595

Flexible Contracts

Gottardi, Piero - 2012

requires the use of an appropriate incentive contract so as to realign his interests with those of the principal. The parties … of the optimal flexible contract both when the parties have sharp probabilistic beliefs over the possible events in which … risk aversion, the higher the agency costs for delegation and hence the less profitable is a flexible contract versus a …

Persistent link: https://www.econbiz.de/10013116425

Heterogeneous Beliefs and the Demand for D&O Insurance by Listed Companies

Egger, Peter H. - 2014

This paper introduces a new rationale for the existence of “Directors' and Officers'” (D&O) insurance. We use a model with volatile stock markets where shareholders design compensation schemes that incentivize managers to stimulate short-term increases in stock prices that do not maximize...

Persistent link: https://www.econbiz.de/10013058491

Hurricane Insurance in Florida

Jametti, Mario; von Ungern-Sternberg, Thomas - 2021

This paper studies the evolution of hurricane insurance in Florida over the last decades. Hurricanes (and other natural catastrophes) are typically referred to as “uninsurable” risks. The more exposed property owners find it difficult to obtain insurance cover from the private market and/or...

Persistent link: https://www.econbiz.de/10013316322

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