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Pay as you Go: A New Proposal for Museum Pricing
Frey, Bruno S.; Steiner, Lasse - CESifo - 2010
goals. The classical ones are entry prices and free entry. The museum club solution or exit donations allow for various … additional goals. Each scheme has clear advantages and disadvantages. We propose an innovative pricing instrument: Exit prices …
Persistent link: https://www.econbiz.de/10008572533
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Monetary Policy Analysis in Real-Time : Vintage Combination from a Real-Time Dataset
Altavilla, Carlo - 2011
This paper provides a general strategy for analyzing monetary policy in real time which accounts for data uncertainty without explicitly modelling the revision process. The strategy makes use of all the data available from a real-time data matrix and averages model estimates across all data...
Persistent link: https://www.econbiz.de/10013128542
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Free-Riding or Internalizing? An Opportunistic View on Decentralization versus Centralization
Fiorillo, Fabio - 2011
The aim of the paper is to analyze a model of local public good provision with positive interjurisdictional spillovers comparing decentralized and centralized system. As in the recent Second Generation Theory (SGT) of fiscal federalism (Seabright 1996; Lockwood 2002, 2006; Besley and Coate 2003; Weingast...
Persistent link: https://www.econbiz.de/10013130419
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Time Variation in U.S. Wage Dynamics
Hofmann, Boris - 2011
This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates …", technology shocks in contrast triggered wage-price spirals, moving nominal wages and prices in the same direction at longer … horizons, thus counteracting the required adjustment of real wages, amplifying the ultimate repercussions on prices and hence …
Persistent link: https://www.econbiz.de/10013131601
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Outside Versus Inside Bonds : A Modigliani-Miller Type Result for Liquidity Constrained Economies
Berentsen, Aleksander - 2010
When agents are liquidity constrained, two options exist - sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government (outside) bonds and in the other they can borrow by issuing (inside) bonds. All transactions are voluntary, implying no...
Persistent link: https://www.econbiz.de/10013135267
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Channel Systems : Why is There a Positive Spread?
Berentsen, Aleksander - 2010
An increasing number of central banks implement monetary policy via two standing facilities: a lending facility and a deposit facility. In this paper we show that it is socially optimal to implement a non-zero interest rate spread. We prove this result in a dynamic general equilibrium model...
Persistent link: https://www.econbiz.de/10013135781
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Financial Frictions and Inflation Differentials in a Monetary Union
Hristov, Nikolay - 2010
This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation differentials can be explained by cross-country differences concerning the characteristics of financial markets. Our results suggest that empirically plausible degrees of...
Persistent link: https://www.econbiz.de/10013136243
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Endogenous Systemic Liquidity Risk
Cao, Jin - 2013
Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing, 2008), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback between lender of last resort policy and incentives of...
Persistent link: https://www.econbiz.de/10013095988
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Macroeconomic Effects of Government Spending Shocks : New Evidence Using Natural Disaster Relief in Korea
Yang, Weonho - 2012
We investigate the macroeconomic effects of government spending shocks in Korea. We compare results obtained with two alternative approaches: the narrative approach and Structural Vector-Autoregressive model (SVAR). We propose a new methodology for identifying exogenous and unexpected fiscal...
Persistent link: https://www.econbiz.de/10013100013
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The Macroeconomic Policy Challenges of Balance Sheet Recession : Lessons from Japan for the European Crisis
Schnabl, Gunther - 2013
The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary monetary and fiscal policies is the hysteresis of...
Persistent link: https://www.econbiz.de/10013081055