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Friedman, Daniel; Singh, Nirvikar - CESifo - 2002

This paper introduces two ideas, emotional state dependent utility components (ESDUCs), and evolutionary perfect Bayesian equilibrium (EPBE). Using a simple extensive form game, we illustrate the efficiency-enhancing role of a powerful ESDUC, the vengeance motive. Incorporating behavioral noise...

Persistent link: https://www.econbiz.de/10005051586

Experienced Inequality and Preferences for Redistribution

Roth, Christopher - 2017

We examine whether individuals' experienced levels of income inequality affect their preferences for redistribution. We use several large nationally representative datasets to show that people who have experienced higher inequality during their lives are less in favor of redistribution, after...

Persistent link: https://www.econbiz.de/10012964374

Trust in Public Institutions Over the Business Cycle

Stevenson, Betsey - 2011

We document that trust in public institutions — and particularly trust in banks, business and government — has declined over recent years. U.S. time series evidence suggests that this partly reflects the pro-cyclical nature of trust in institutions. Cross-country comparisons reveal a clear...

Persistent link: https://www.econbiz.de/10013128039

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

The Cash-in-Advance Constraint in Monetary Growth Models

Heer, Burkhard - 2011

In most monetary models of economic growth, higher long-run inflation is associated with a decline in the growth rate and employment. We show that this result is sensitive with respect to the specification of the cash-in-advance constraint. We consider three types of endogenous growth models:...

Persistent link: https://www.econbiz.de/10013117984

The Quantity Theory of Money and Friedmanian Monetary Policy : An Empirical Investigation

Hillinger, Claude - 2013

We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect to the specific steps taken as well as the general methodology employed. Empirical studies of the QTM have focused directly on the relationship between the rate of change of the...

Persistent link: https://www.econbiz.de/10013091422

Is Optimal Monetary Policy Always Optimal?

Davig, Troy - 2015

bank has control over will not undo all inefficiencies; this is well understood. We argue that the world is better … terms of optimal monetary policy effectively turns the central bank into the residual claimant of all policy and gives the … other policymakers a free hand in pursuing their own goals. This further worsens the tradeoffs faced by the central bank …

Persistent link: https://www.econbiz.de/10013017379

Superneutrality of Money Under Open Market Operations

Homburg, Stefan - 2015

Monetary policy is superneutral in an overlapping generations model. Previous authors have argued that superneutrality does not hold in such a setting. However, the standard results rely on the counter-factual premise of helicopter money and are overturned if money creation through open market...

Persistent link: https://www.econbiz.de/10013026679

Banking Panics and Liquidity in a Monetary Economy

Matsuoka, Tarishi - 2018

inflation on the equilibrium deposit and the bank's portfolio …

Persistent link: https://www.econbiz.de/10012930807

Liquidity Shortages and Monetary Policy

Cao, Jin; Illing, Gerhard - 2021

The paper models the interaction between risk taking in the financial sector and central bank policy for the case of …

Persistent link: https://www.econbiz.de/10013316591

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