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Non-common priors, incentives, and promotions : the role of learning

Fahn, Matthias; Klein, Nicolas Alexandre - 2023

We analyze a repeated principal-agent setting in which the principal cares about the agent's verifiable effort as well as an extra profit that can be generated only if the agent is talented. The agent is overconfident about his talent and updates beliefs using Bayes' rule. An exploitation...

Persistent link: https://www.econbiz.de/10014292070

Fighting inflation more effectively without transferring central banks' profits to banks

De Grauwe, Paul; Ji, Yuemei - 2023

current operating procedures and make monetary policies more effective in fighting inflation. …

Persistent link: https://www.econbiz.de/10014422581

Optimal central bank conservatism and monopoly trade unions

Berger, Helge; Hefeker, Carsten; Schöb, Ronnie - 2001

actually be welfare reducing if the trade union has an exogenously given preference against inflation. We reframe this …

Persistent link: https://www.econbiz.de/10011397779

Monetary policy committees : individual and collective reputations

Sibert, Anne C. - 1999

inflation when they are part of a group. I examine the effect of increased transparency - in the form of publishing the votes of … affect the policy making body's incentive to refrain from inflation. …

Persistent link: https://www.econbiz.de/10009781721

Forward guidance contracts

Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2015 - This version: May 2015

We examine "Forward Guidance Contracts", which make central bankers' utility contingent on the precision of interest-rate forecasts for some time. Such Forward Guidance Contracts are a exible commitment device and can improve economic performance when the economy is stuck in a liquidity trap....

Persistent link: https://www.econbiz.de/10010528970

Inflation literacy, inflation expectations, and trust in the central bank : a survey experiment

Dräger, Lena; Giang Hong Nghiem - 2023

This paper studies the causal effect of inflation literacy on inflation expectations and trust in the central bank …, we first test the effect of non-numerical information about inflation and monetary policy, the literacy treatment. In the … the literacy treatment, incorporate quantitative information differently into their inflation forecasts. We find that the …

Persistent link: https://www.econbiz.de/10014309588

Relational incentive contracts with persistent private information

Malcomson, James M. - 2015 - This version: July 24, 2015

This paper investigates relational incentive contracts with continuous, privately-observed agent types that are persistent over time. With fixed agent types, full separation is not possible when continuation equilibrium payoffs following revelation are on the Pareto frontier of attainable...

Persistent link: https://www.econbiz.de/10011300994

What drives reciprocal behavior? : the optimal provision of incentives over the course of careers

Fahn, Matthias; Schade, Anne; Schüßler, Katharina - 2017

We explore how inherent preferences for reciprocity and repeated interaction interact in an optimal incentive system. Developing a theoretical model of a long-term employment relationship, we first show that reciprocal preferences are more important when an employee is close to retirement. At...

Persistent link: https://www.econbiz.de/10011718616

Reciprocity in dynamic employment relationships

Fahn, Matthias - 2019

This paper explores how a relational contract establishes a norm of reciprocity and how such a norm shapes the provision of informal incentives. Developing a model of a long-term employment relationship, I show that generous upfront wages that activate the norm of reciprocity are more important...

Persistent link: https://www.econbiz.de/10012002999

Too many cooks? : committees in monetary policy

Berger, Helge (contributor); Nitsch, Volker (contributor) - 2008

Persistent link: https://www.econbiz.de/10003674426

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