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Consensus Forecasts and Inefficient Information Aggregation

Crowe, Christopher W. - 2010

Consensus forecasts are inefficient, over-weighting older information already in the public domain at the expense of new private information, when individual forecasters have different information sets. Using a cross-country panel of growth forecasts and new methodological insights, this paper...

Persistent link: https://www.econbiz.de/10014399212

Contacts, Credibility and Common Knowledge : Their Influenceon Inflation Convergence

Miller, Marcus - 1992

In this paper three possible reasons are examined for a sluggish inflation response to a hard currency peg. Models of overlapping wage contracts are analyzed and shown to generate little inertia. This contrasts with the effects of government credibility and the speed of private sector learning,...

Persistent link: https://www.econbiz.de/10014396293

Contacts, Credibility and Common Knowledge : Their Influenceon Inflation Convergence

International Monetary Fund - 1989

This paper explains why sovereign issuers of reserve currencies do not use unexpected inflation to repudiate their foreign liabilities. Monetary restraint is exercised because of the fear that reserve users will switch to other currencies if an attempt is made to raise “excessive” revenue....

Persistent link: https://www.econbiz.de/10014396294

Credibility dynamics and disinflation plans

Kostadinov, Rumen; Roldán, Francisco - 2020

We study the optimal design of a disinflation plan by a planner who lacks commitment. Having announced a plan, the Central banker faces a tradeoff between surprise inflation and building reputation, defined as the private sector's belief that the Central bank is committed to the plan. Some plans...

Persistent link: https://www.econbiz.de/10012251953

A Political Agency Theory of Central Bank Independence

Eggertsson, Gauti B. - 2003

We propose a theory to explain why, and under what circumstances, a politician gives up rent and delegates policy tasks … to an independent agency. We apply this theory to monetary policy by extending a standard dynamic ""New …-Keynesian"" stochastic general equilibrium model. This model gives a new theory of central bank independence that is unrelated to the …

Persistent link: https://www.econbiz.de/10014400234

Dynamic Incentives and the Optimal Delegation of Political Power

Le Borgne, Eric - 2007

This paper proposes a theory to explain why a politician delegates policy tasks to a technocrat in an independent … opinion. One natural application of the theory is in the field of monetary policy where the model provides a new theory of …

Persistent link: https://www.econbiz.de/10014400341

A Principal-Agent Theory Approach to Public Expenditure Management Systems in Developing Countries

Leruth, Luc E. - 2006

countries using an analytical framework based on principal-agent theory. This simple model can be applied to various PEM systems …

Persistent link: https://www.econbiz.de/10014402932

Towards a Principal-Agent Based Typology of Risks in Public-Private Partnerships

De Palma, André - 2009

analyzed using standard tools in economics (incentives and principal-agent theory). We discuss the implications of our approach …

Persistent link: https://www.econbiz.de/10014403060

IMF Conditionality and Country Ownership of Programs

Khan, Mohsin S. - 2001

The paper uses finance and agency theory to establish two main propositions: First, that the conditionality attached to …

Persistent link: https://www.econbiz.de/10014403611

The Impact of Corporate Governance Structureson the Agency Cost of Debt

Chan-Lau, Jorge A. - 2001

This paper uses a stochastic continuous time model of the firm to study how different corporate governance structures affect the agency cost of debt. In the absence of asymmetric information, it shows that control of the firm by debtholders with a minority stake delays the exit decision and...

Persistent link: https://www.econbiz.de/10014401371

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