this event, firms with little or no prior exposure to the federal accounts that experienced cuts reduced their lobbying … spending. In contrast, firms with a high degree of exposure to the cuts maintained and even increased their lobbying spending … likely intensified their lobbying efforts to distinguish themselves from the others and improve their chances of procuring a …

available to the authorities and the nature of the policy game play a key role in determining the inflation rate and output in … the economy. Furthermore, the model can be solved for the optimal degree of inflation aversion of the central bank. , a …

We study how lobbying affects the resolution of failed banks, using a sample of FDIC auctions between 2007 and 2014. We … higher costs in such auctions, amounting to 16.4 percent of the total resolution losses. We also find that lobbying winners … have worse operating and stock market performance than their non-lobbying counterparts, suggesting that lobbying results in …

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 …

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 …

endogenous to the credibility of the inflation target because a “conservative” inflation target may not be compatible with the …

central bank independence increases fiscal discipline and results in lower inflation and growth, generating a short …-run institutional Phillips curve. In the presence of sufficiently strong negative long-run externalities of inflation onto growth …, higher CBI also increases fiscal discipline and generates lower inflation, however, it also yields higher growth and …