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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 … future grounds with temptation leads the way for a negative drift of reputation in equilibrium. Plans that successfully …

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

Doing more for less? : new evidence on lobbying and government contracts

Agca, Senay; Igan, Deniz; Li, Fuhong; Mishra, Prachi - 2019

Why do firms lobby? This paper exploits the unanticipated sequestration of federal budget accounts in March 2013 that reduced the availability of government funds disbursed through procurement contracts to shed light on this question. Following this event, firms with little or no prior exposure...

Persistent link: https://www.econbiz.de/10012103562

Expectations' anchoring and inflation persistence

Bems, Rudolfs; Caselli, Francesca; Grigoli, Francesco; … - 2018

Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical assessment of the influence of inflation expectations' anchoring on the persistence of inflation. We construct a novel index of inflation expectations' anchoring using survey-based...

Persistent link: https://www.econbiz.de/10011978669

Optimal monetary policy under bounded rationality

Benchimol, Jonathan; Bounader, Lahcen - 2019

The form of bounded rationality characterizing the representative agent is key in the choice of the optimal monetary policy regime. While inflation targeting prevails for myopia that distorts agents' inflation expectations, price level targeting emerges as the optimal policy under myopia...

Persistent link: https://www.econbiz.de/10012102200

Winning connections? : special interests and the sale of failed banks

Igan, Deniz; Lambert, Thomas; Wagner, Wolf; Zhang, Quxian - 2017

We study how lobbying affects the resolution of failed banks, using a sample of FDIC auctions between 2007 and 2014. We show that bidding banks that lobby regulators have a higher probability of winning an auction. In addition, the FDIC incurs higher costs in such auctions, amounting to 16.4...

Persistent link: https://www.econbiz.de/10011763817

Leadership Contestability, Monopolistic Rents and Growth

Piazza, Roberto - 2011

I construct an endogenous growth model where R&D is carried out at the industry level in a game of innovation between leaders and followers. Innovation costs for followers are assumed to increase with the technological lag from leaders. We obtain three results that contrast with standard...

Persistent link: https://www.econbiz.de/10014400811

Rent Seeking

Chakraborty, Shankha - 2005

This paper examines the relationship between rent seeking and economic performance when governments cannot enforce property rights. With imperfect credit markets and a fixed cost of rent seeking, only wealthy agents choose to engage in it, since it enables them to protect their wealth from...

Persistent link: https://www.econbiz.de/10014401029

Rent Seeking and Endogenous Income Inequality

Wade, Paul - 2001

This paper studies the relationship between wealth inequality and occupational choice between rent-seeking and production. With imperfect credit markets and a fixed cost to rent-seeking, only wealthy agents choose to engage in rent-seeking as it enables them to protect their wealth from...

Persistent link: https://www.econbiz.de/10014403639

What Transparency Can Do When Incentives Fail : An Analysis of Rent Capture

Paul, Elisabeth - 2006

This paper analyzes the pervasiveness and persistence of rent seeking, misgovernance, and public sector inefficiency in many developing and transition economies. We formalize evidence from country experiences and empirical studies into a stylized analytical framework that reflects realistic...

Persistent link: https://www.econbiz.de/10014401974

Words vs. deeds : what really matters?

Ghosh, Atish R.; Qureshi, Mahvash Saeed; Tsangarides, … - 2011

Persistent link: https://www.econbiz.de/10009425648

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