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Institutional Inertia
Valderrama, Laura - 2009
We study the relative efficiency of outside-owned versus employee-owned firms and analyze implications for institutional change in a context of technological innovation. When decisions are made through majority voting, the vote on technology choice is used to influence the later vote on the...
Persistent link: https://www.econbiz.de/10014402460
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Optimal prudential regulation of banks and the political economy of supervision
Tressel, Thierry; Verdier, Thierry - 2014
Persistent link: https://www.econbiz.de/10010388760
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Elements of Optimal Monetary Policy Committee Design
Vandenbussche, Jérôme - 2006
some insights into the question of optimal monetary policy committee design. While the preference aggregation literature … belief aggregation literature analyzes how different committee structures affect the efficiency of information pooling, the …
Persistent link: https://www.econbiz.de/10014400188
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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
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The Political Economy of Redistributive Social Security
Pestieau, Pierre - 1999
Population aging puts significant pressure on social security systems that are based mainly on a pay-as-you-go (PAYG) formula and determined by the political process in which both retirees and future retirees participate. This paper demonstrates that in an economic and demographic steady state,...
Persistent link: https://www.econbiz.de/10014400549
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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
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Political Risk Aversion
Valderrama, Laura - 2009
This paper studies the effect of individual uncertainty on collective decision-making to implement innovation. We show how individual uncertainty creates a bias for the status quo even under irreversible voting decisions, in contrast with Fernandez and Rodrik (1991). Blocking innovation is...
Persistent link: https://www.econbiz.de/10014402381
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Votingon the ""Optimal"" Size of Government
Olters, Jan-Peter - 2000
Viewing fiscal policies as the outcome of democratically resolved conflicts of households over public goods and taxes, the “economic model of politics” proposes a public choice approach, which does not rely on social welfare functions. With it, a country’s overall budget can be derived...
Persistent link: https://www.econbiz.de/10014403510
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A Political-Economic Model of the Choice of Exchange Rate Regime
Sun, Yan - 2002
Facing electoral uncertainty, a government chooses its exchange regime in a trade-off among three incentives: (i) tying the hands of its opponent should it lose the election; (ii) facilitating its own future policy implementation should it win the election; and (iii) increasing its chance of...
Persistent link: https://www.econbiz.de/10014399538
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Candidate Entry, Screening, and the Political Budget Cycle
Le Borgne, Eric - 2002
We investigate whether private information about citizens'' competence in political office can be revealed by their entry and campaign expenditure decisions. We find that this depends on whether voters and candidates have common or conflicting interests; only in the former case can entry be...
Persistent link: https://www.econbiz.de/10014399613