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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 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

When do we repair the roof? : insights from responses to fiscal crisis early warning signals

Honda, Jiro; Tapsoba, René; Issifou, Ismael - 2018

Should policymakers wait for fiscal crisis early warning signals before repairing the roof? We give an answer to this question by investigating the interlinkages between early warning signals for fiscal crisis, policy responses, and policy outcomes, using a broad panel of 119 countries. We find...

Persistent link: https://www.econbiz.de/10011848256

Market Information and Signaling in Central Bank Operations, Or, How often Should a Central Bank Intervene?

International Monetary Fund - 1997

A central bank must decide on the frequency with which it will conduct open market operations and the variability in short-term money market that it will allow. It is shown how the optimal operating procedure balances the value of attaining an immediate target and broadcasting the central...

Persistent link: https://www.econbiz.de/10014400555

Policy Reform, Adjustment Costs, and Investment- with Activity of Local Investors As a Signal

Johnson, Omotunde E. G. - 1997

Adjustment assistance is provided to local investors responding to policy reform and facing adjustment costs, to facilitate their activity–a signal to foreign investors about the profitability of investing in the local economy. The government, in providing assistance, maximizes its utility...

Persistent link: https://www.econbiz.de/10014400808

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