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Credit Expansion, the Prisoner´s Dilemma, and Free Banking as Mechanism Design
van den Hauwe, Ludwig - Volkswirtschaftliche Fakultät, … - 2008
Despite the distinctive character of the Austrian approach to “microfoundations for macroeconomics”, the literature on free banking contains a number of arguments which make use of game-theoretic concepts and models such as the well-known Prisoner´s Dilemma model. While there can be no...
Persistent link: https://www.econbiz.de/10011267869
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Credit Expansion, the Prisoner´s Dilemma, and Free Banking as Mechanism Design
van den Hauwe, Ludwig - Volkswirtschaftliche Fakultät, … - 2008
Despite the distinctive character of the Austrian approach to “microfoundations for macroeconomics”, the literature on free banking contains a number of arguments which make use of game-theoretic concepts and models such as the well-known Prisoner´s Dilemma model. While there can be no...
Persistent link: https://www.econbiz.de/10005622098
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The End of the Great Moderation: “We told you so.”
Barnett, William A.; Chauvet, Marcelle - Volkswirtschaftliche Fakultät, … - 2008
became convinced that the risk of recessions had moderated or ended, lenders and investors became willing to increase their … leverage and risk-taking activities. Mortgage lenders, insurance companies, investment banking firms, and home buyers … viewed as having lowered systemic risk. It is the position of this paper that the great moderation did not reflect improved …
Persistent link: https://www.econbiz.de/10005836728
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What broke the bubble?
Barnett, William A. - Volkswirtschaftliche Fakultät, … - 2008
This paper is the basis for the Guest Columnist article in the Tuesday, November 11, 2008 issue of the Kansas City Star newspaper's Business Weekly. Because of space limitations, the published newspaper column had to be shortened from the original and unfortunately did not include either of the...
Persistent link: https://www.econbiz.de/10005622040
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How better monetary statistics could have signaled the financial crisis
Barnett, William A.; Chauvet, Marcelle - Volkswirtschaftliche Fakultät, … - 2010
decreased systemic-risk misperceptions that contributed to excess risk taking prior to the housing bust. We find that most …
Persistent link: https://www.econbiz.de/10008614991
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Did Greenspan Open Pandora's Box? Testing the Taylor Hypothesis and Beyond
Palma, Nuno - Volkswirtschaftliche Fakultät, … - 2013
The Taylor hypothesis is the conjecture that the 2007-2009 financial crisis and the 2008-present downturn have been caused by loose monetary policy during 2002-2006. According to the Taylor hypothesis the Fed deviated from well-know rules of monetary policy-making over this period, and this...
Persistent link: https://www.econbiz.de/10011107274
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Escaping a Liquidity Trap: Keynes’ Prescription Is Right But His Reasoning Is Wrong
Harashima, Taiji - Volkswirtschaftliche Fakultät, … - 2013
preference shock occurs. At this Nash equilibrium, monetary policies are useless but fiscal policies are very effective as Keynes …
Persistent link: https://www.econbiz.de/10011258943
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Learning, Expectations, and Endogenous Business Cycles
Doshchyn, Artur; Giommetti, Nicola - Volkswirtschaftliche Fakultät, … - 2013
, we also show that the results hold when a more generic Hyperbolic Absolute Risk Aversion utility function is chosen …
Persistent link: https://www.econbiz.de/10011259238
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Adopción de metas de inflación y su impacto en las expectativas de inflación y volatilidad del crecimiento económico: evidencia empírica para Bolivia
Valdivia, Daney; Loayza, Lilian - Volkswirtschaftliche Fakultät, … - 2010
Introduction of inflation targeting has global effects on dynamic of prices and economic growth. In case of a developing country with an increasing remonetization since 2007 – 2008 and modest growing later than 2009 it’s important to assess the adoption of a new regime and how it helps to...
Persistent link: https://www.econbiz.de/10011259298
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Pakistan Economy DSGE Model with Informality
Ahmed, Shahzad; Ahmed, Waqas; Khan, Sajawal; Pasha, Farooq - Volkswirtschaftliche Fakultät, … - 2012
due to relatively lower intensity hinting at its possible shock absorbing role at the level of sustenance. The impulse …
Persistent link: https://www.econbiz.de/10011260073