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Sustainability, Debt Management, and Public Debt Policy in Japan

Doi, Takero - 2014

The purpose of this paper is to analyze sustainability issues of Japan%u2019s fiscal policy and then to discuss the … authority of Japan because it has accumulated the debt outstanding much more than other countries …

Persistent link: https://www.econbiz.de/10012752153

Optimal Monetary and Fiscal Policy in a Currency Union

Galí, Jordi; Monacelli, Tommaso - 2022

We lay out a tractable model for fiscal and monetary policy analysis in a currency union, and analyze its implications for the optimal design of such policies. Monetary policy is conducted by a common central bank, which sets the interest rate for the union as a whole. Fiscal policy is...

Persistent link: https://www.econbiz.de/10013324158

Aggregate Implications of Indivisible Labor, Incomplete Markets, and Labor Market Frictions

Krusell, Per - 2008

This paper analyzes a model that features frictions, an operative labor supply margin, and incomplete markets. We first provide analytic solutions to a benchmark model that includes indivisible labor and incomplete markets in the absence of trading frictions. We show that the steady state levels...

Persistent link: https://www.econbiz.de/10012772373

Anchoring Fiscal Expectations

Leeper, Eric M. - 2010

In this lecture, I argue that there are remarkable parallels between how monetary and fiscal policies operate on the macro economy and that these parallels are sufficient to lead us to think about transforming fiscal policy and fiscal institutions as many countries have transformed monetary...

Persistent link: https://www.econbiz.de/10013151140

A Model of Endogenous Fiscal Deficits and Delayed Fiscal Reforms

Velasco, Andrés - 2022

This paper develops a political-economic model of fiscal policy one in which" government resources are a common property' out of which interest groups can finance" expenditures on their preferred items. This setup has striking macroeconomic implications. " First, fiscal deficits and debt...

Persistent link: https://www.econbiz.de/10013323463

Generalizing the Taylor Principle

Davig, Troy - 2013

The paper generalizes the Taylor principle---the proposition that central banks can stabilize the macroeconomy by raising their interest rate instrument more than one-for-one in response to higher inflation---to an environment in which reaction coefficients in the monetary policy rule evolve...

Persistent link: https://www.econbiz.de/10012754428

Fiduciary Duties and Equity-Debtholder Conflicts

Becker, Bo - 2011

We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity-debt conflicts. A 1991 Delaware bankruptcy ruling changed the nature of corporate directors' fiduciary duties in firms incorporated in that state. This change limited managers'...

Persistent link: https://www.econbiz.de/10013117403

The Effect of Liquidity on Governance

Edmans, Alex - 2011

This paper studies the effect of stock liquidity on blockholders' choice of governance mechanisms. We focus on hedge … measure governance intent rather than only studying instances of actual governance. We find that liquidity increases the … likelihood that a hedge fund acquires a block in a firm. Conditional upon acquiring a stake, liquidity reduces the likelihood …

Persistent link: https://www.econbiz.de/10013118841

Liquidity and Governance

Back, Kerry - 2013

Is greater trading liquidity good or bad for corporate governance? We address this question both theoretically and … information concerns her own plans for taking an active role in governance. We show that an increase in the liquidity of the firm …'s stock increases the likelihood of the large investor 'taking the Wall Street walk.' Thus, higher liquidity is harmful for …

Persistent link: https://www.econbiz.de/10013072575

Wall Street's First Corporate Governance Crisis : The Panic of 1826

Hilt, Eric - 2010

In July of 1826, several prominent Wall Street firms abruptly went bankrupt, amid scandalous revelations of fraudulent financial practices by their management. Although mostly forgotten today, these events represented a watershed in the early development of the corporation laws and investor...

Persistent link: https://www.econbiz.de/10012757536

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