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Protection for Sale with Imperfect Rent Capturing
Facchini, Giovanni - 2012
Structurally estimating the Grossman and Helpman (1994) model using coverage ratios that include non-tariff barriers leads to biased parameter estimates. We develop a quot;protection for salequot; theoretical framework consistent with the data, by explicitly allowing for non-tariff barriers....
Persistent link: https://www.econbiz.de/10012755693
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Horizontal and Vertical Conflict : Experimental Evidence
Galiani, Sebastian - 2016
Two types of political conflicts of interest pervade many of the world's societies. A horizontal conflict of interest arises when different constituencies support different policies, while a vertical conflict of interest emerges when those in charge of running the government acquire and retain...
Persistent link: https://www.econbiz.de/10013001771
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Different Types of Central Bank Insolvency and the Central Role of Seignorage
Reis, Ricardo - 2015
A central bank is insolvent if its plans imply a Ponzi scheme on reserves so the price level becomes infinity. If the central bank enjoys fiscal support, in the form of a dividend rule that pays out net income every period, including when it is negative, it can never become insolvent...
Persistent link: https://www.econbiz.de/10013021867
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Credible Commitment to Optimal Escape from a Liquidity Trap : The Role of the Balance Sheet of an Independent Central Bank
Jeanne, Olivier; Svensson, Lars E. O. - 2021
, which involves a commitment to higher future inflation. This commitment mechanism works even though, realistically, the …
Persistent link: https://www.econbiz.de/10013213439
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Crucial Issues Concerning Central Bank Independence
McCallum, Bennett T. - 2022
This paper argues, first, that it is inappropriate to presume that central banks will, in the absence of any tangible precommitment technology, inevitably behave in a `discretionary' fashion that implies an inflationary bias. Furthermore, there is no necessary tradeoff between `flexibility and...
Persistent link: https://www.econbiz.de/10013324006
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Two Fallacies Concerning Central Bank Independence
McCallum, Bennett T. - 2021
average rates of money creation (or inflation) and policy responsiveness to cyclical disturbances, it is entirely feasible for …
Persistent link: https://www.econbiz.de/10013227865
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Modern Approaches to Central Banking
Fischer, Stanley - 2021
Modern theory has delivered both the conservative central banker and the principal-agent approaches as rationales for … shows not only that greater independence is associated with lower inflation, but also that the central bank's rights not to … finance the government and to set interest rates independently increase its effectiveness. The role of inflation targeting and …
Persistent link: https://www.econbiz.de/10013229829
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The Conduct of Domestic Monetary Policy
Gordon, Robert J. - 2021
income growth will be divided between inflation and output growth, as well as "velocity" constraints that influence the path …-equation approach to the econometric problem of predicting how changes in nominal GNP growth will be divided between inflation and real … GNP growth. The results from the equation estimated through 1980 are used to examine the behavior of inflation during the …
Persistent link: https://www.econbiz.de/10013229836
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Informational Rents, Macroeconomic Rents, and Efficient Bailouts
Philippon, Thomas - 2011
We analyze government interventions to alleviate debt overhang among banks. Interventions generate two types of rents. Informational rents arise from opportunistic participation based on private information while macroeconomic rents arise from free riding. Minimizing informational rents is a...
Persistent link: https://www.econbiz.de/10013130980
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Optimal Taxation with Rent-Seeking
Rothschild, Casey - 2011
Recent policy proposals have suggested taxing top incomes at very high rates on the grounds that some or all of the highest wage earners are engaged in socially unproductive or counterproductive activities, such as externality imposing speculation in the financial sector. To address this, we...
Persistent link: https://www.econbiz.de/10013125562