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Rounding the Corners of the Policy Trilemma : Sources of Monetary Policy Autonomy
Klein, Michael W. - 2013
markets, fixed exchange rates, and monetary autonomy; rather, it is constrained to choosing no more than two of these three …, afford a full measure of monetary policy autonomy. Our results confirm that extensive capital controls or floating exchange … rates enable a country to have monetary autonomy, as suggested by the trilemma. Partial capital controls, however, do not …
Persistent link: https://www.econbiz.de/10013075802
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Over-Optimism in Forecasts by Official Budget Agencies and its Implications
Frankel, Jeffrey A. - 2011
The paper studies forecasts of real growth rates and budget balances made by official government agencies among 33 countries. In general, the forecasts are found: (i) to have a positive average bias, (ii) to be more biased in booms, (iii) to be even more biased at the 3-year horizon than at...
Persistent link: https://www.econbiz.de/10013122217
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The Consumption Value of College
Gong, Yifan - 2019
This paper uses the Euler equation and novel data from Berea College students on their consumption expenditures during and after college, desired borrowing amounts, beliefs about post-college earnings, and elicited risk-aversion and time preference parameters to determine their consumption value...
Persistent link: https://www.econbiz.de/10012861661
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Within State Transitions from 2-Year to 4-Year Public Institutions
Ehrenberg, Ronald G.; Smith, Christopher L. - 2022
Within many large states there are multiple 2-year and 4-year public institutions. Our paper develops a methodology that can be used to help evaluate how well each 2-year public institution in a state is doing in preparing those of its students who transfer to 4-year public institutions to...
Persistent link: https://www.econbiz.de/10014120175
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The Political Economy of Liberal Democracy
Mukand, Sharun - 2015
We distinguish between three sets of rights – property rights, political rights, and civil rights – and provide a taxonomy of political regimes. The distinctive nature of liberal democracy is that it protects civil rights (equality before the law for minorities) in addition to the other two....
Persistent link: https://www.econbiz.de/10013015971
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Candidates, Character, and Corruption
Bernheim, B. Douglas - 2015
We study the characteristics of self-selected candidates in corrupt political systems. Potential candidates differ along two dimensions of unobservable character: public spirit (altruism toward others) and honesty (the disutility suffered when selling out to special interests after securing...
Persistent link: https://www.econbiz.de/10013038435
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Growth in the Shadow of Expropriation
Aguiar, Mark - 2010
In this paper, we propose a tractable variant of the open economy neoclassical growth model that emphasizes political economy and contracting frictions. The political economy frictions involve disagreement and political turnover, while the contracting friction is a lack of commitment regarding...
Persistent link: https://www.econbiz.de/10013151812
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Taxes and Turnout
Bierbrauer, Felix - 2017
We develop a model of political competition with endogenous turnout and endogenous platforms. Parties face a trade-off between maximizing their base and getting their supporters out to vote. We study the implications of this framework for non-linear income taxation. In equilibrium, both parties...
Persistent link: https://www.econbiz.de/10012941164
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Factions and Political Competition
Persico, Nicola - 2010
This paper presents a new model of political competition where candidates belong to factions. Before elections, factions compete to direct local public goods to their local constituencies. The model of factional competition delivers a rich set of implications relating the internal organization...
Persistent link: https://www.econbiz.de/10012760206
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Political Competitiveness
Mulligan, Casey B. - 2010
Political competitiveness - which many interpret as the degree of democracy - can be modeled as a monopolistic competition. All regimes are constrained by the threat of quot;entry,quot; and thereby seek some combination of popular support and political entry barriers. This simple model predicts...
Persistent link: https://www.econbiz.de/10012760576