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address the monetary autonomy issue in the context of the international policy trilemma: countries seek three typically … autonomy oriented toward and effective at achieving domestic goals. I argue that global banking entails some features that are … can weaken the trilemma rather than enhance it. The result is a prediction of heterogeneous effects on monetary autonomy …
Persistent link: https://www.econbiz.de/10013074914
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
We explore heterogeneity in soil quality, lack of knowledge and autonomy as explanations for the low adoption of … cluster level) nor the extent of autonomy (defined as the freedom of choice in spending the in-kind grant) had any effect on … adoption during the intervention, farmers with autonomy had substantially higher adoption of improved practices two years after …
Persistent link: https://www.econbiz.de/10013300256
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
Unlike in the production of most goods, changes in capacity for labor-intensive services only affect outcomes of interest insofar as service providers change the way they allocate their time in response to those capacity changes. In this paper, we examine how public sector service providers...
Persistent link: https://www.econbiz.de/10012889489
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
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
Quality of public institutions has been recognized as a crucial determinant of macroeconomic outcomes. We propose that a country's intrinsic level of openness (due to population size, geography, or exogenous trade opportunities) affects its incentives in investing in better institutions. We...
Persistent link: https://www.econbiz.de/10012942707
This paper presents a model of political competition with campaign contributions and informative political advertising. Policy-motivated parties compete by selecting candidates and interest groups provide contributions to enhance the electoral prospects of like-minded candidates. Contributions...
Persistent link: https://www.econbiz.de/10014121983
We develop a model of political cycles driven by time-varying risk aversion. Agents choose to work in the public or private sector and to vote Democrat or Republican. In equilibrium, when risk aversion is high, agents elect Democrats—the party promising more redistribution. The model predicts...
Persistent link: https://www.econbiz.de/10012962718