Showing 1 - 10 of 1,215
data from New York City, which assigns accountability grades to schools based on student achievement, I perform a … find that a lower accountability grade decreases teacher turnover and increases joining teachers' quality. A likely channel … is that accountability pressures induce increases in principal effort at lower-graded schools, especially among high …
Persistent link: https://www.econbiz.de/10012918064
Emancipation of slaves in the 1830s transformed the political elites of the British-Caribbean plantation islands. New elites were more accountable to the citizenry. We develop a theory in which two factors limit and possibly reverse the effect of this on political outcomes, with legislators (i)...
Persistent link: https://www.econbiz.de/10012980193
transparency in fiscal transfer systems can increase accountability and reduce corruption in the implementation of a workfare …
Persistent link: https://www.econbiz.de/10012979769
Digital platforms like Uber can enhance market transparency and mitigate moral hazard via ratings of buyers and sellers …
Persistent link: https://www.econbiz.de/10012911461
We characterize the price-transparency role of benchmarks in over-the-counter markets. A benchmark can, under … dealers and customers, and reducing search costs. Although the market transparency promoted by benchmarks reduces dealers …
Persistent link: https://www.econbiz.de/10013044980
This paper examines the economic environments in which past U.S. stock market booms occurred as a first step toward understanding how asset price booms come about and whether monetary policy should be used to defuse booms. We identify several episodes of sustained rapid rise in equity prices in...
Persistent link: https://www.econbiz.de/10013127756
The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of U.S. policymakers to implement policies necessary to maintain price stability. This paper describes how the Committee's policy views differed from those of most Federal Reserve...
Persistent link: https://www.econbiz.de/10013127975
This paper develops a model that speaks to the goals and methods of financial-stability policies. There are three main points. First, from a normative perspective, the model defines the fundamental market failure to be addressed, namely that unregulated private money creation can lead to an...
Persistent link: https://www.econbiz.de/10013128276
In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land...
Persistent link: https://www.econbiz.de/10013128599
In this paper we consider a two-country New Open Economy Macroeconomics model, and analyze the optimal monetary policy when countries cooperate in the face of a "global liquidity trap" - i.e., a situation where the two countries are simultaneously caught in liquidity traps. Compared to the...
Persistent link: https://www.econbiz.de/10013128606