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Sustainability, Debt Management, and Public Debt Policy in Japan

Doi, Takero - 2006

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

Persistent link: https://www.econbiz.de/10012466308

Optimal Monetary and Fiscal Policy in a Currency Union

Gali, Jordi - 2005

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/10012466856

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/10012464776

Anchoring Fiscal Expectations

Leeper, Eric M. - 2009

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/10012463382

A Model of Endogenous Fiscal Deficits and Delayed Fiscal Reforms

Velasco, Andres - 1997

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/10012472479

An Empirical Model of Subprime Mortgage Default From 2000 to 2007

Bajari, Patrick - 2008

The turmoil that started with increased defaults in the subprime mortgage market has generated instability in the financial system around the world. To better understand the root causes of this financial instability, we quantify the relative importance of various drivers behind subprime...

Persistent link: https://www.econbiz.de/10012464022

Generalizing the Taylor Principle

Davig, Troy - 2005

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/10012466797

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

Hilt, Eric - 2009

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/10012463756

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/10012458993

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/10012460996

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