Showing 1 - 10 of 31
of centralization stressed in the existing literature disappear, suggesting that the case for decentralization must be … driven by political economy considerations. Our political economy analysis assumes that under decentralization public goods …
Persistent link: https://www.econbiz.de/10012471712
efficient decentralization of investment decisions permits the institution to economize on the information which must be passed …
Persistent link: https://www.econbiz.de/10012478396
The paper provides a theoretical framework for analyzing policy formation among independent authorities operating in an interdependent environment. This is then applied to the analysis of optimal monetary policy in a stochastic two-country model with rational expectations. The main conclusions...
Persistent link: https://www.econbiz.de/10012478604
Patterns of political unification and fragmentation have crucial implications for comparative economic development. Diamond (1997) famously argued that "fractured land" was responsible for China's tendency toward political unification and Europe's protracted political fragmentation. We build a...
Persistent link: https://www.econbiz.de/10012481077
In this paper we explore efficiency and optimal policy in decentralized transportation markets that suffer from search frictions, such as taxicabs, trucks and bulk shipping. We illustrate the impact of two externalities: the well-known thin/thick market externalities and what we call pooling...
Persistent link: https://www.econbiz.de/10012481494
The paper studies asset pricing in informationally decentralized markets. These markets have two key frictions: trading is decentralized (bilateral), and some agents have private information. We analyze how uninformed agents acquire information over time from their bilateral trades. In...
Persistent link: https://www.econbiz.de/10012463136
We study a simple model of a decentralized market game in which firms make directed offers to workers. We focus on markets in which agents have aligned preferences. When agents have complete information or when there are no frictions in the economy, there exists an equilibrium that yields the...
Persistent link: https://www.econbiz.de/10012463807
between the federal and state governments in such a scheme of partial decentralization. Our model suggests that the …
Persistent link: https://www.econbiz.de/10012465415
This paper explores the empirical effects of decentralization on environmental quality by studying water pollution in …, supporting the traditional view that decentralization allows policies more tailored to local conditions. However, the analysis …
Persistent link: https://www.econbiz.de/10012465556
of regulation and is perhaps the most significant decentralization in U.S. environmental policy. However, few studies … authorize to increase the stringency of regulation, which suggests that environmental decentralization would be beneficial …
Persistent link: https://www.econbiz.de/10012469252