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Incomplete information, credibility and the Core
Dutta, Bhaskar; Vohra, Rajiv - 2001
An appropriate (interim) notion of the core for an economy with incomplete information depends on the amount of information that coalitions can share. The coarse and fine core, as originally defined by Wilson (1978), correspond to two polar cases, involving no information sharing and arbitrary...
Persistent link: https://www.econbiz.de/10010318931
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Signaling credibility - choosing optimal debt and international reserves
Aizenman, Joshua; Fernández-Ruiz, Jorge - 2006
This paper evaluates the challenges facing developing countries when there is uncertainty about the policy maker type. We consider a country characterized by volatile output, inelastic demand for fiscal outlays, high tax collection costs, and sovereign risk, where future output depends on the...
Persistent link: https://www.econbiz.de/10010285346
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The impact of inflation targeting: Testing the good luck hypothesis
Ravenna, Federico - 2007
Over the last twenty years the level and volatility of inflation decreased across industrial countries. The inflation behaviour can be explained by a shift in monetary policy or by a lucky period of low volatility in business cycle shocks. To test theluck hypothesis we examine the inflation...
Persistent link: https://www.econbiz.de/10010285320
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Constrained discretion and central bank transparency
Bianchi, Francesco; Melosi, Leonardo - 2014
We develop and estimate a general equilibrium model in which monetary policy can deviate from active in.ation stabilization and agents face uncertainty about the nature of these deviations. When observing a deviation, agents conduct Bayesian learning to infer its likely duration. Under...
Persistent link: https://www.econbiz.de/10011460672
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A dynamic evaluation of central bank credibility
Çakmaklı, Cem; Demiralp, Selva - 2020
Central bank credibility is critical for the effectiveness of monetary policy. The measures of credibility that are … alternative measure that allows us to track the evolution of credibility in an inflationary environment. Credibility is defined as … decisions. We adopt a Bayesian set up to exploit this definition and document how credibility changes over time. Our measure …
Persistent link: https://www.econbiz.de/10012628448
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Supply shocks and the persistence of inflation
Sommer, Martin - 2002
This paper examines the long-run effects of supply shocks (such as oil shocks) on inflation in the United States. The persistence of supply shocks in U.S. inflation fell considerably during the period of Volcker's disinflation (1979-1982). My empirical results suggest that the difference between...
Persistent link: https://www.econbiz.de/10010293489
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The Return of the Original Phillips curve? An Assessment of Lars E. O. Svensson's Critique of the Riksbank's Inflation Targeting, 1997-2012
Andersson, Fredrik N. G.; Jonung, Lars - 2015
We assess Lars E O Svensson's prominent critique of the Swedish Riksbank. We reject his two major claims: first that the Riksbank has anchored inflation expectations at the 2 percent inflation target, and second, that the original version of the Phillips curve, based constant inflation...
Persistent link: https://www.econbiz.de/10013208696
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LINDA - Longitudinal INdividual DAta for Sweden
Edin, Per-Anders; Fredriksson, Peter - 2000
This paper presents LINDA - a register-based longitudinal data set for Sweden. LINDA consists of a large panel of …
Persistent link: https://www.econbiz.de/10010321802
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Portfolio Allocation over the Life Cycle: Evidence from Swedish Household Data
Andersson, Björn - 2001
This paper provides empirical evidence on life-cycle patterns in the asset allocation of Swedish households. Data on household portfolio allocation are collected from the HINK surveys for the period 1982-1992, and portfolio shares of different asset categories are regressed on age, period, and...
Persistent link: https://www.econbiz.de/10010321812
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The gender gap in workplace authority in Sweden 1968 - 2000: A family affair?
Bygren, Magnus; Gähler, Michael - 2007
We assess whether the gender gap in authority in Sweden has changed during the period 1968–2000, and investigate to …
Persistent link: https://www.econbiz.de/10010317967