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Delegation of Monetary Policy: More than a Relocation of the Time-Inconsistency Problem
Rotondi, Zeno; Driffill, John - Society for Computational Economics - SCE - 2003
Persistent link: https://www.econbiz.de/10005706794
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Delegation of Monetary Policy: More than a Relocation of the Time-Inconsistency Problem
Driffill, John; Rotondi, Zeno - C.E.P.R. Discussion Papers - 2003
It has been argued that delegation of monetary policy to an independent central bank, which acts as an agent for the … that delegation enables a wider class of economies to sustain zero inflation than would be able to do so in its absence. We …
Persistent link: https://www.econbiz.de/10005656362
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Collusion and Selective Supervision
Motta, Alberto - Dipartimento di Scienze Economiche "Marco Fanno", … - 2009
This paper studies the role of a policy of inducing in combating collusion within organizations, or in regulatory setups. In a mechanism-design problem involving a principal-supervisor-agent we show the role of endogenous selection of supervisory activity by the principal. One simple example is...
Persistent link: https://www.econbiz.de/10005619241
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Limited Arbitrage and Uniqueness of Equilibrium in Strictly Regular Economies
Chichilnisky, G - Department of Economics, School of Arts and Sciences - 1996
In strictly regular economies limited arbitrage is sufficient for the global invertibility of demand, and necessary and sufficient for the uniqueness of equilibrium. This result is established using algebraic topology and holds in economies with short sales, and with finitely or infinitely many...
Persistent link: https://www.econbiz.de/10005162756
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PARETO-IMPROVING CHEATING IN AN ECONOMIC POLICY GAME
Deissenberg, Christophe; Gonzalez, Francisco Alvarez - Society for Computational Economics - SCE - 2001
This paper presents a simple repeated-game model of interaction between the government and the private sector where, at each repetition, the government first makes a non-binding announcement about its future actions. The private sector, unsure whether or not this announcement will be respected,...
Persistent link: https://www.econbiz.de/10005706739
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Independent but Accountable: Walsh Contracts and the Credibility Problem
Al-Nowaihi, A; Levine, Paul L - C.E.P.R. Discussion Papers - 1996
credibility as a commitment device. But the contract’s strength is that renegotiation can be very visible and this facilitates a …
Persistent link: https://www.econbiz.de/10005124190
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The Interaction of Monetary and Fiscal Policy in the Visegrad Group Countries
Janků, Jan; Kappel, Stanislav; Kučerová, Zuzana - In: Politická ekonomie 2014 (2014) 4, pp. 459-479
The aim of this article is to estimate the mutual interaction of monetary and fiscal policy in the Visegrad Group countries, i.e. in the Czech Republic, Slovakia, Poland, and Hungary. The relations between monetary and fiscal policy - its coordination, cooperation or mutual antagonism - are...
Persistent link: https://www.econbiz.de/10011228242
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Timing of adoption of clean technologies, transboundary pollution and international trade
Ben Jebli, Mehdi; Ben Youssef, Slim - Volkswirtschaftliche Fakultät, … - 2012
We consider a symmetric model composed of two countries and a firm in each country. Firms produce the same good by means of a polluting technology that uses fossil energy. However, these firms can adopt a clean technology that uses a renewable energy and that has a lower unit cost. Surprisingly,...
Persistent link: https://www.econbiz.de/10011113672
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Independence of Regulatory Agencies
Virág, Gábor - Rajk Lászó Szakkollégium, Közgazdaságtudományi Kar - 1998
This article analyzes the meaning and uses of regulatory independence. The starting point of the paper is the missing contractual commitment opportunity for the government which leads to underinvestment in regulated industries because investors worry about the possibility that the government...
Persistent link: https://www.econbiz.de/10005800721
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Monetary Policy Under Uncertainty, Regime Change and High Volatility
Basco, Emiliano; Castagnino, Tomás; Katz, Sebastián; … - Banco Central de la República Argentina - 2007
the efficacy, margins, and hence, the credibility of monetary policy. Experience shows that under such environment …. This is partly because recurrent past policy failures have yielded very low credibility on current and future policies … volatility and crisis probability. The uncertainty and low credibility of policies have shown a tendency to mutually reinforce by …
Persistent link: https://www.econbiz.de/10010849673