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In the new situation with flexible exchange rates, monetary policy in Europe will have to rely more on indicators than previously under fixed rates. One of the potential indicators, the forward interest rate curve, can be used to indicate market expectations of the time-paths of future short...
Persistent link: https://www.econbiz.de/10013214576
This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond...
Persistent link: https://www.econbiz.de/10013244885
Policy rules that are consistent with inflation targeting are examined in a small macro-econometric model of the US economy. We compare the properties and outcomes of explicit "instrument rules" as well as "targeting rules". The latter, which imply implicit instrument rules, may be closer to...
Persistent link: https://www.econbiz.de/10010128044
Persistent link: https://www.econbiz.de/10010191235
Persistent link: https://www.econbiz.de/10009778432
Policy rules that are consistent with inflation targeting are examined in a small macroeconomic model of the US economy. We compare the properties and outcomes of explicit instrument rules' as well as targeting rules.' The latter, which imply implicit instrument rules, may be closer to actual...
Persistent link: https://www.econbiz.de/10013324002
term price rigidity as well as in terms of models that consider the magnification effect of new information. This paper …
Persistent link: https://www.econbiz.de/10012478037
An avalanche of empirical studies has addressed the validity of the rank-size rule (or Zipf's law) in a multi-city context in many countries. City size in most countries seems to obey Zipf's law, but the question under which conditions (e.g. sample size, spatial scale) this 'law' holds remained...
Persistent link: https://www.econbiz.de/10011731610
Persistent link: https://www.econbiz.de/10012592652
This paper addresses the question of why firms pay dividends, the so-called outline two agency models of dividends. On what we call outcome minority shareholders to force corporate outsiders to disgorge cash. Under this model, stronger minority shareholder rights should be associated with higher...
Persistent link: https://www.econbiz.de/10012472182