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The Price of Lobbying in Banking
Gersbach, Hans - 2020
We study how bankers can elicit lower capital requirements via lobbying: Bankers pledge to politicians a lobbying rate as a fraction of bank revenues, thus relating politicians' welfare to the size of banks. This induces politicians to lower capital requirements, which causes high leverage...
Persistent link: https://www.econbiz.de/10012850408
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Flexible majority rules for cryptocurrency issuance
Gersbach, Hans - 2019 - This version: May 2019
optimal money growth rates are realized if agents entering financial contracts anticipate ensuing inflation rates determined …
Persistent link: https://www.econbiz.de/10012023545
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Forward guidance contracts
Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2015 - This version: May 2015
We examine "Forward Guidance Contracts", which make central bankers' utility contingent on the precision of interest-rate forecasts for some time. Such Forward Guidance Contracts are a exible commitment device and can improve economic performance when the economy is stuck in a liquidity trap....
Persistent link: https://www.econbiz.de/10010528970
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How to avoid the consequences of anticipated monetary policies
Gersbach, Hans - In: Economic Theory 14 (1999) 3, pp. 729-740
lowest inflation rate. Our results suggest that the difference between unanticipated and anticipated policy switches may not …
Persistent link: https://www.econbiz.de/10005596786
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How to avoid the consequences of anticipated policies
Gersbach, Hans - 1994
Persistent link: https://www.econbiz.de/10000905117
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Inflation rates and money growth during high-inflations
Gersbach, Hans - In: Kredit und Kapital 26 (1993) 2, pp. 230-238
Persistent link: https://www.econbiz.de/10001150097
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How to avoid the consequences of anticipated monetary policies
Gersbach, Hans - In: Economic theory : official journal of the Society for … 14 (1999) 3, pp. 729-740
Persistent link: https://www.econbiz.de/10001455356
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Inflation Forecast Contracts
Gersbach, Hans; Hahn, Volker - 2011
We introduce a new type of incentive contract for central bankers: inflation forecast contracts, which make central … bankers’ remunerations contingent on the precision of their inflation forecasts. We show that such contracts enable central … bankers to influence inflation expectations more effectively, thus facilitating more successful stabilization of current …
Persistent link: https://www.econbiz.de/10014179421
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Signalling and commitment : monetary versus inflation targeting
Gersbach, Hans; Hahn, Volker - 2003
Persistent link: https://www.econbiz.de/10013424367
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Debt-Sensitive Majority Rules
Grimm, Oliver; Becker, Johannes; Gersbach, Hans - 2010
We examine debt-sensitive majority rules. According to such a rule, the higher a planned public debt, the higher the necessary parliamentary majority to approve it. In a two-period model, we compare debt-sensitive majority rules with the simple majority rule when individuals differ regarding...
Persistent link: https://www.econbiz.de/10010270120