This paper studies the consumption-investment problem of a consumer with a multi-period planning horizon under uncertainty. Such a setting occurs naturally in stochastic OLG models with multi-period-lived consumers. We provide a rigorous characterization of consumption-investment strategies...

Analizo nuevos datos acerca de las expectativas probabilísticas subjetivas de precios de la vivienda recogidos en la Encuesta Financiera de las Familias (EFF). Se pide a los hogares que repartan diez puntos entre cinco escenarios distintos relativos al cambio en el precio de sus viviendas...

Government exchange rate regime choice is constrained by both political and economic factors. One political factor is the role of special interests: the larger the tradable sectors exposed to international competition, the less likely is the maintenance of a fixed exchange rate regime. Another...

The thesis studies the potential of incentive contracts for politicians using game-theoretic methods. Supplementing the election mechanism with these contracts is a new idea to make politicians more accountable. Two types of incentive contracts are considered: a) monetary incentive contracts...

We consider misconceptions about the functioning of the economy as one possible explanation for the emergence of crises in democracies. Furthermore, we study a political process which may lead to successful reform. First of all, we show that voters can make inefficient decisions concerning...

The dissertation offers an analysis of the role of budgetary institutions on the determination of fiscal outcomes. In the second chapter I provide a theoretical model that rationalizes differences in fiscal outcomes of two countries that are supposed to obey the same set of numerical constraints...

Diese kumulative Dissertation besteht aus drei Abschnitten. I. Geopolitics, Aid and Growth Wir untersuchen den Effekt kurzfristiger politischer Motive auf die Effektivität von Entwicklungshilfe. Dabei testen wir, ob der Effekt der Hilfe auf Wirtschaftswachstum reduziert wird durch den Anteil...