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Uncertainty, wage setting and decision making in a monetary union

Hefeker, Carsten - 2005

The enlargement of the European Monetary Union is likely to lead to an increase in uncertainty regarding the transmission of monetary policy for the larger union. Adding new members to the central bank council will in addition imply that the policy reaction of the enlarged council will be...

Persistent link: https://www.econbiz.de/10010261289

Central Bank Conservatism and Labor Market Reform

Jordahl, Henrik; Laséen, Stefan - 1999

How does central bank conservatism affect labor market reform? In this paper we examine the economic forces at work. An increase in conservatism triggers two opposite effects. It reduces the inflation bias of discretionary monetary policy and hence the benefits of a reform. It also increases...

Persistent link: https://www.econbiz.de/10010321824

Ordinal cheap talk

Chakraborty, Archishman; Harbaugh, Rick - 2003

Can comparative statements be credible even when absolute statements are not? For instance, can a professor credibly rank different students for a prospective employer even if she has an incentive to exaggerate the merits of each student? Or can an analyst credibly rank different stocks even if...

Persistent link: https://www.econbiz.de/10010263292

Wage determination and the sources of bargaining power

Manzini, Paola; Snower, Dennis J. - 2002

the bargaining process itself. This approach leads to a new theory of wage determination. …

Persistent link: https://www.econbiz.de/10010265542

Tying hands is not commitment: Can fiscal rules and institutions really enhance fiscal discipline?

Debrun, Xavier - 2007

fiscal discipline. A stylized model of fiscal policy illustrates that optimal institutions lack credibility unless the costs … budgetary transparency and strong democratic accountability suffice to establish credibility. Under incomplete budgetary …, which in turn erodes the penchant for excessive deficits. In light of the theory, empirical tests of the effectiveness of …

Persistent link: https://www.econbiz.de/10010317345

Are bygones not bygones? Modeling price level targeting with an escape clause and lessons from the gold standard

Masson, Paul R.; Shukayev, Malik D. - 2008

some parameterizations, there is a low credibility equilibrium (with high expectation of a reset) associated with high …

Persistent link: https://www.econbiz.de/10010280015

The game of negotiations: Ordering issues and implementing agreements

Busch, Lutz-Alexander; Horstmann, Ignatius J. - 2000

We use a two-issue bargaining model with asymmetric information to study agent choice of how to structure bargaining. We uncover the settings in which different agenda structures are chosen in equilibrium, how the order in which issues are bargained over matters, and what impact the rules for...

Persistent link: https://www.econbiz.de/10010291973

Herding and bank runs

Gu, Chao - 2007

Traditional models of bank runs do not allow for herding effects, because in these models withdrawal decisions are assumed to be made simultaneously. I extend the banking model to allow a depositor to choose his withdrawal time. When he withdraws depends on his liquidity type (patient or...

Persistent link: https://www.econbiz.de/10010292061

A Price is a signal: on intrinsic motivation and crowding-out

Bolle, Friedel - 2007

-agent model where the opposite signalling effect is hypothesised: a higher price is taken as an indication for a lower value. …

Persistent link: https://www.econbiz.de/10010297251

The EMU Consolidation Game - or: Does 3.0 Really Mean 3.0?

Heinemann, Friedrich - 1998

Within the economic profession, it is a widely held view that the fiscal criteria of the Maastricht treaty are arbitrary numbers without economic foundation. Much of this criticism seems to overlook an important aspect - the strategic dimension of the criteria. This paper focuses on one...

Persistent link: https://www.econbiz.de/10010297571