Similar Search Results

Monetary discretion, pricing complementarity and dynamic multiple equilibria

King, Robert G.; Wolman, Alexander L. - 2004

In a plain-vanilla New Keynesian model with two-period staggered price-setting, discretionary monetary policy leads to multiple equilibria. Complementarity between pricing decisions of forward-looking firms underlies the multiplicity, which is intrinsically dynamic in nature. At each point in...

Persistent link: https://www.econbiz.de/10009639397

Committees and special interests

Felgenhauer, Mike; Grüner, Hans Peter - 2003

committees benefits from voting insincerely accrue not only when a decision maker's vote is pivotal. As the number of voters … increases, the cost of voting insincerely declines in an open committee because the probability of being pivotal declines. This … is not the case in a closed committee where costs and benefits of insincere voting only arise when a voter is pivotal. …

Persistent link: https://www.econbiz.de/10009635893

Measuring the time-inconsistency of US monetary policy

Surico, Paolo - 2003

This paper offers an alternative explanation for the behavior of postwar US inflation by measuring a novel source of monetary policy time-inconsistency due to Cukierman (2002). In the presence of asymmetric preferences, the monetary authorities end up generating a systematic inflation bias...

Persistent link: https://www.econbiz.de/10009635891

Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero

Coenen, Günter; Orphanides, Athanasios; Wieland, Volker - 2003

This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We ﬁnd that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...

Persistent link: https://www.econbiz.de/10009635983

Why has broad money demand been more stable in the euro area than in other economies?

Calza, Alessandro; Sousa, João - 2003

Based on a literature review, this paper investigates the reasons why broad money demand has usually been found to be more stable in the euro area than in other large economies. The paper concludes that there are three main explanations for this fact. First, in some countries outside the euro...

Persistent link: https://www.econbiz.de/10009635916

Growth expectations, capital flows and international risk sharing

Castrén, Olli; Miller, Marcus; Stiegert, Roger - 2003

Over the past decades, cross-border financial flows have increased in importance and have in many occasions exceeded the underlying current account positions. This phenomenon has been accompanied by an increase in the volume of international equity transactions that accentuate the role of...

Persistent link: https://www.econbiz.de/10009635970

Cooperation in international banking supervision

Holthausen, Cornelia; Rønde, Thomas - 2004

This paper analyzes cooperation between sovereign national authorities in the supervision and regulation of a multinational bank. We take a political economy approach to regulation and assume that supervisors maximize the welfare of their own country. The communication between the supervisors is...

Persistent link: https://www.econbiz.de/10009636539

L'indemnisation des citoyens et des residents permanents europeens victimes de la criminalite ou du terrorisme en dehors du territoire de l'union europeenne

Lex fori ; International Network of Lawyers - 2005

Persistent link: https://www.econbiz.de/10009637836

L'indemnisation des citoyens et des residents permanents europeens victimes de la criminalite ou du terrorisme en dehors du territoire de l'union europeenne

Lex fori ; International Network of Lawyers - 2005

Persistent link: https://www.econbiz.de/10009637849

L'indemnisation des citoyens et des residents permanents europeens victimes de la criminalite ou du terrorisme en dehors du territoire de l'union europeenne

Lex fori ; International Network of Lawyers - 2005

Persistent link: https://www.econbiz.de/10009637862