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Risk sharing through financial markets with endogenous enforcement of trades

Köppl, Thorsten V. - 2004

When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are an integral part of financial marketsu0092 organization. We assess the degree of risk sharing that can be achieved through financial markets when enforcement is based on the...

Persistent link: https://www.econbiz.de/10009636542

Committees and special interests

Felgenhauer, Mike; Grüner, Hans Peter - 2003

studies the role of open and closed committee decision making in presence of external influence. We show that restricting the … from increasing the number of decision makers can only be reaped if the committee's sessions are not public. In open … committees benefits from voting insincerely accrue not only when a decision maker's vote is pivotal. As the number of voters …

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

On the indeterminacy of determinacy and indeterminacy

Beyer, Andreas; Farmer, Roger E. A. - 2003

A number of authors have attemted to test whether the U.S. economy is in a determinate or an indeterminate equilibrium. We argue that to answer this question, one must be impose a priori restrictions on lag length that cannot be tested. We provide examples of two economic models. Model 1...

Persistent link: https://www.econbiz.de/10009635896

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

Public finances and long-term growth in Europe

De Ávila, Diego Romero; Strauch, Rolf - 2003

In Lisbon the European Council proclaimed a European growth strategy. It considers an average economic u0093growth rate of around 3 percent as a realistic prospect for the coming yearsu0094 and assigns public finances an important role in the process of achieving this goal. This paper addresses...

Persistent link: https://www.econbiz.de/10009635955

The design of fiscal rules and forms of governance in European Union countries

Hallerberg, Mark; Strauch, Rolf; Hagen, Jürgen von - 2004

This paper examines the development of fiscal rules and budget procedures in EU countries, and their impact of public finances since the mid-1980s. It presents a new data set on institutional reforms and their impact in Europe. Empirical pattern confirm our prediction that more stringent fiscal...

Persistent link: https://www.econbiz.de/10009639480