Die vorliegende Studie wurde von Sandra Hamella, geb. Waller, während ihrer Tätigkeit als wissenschaftliche Mitarbeiterin im ifo Institut für Wirtschaftsforschung, München, begonnen und im Sommer 2005 an der Wirtschaftswissenschaftlichen Fakultät der Universität Regensburg als Dissertation...

This paper studies optimal monetary and fiscal policies in an economy à la Lucas and Stokey (1983) and Lagos and Wright (2005) with multiple cash and credit goods. We show that optimal policies are in general time inconsistent due to insufficient number of instruments to influence future...

We study the risk assessment of uncertain cash flows in terms of dynamic convex risk measures for processes as introduced in Cheridito et al. (Electron. J. Probab. 11(3):57–106, <CitationRef CitationID="CR11">2006</CitationRef>). These risk measures take into account not only the amounts but also the timing of a cash flow. We discuss...</citationref>

<Para ID="Par1">We develop a theory for a general class of discrete-time stochastic control problems that, in various ways, are time-inconsistent in the sense that they do not admit a Bellman optimality principle. We attack these problems by viewing them within a game theoretic framework, and we look for...</para>

It is well known that mean-variance portfolio selection is a time-inconsistent optimal control problem in the sense that it does not satisfy Bellman’s optimality principle and therefore the usual dynamic programming approach fails. We develop a time-consistent formulation of this problem,...

We introduce the time-consistency concept that is inspired by the so-called “principle of optimality” of dynamic programming and demonstrate – via an example – that the conditional value-at-risk (CVaR) need not be time-consistent in a multi-stage case. Then, we give the formulation of...

Intergenerational altruism and contemporaneous cooperation are both important to the provision of long-lived public goods. Equilibrium climate protection may depend more sensitively on either of these considerations, depending on the type of policy rule one examines. This conclusion is based on...

Procrastination produces harmful effects for human capital investments and studying activities. Using data from a large sample of Italian undergraduates, we measure procrastination with the actual behaviour of students, considering the delay in finalizing their university enrolment procedure. We...

Can the central bank credibly commit to keeping the nominal interest rate low for an extended period of time in the aftermath of a deep recession? By analyzing credible plans in a sticky-price economy with occasionally binding zero lower bound constraints, I find that the answer is yes if...

A small but growing body of literature uses overlapping generations (OLG) models to study environmental policy for long-lived problems such as climate change. An OLG model, unlike the infinitely lived representative agent model, distinguishes between impatience with respect to one¡¯s own...