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The role and evolution of central authorities
Frijters, Paul; Tieman, Alexander F. - 1999
In this paper we argue that authorities aid cooperation by means ofdirect coordination or the enforcement of re-commitment devices suchas contract laws.Credible threats of violence allow this role. In alocal interaction model, an authority forms if mutually connected individuals with sufficient...
Persistent link: https://www.econbiz.de/10011302150
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Central Bank and Government in a Speculative Attack Model
Cappelletti, Giuseppe - 2013
This paper studies the interaction between monetary and fiscal authorities while investors are coordinating on a speculative attack. The authorities want to achieve specific targets for output and inflation but also to avoid a regime change (i.e. sovereign default). They use the traditional...
Persistent link: https://www.econbiz.de/10013072609
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Three Essays on the Theory of Money and Financial Institutions Essay 2 : The Exchange Economy, Money, and Markets
Shubik, Martin - 2016
my approach to developing a micro economic theory of money and financial institutions. This essay is devoted to a … externalities beyond money and markets. The third essay builds on process models adding uncertainty, innovation, an active …
Persistent link: https://www.econbiz.de/10012978478
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Three Lectures on the Theory of Money and Financial Institutions : Lecture 1: A Nontechnical Overview
Shubik, Martin - 2016
This is a nontechnical retrospective paper on a game theoretic approach to the theory of money and financial …
Persistent link: https://www.econbiz.de/10012994243
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Quantum Monte Carlo for economics : stress testing and macroeconomic deep learning
Skavysh, Vladimir; Priazhkina, Sofia; Guala, Diego; … - 2022 - Last updated: June 28, 2022
Computational methods both open the frontiers of economic analysis and serve as a bottleneck in what can be achieved. Using the quantum Monte Carlo (QMC) algorithm, we are the first to study whether quantum computing can improve the run time of economic applications and challenges in doing so....
Persistent link: https://www.econbiz.de/10013264908
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Exchange rates and monetary spillovers
Plantin, Guillaume; Shin, Hyun Song - In: Theoretical economics : TE ; an open access journal in … 13 (2018) 2, pp. 637-666
When do flexible exchange rates prevent monetary and financial conditions from spilling over across currencies? We examine a model in which international investors strategically supply capital to a small inflation-targeting economy with flexible exchange rates. For some combination of...
Persistent link: https://www.econbiz.de/10011856706
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Government and Central Bank Interaction Under Uncertainty : A Differential Games Approach
Engwerda, Jacob C. - 2016
Today, debt stabilization in an uncertain environment is an important issue. In particular, the question how fiscal and monetary authorities should deal with this uncertainty is very important. Especially for some developing countries such as Iran, in which on average 60 percent of government...
Persistent link: https://www.econbiz.de/10012995799
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Managing Expectations
Lindstädt, René; Staton, Jeffrey K. - 2010
Followers of law, politics and business commonly relate stories of individuals who appear to predict an expected self-performance level below what they believe likely. Candidates, attorneys and firms sometimes seem to under-predict their own capacities. Insofar as individuals typically construct...
Persistent link: https://www.econbiz.de/10014047090
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Reforming China's Financial System and Monetary Policies : A Sovereign Remedy for Locally Initiated Investment Expansion?
Li, Xiaoming - 2011
This paper studies the efficacy of China's financial reforms in helping the central monetary authority to achieve its goals of macroeconomic stabilization. A local-local monetary game is presented which examines the investment competition between local governments in different hypothetical...
Persistent link: https://www.econbiz.de/10014145481
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Inflationary Bias in a Simple Stochastic Economy
Karatzas, Ioannis; Shubik, Martin; Sudderth, William D.; … - 2003
We construct explicit equilibria for strategic market games used to model an economy with fiat money, one nondurable … for consumption in each period before knowing their income, then there is no inflation. However, there is an inflationary … trend if agents know their income before bidding. We also consider a model with an active central bank, which is both …
Persistent link: https://www.econbiz.de/10014123415