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Centralized Institutions and Sudden Change
Rubin, Jared - 2010
Why do sudden and massive social, economic, and political changes occur when and where they do? Are there institutional preconditions that encourage such changes when present and discourage such changes when absent? In this paper, I employ a general model which suggests that massive equilibrium...
Persistent link: https://www.econbiz.de/10013151923
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Are long-horizon expectations (de-)stabilizing? : theory and experiments
Evans, George W.; Hommes, Cars H.; McGough, Bruce; … - 2019
We consider boundedly rational agents who do not plan over the infinite future but make trading plans at a finite, arbitrary horizon. We investigate the role of that horizon in the price dynamics of an asset in a Lucas tree model. We then design a laboratory experiment to test our theoretical...
Persistent link: https://www.econbiz.de/10012037335
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Is money essential? : an experimental approach
Jiang, Janet Hua; Norman, Peter; Puzzello, Daniela; … - 2023 - Last updated: July 28, 2023
Monetary exchange is deemed essential when better incentive-compatible outcomes can be achieved with money than without it. We study essentiality both theoretically and experimentally, using finite-horizon monetary models that are naturally suited to the lab. We also follow the mechanism design...
Persistent link: https://www.econbiz.de/10014456517
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Counter-Cyclical Enforcement of Corporate Law
Aviram, Amitai - 2007
Corporate and securities laws are seen to mitigate corporate fraud by 'manipulating the incentives of agents': presenting corporate agents with a probability of being caught and punished if they commit fraud. This article suggests that the same laws also affect corporate fraud in a significant...
Persistent link: https://www.econbiz.de/10014052348
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The interplay between public and private information in asset markets : theoretical and experimental approaches
Alfarano, Simone; Camacho-Cuena, Eva; Petrovic, Marko; … - 2014
In this paper we will give an overview of the more relevant results on the theoretical and experimental research related to public and private information dissemination and aggregation in asset markets, focusing mainly on the contemporaneous presence of public and private information and its...
Persistent link: https://www.econbiz.de/10010406743
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Central bank transparency and the crowding out of private information in an experimental asset market
Middeldorp, Menno; Rosenkranz, Stephanie - 2011
Central banks have become increasingly communicative. An important reason is that democratic societies expect more transparency from public institutions. Central bankers, based on empirical research, also believe that sharing information has economic benefits. Communication is seen as a way to...
Persistent link: https://www.econbiz.de/10008936428
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Frictions, Persistence, and Central Bank Policy in an Experimental Dynamic Stochastic General Equilibrium Economy
Noussair, Charles N. - 2011
central bankers, and the pricing behavior of firms, using our methodology. We find that the presence of menu costs is not …
Persistent link: https://www.econbiz.de/10013128537
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Central Bank Transparency and the Crowding Out of Private Information in an Experimental Asset Market
Middeldorp, Menno H. - 2011
Central banks have become increasingly communicative. An important reason is that democratic societies expect more transparency from public institutions. Central bankers, based on empirical research, also believe that sharing information has economic benefits. Communication is seen as a way to...
Persistent link: https://www.econbiz.de/10013128675
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Analyzing Inflation Expectations and the Impact of Target Credibility in Monetary Policy
Herzog, Bodo - 2012
This paper provides new evidence on the formation and anchoring process of expectations. We conduct a game experiment and measure the convergence of inflation expectations as well as the impact of credible targets in central banking. In addition, we evaluate the idiosyncratic variables of our...
Persistent link: https://www.econbiz.de/10013114110
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Policies for Transactional De-Dollarization : A Laboratory Study
Arrieta Vidal, Johar - 2020
effectiveness of three of them: (1) taxes on transactions in foreign currency among domestic agents, (2) storage costs on foreign … to the theory literature by characterizing a new circulation regime where agents use the foreign currency solely for … taxes and storage costs reduce the overall acceptability of foreign currency in international and domestic transactions …
Persistent link: https://www.econbiz.de/10012833523