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Utility Price Regulation and Time Inconsistency : Comparisons with Monetary Policy
Levine, Paul - 2010
We examine the hold-up problem of price regulation and compare it with the monetary policy credibility problem. For …-up problem in regulation turns out to be more serious than the inflation bias problem in monetary policy. Even with far … increases slowly. These results make the Rogoff-delegation solution to the regulatory commitment problem especially attractive …
Persistent link: https://www.econbiz.de/10012760882
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Independent Utility Regulators : Lessons from Monetary Policy
Stern, Jon; Levine, Paul; Trillas, Francesc - 2015
from the need to achieve credibility and a reputation for economically sound long-run behaviour while preserving …
Persistent link: https://www.econbiz.de/10014091599
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Banking behaviour and political business cycle in Africa : the role of independent regulatory policies of the central bank
Ofori-Sasu, Daniel; Agbloyor, Elikplimi Komla; Nsafoah, … - 2024
This study examines the effect of regulatory independence of the central bank in shaping the impact of electoral cycles on bank lending behaviour in Africa. It employs the dynamic system Generalized Method of Moments (SGMM) Two-Step estimator for a panel dataset of 54 African countries over the...
Persistent link: https://www.econbiz.de/10014514254
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The Role of the Financial Sector in Zimbabwe, Central Banking and its Social and Economic Impacts
Bonga, Wellington Garikai - 2021
The study seeks to provide a critique of the theoretical framework of economic governance as it relates to the financial sector in Zimbabwe and identify institutions in the financial sector and explain their roles. It also seeks to unpack the concepts related to the banking or the financial...
Persistent link: https://www.econbiz.de/10013210773
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Central bank coordinated policies and bank market power : an insight from the African context
Ofori-Sasu, Daniel; Agbloyor, Elikplimi Komla; … - In: Cogent economics & finance 11 (2023) 1, pp. 1-23
The paper examines the impact of central bank regulatory policies on market power in Africa. The study presents a representative sample of 52 African economies over the period 2006-2020. The study shows that the individual regulatory policies of the central bank (i.e. monetary and...
Persistent link: https://www.econbiz.de/10014500771
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Monetary and Macroprudential Policy Coordination Among Multiple Equilibria
Agur, Itai - 2018
The notion of a tradeoff between output and financial stabilization is based on monetary-macroprudential models with unique equilibria. Using a game theory setup, this paper shows that multiple equilibria lead to qualitatively different results. Monetary and macroprudential authorities have...
Persistent link: https://www.econbiz.de/10012906881
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Inflation Targeting and Welfare : Reconsidering the Barro-Gordon Model When Perceived Inflation and Inflation Expectations Are Interrelated
Sell, Friedrich - 2022
This paper aims at assessing the impact of inflation targeting on actual inflation when considering inflation perceptions together with interrelated inflation expectations, modifying the seminal papers of Barro and Gordon (1983a and 1983b). The modeling of inflation perceptions and of inflation...
Persistent link: https://www.econbiz.de/10014080275
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Coordination and Policy Traps
Angeletos, George-Marios; Hellwig, Christian; Pavan, … - 2004
This paper examines the ability of a policy maker to fashion equilibrium outcomes in an environment where market participants play a coordination game with heterogeneous information. We consider a simple model of regime change that embeds many applications examined in the literature. In...
Persistent link: https://www.econbiz.de/10014084640
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Inflation targeting and welfare : reconsidering the Barro-Gordon model when perceived inflation and inflation expectations are interrelated
Sell, Friedrich L. - 2022
This paper aims at assessing the impact of inflation targeting on actual inflation when considering inflation perceptions together with interrelated inflation expectations, modifying the seminal papers of Barro and Gordon (1983a and 1983b). The modeling of inflation perceptions and of inflation...
Persistent link: https://www.econbiz.de/10013473209
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Financial Stability and Policy Cooperation
Gaspar, Vítor - 2013
framework for financial regulation and supervision. We do so taking into account the evidence provided during the crisis of …
Persistent link: https://www.econbiz.de/10013094481