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Multistage information transmission with voluntary monetary transfer
Sadakane, Hiroshi - 2017
We examine multistage information transmission with voluntary monetary transfer in the framework of Crawford and Sobel (1982). In our model, an informed expert can send messages to an uninformed decision maker more than once, and the uninformed decision maker can pay money to the informed expert...
Persistent link: https://www.econbiz.de/10011671657
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Commitment without reputation : renegotiation-proof contracts under asymmetric information
Gerratana, Emanuele; Koçkesen, Levent - 2013
This paper characterizes equilibrium outcomes of extensive form games with incomplete information in which players can sign renegotiable contracts with third-parties. Our aim is to understand the extent to which third-party contracts can be used as commitment devices when it is impossible to...
Persistent link: https://www.econbiz.de/10010222351
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Permissioned distributed ledgers and the governance of money
Auer, Raphael A.; Monnet, Cyril; Shin, Hyun Song - 2021
We explore the economics and optimal design of "permissioned" distributed ledger technology (DLT) in a credit economy. Designated validators verify transactions and update the ledger at a cost that is derived from a supermajority voting rule, thus giving rise to a public good provision game....
Persistent link: https://www.econbiz.de/10012432480
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What Happens When Inflation Targets Change?
Stemp, Peter J. - 1998
This paper considers an open-loop Nash game between independent monetary and fiscal authorities which seek to achieve conflicting objectives. The monetary authority is concerned solely with achieving a desired rate of inflation. The fiscal authority has multiple objectives defined by specific...
Persistent link: https://www.econbiz.de/10014221579
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Monetary Policy Implications Central Bank Digital Currencies : Perspectives on Jurisdictions with Conventional and Islamic Banking Systems
Lukonga, Inutu - 2023
Central bank digital currencies (CBDCs) promise many benefits but, if not well designed, they could have undesired consequences, including for monetary policy. Issuing an unremunerated CBDC or a wholesale CBDC does not change the objectives of monetary policy or the operational framework for...
Persistent link: https://www.econbiz.de/10014355809
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Does Communication Influence Executives’ Opinion of Central Bank Policy?
Hwang, In Do - 2020
intensive central bank communication worsens the perceived impact. During the global financial crisis (GFC), this effect became …
Persistent link: https://www.econbiz.de/10012822449
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Central Bank Communication and Public Trust : The Case of ECB Speeches
Hwang, In Do; Lustenberger, Thomas; Rossi, Enzo - 2022
Does communication influence trust in the central bank? We examine this question using survey data covering 488 …,000 Eurozone citizens from 1999 to 2019. We find compelling evidence that more communication, as measured by the number of speeches …
Persistent link: https://www.econbiz.de/10014082140
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Can Central Bank Communication Help to Stabilise Inflation Expectations?
Jung, Alexander; Kühl, Patrick - 2021
This paper examines whether central bank communication stabilises euro area inflation expectations through the … visitors’ attention to its communication. We conduct several econometric tests with daily data to measure the impact of ECB … communication on the information demand of the public and ultimately on inflation expectations. Overall, this study shows that …
Persistent link: https://www.econbiz.de/10013227730
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The Nash equilibrium in the policy mix model for Czechia, Hungary, and Romania
Stawska, Joanna; Malaczewski, Maciej; Malaczewska, Paulina - In: Cogent economics & finance 9 (2021) 1, pp. 1-14
The aim of the paper is to compare the sensitivity of a government's fiscal policy and a central bank's monetary policy, which are in Nash equilibrium in the case of a non-cooperative game between the government and the central bank in Czechia, Hungary, and Romania. The analysis for each country...
Persistent link: https://www.econbiz.de/10013183737
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Managed floats to damp shocks like 1982-5 and 2006-9 : field and laboratory Evidence for Chinese interest in a single world currency
Pope, Robin; Selten, Reinhard; Kube, Sebastian; Hagen, … - 2009
This paper's field evidence is: (1) many official sectors rapidly forget the damage of the 1982-85 exchange rate liquidity crisis and reverted to what caused that crisis, namely a closed economy clean floats perspective; and (2) the 2006-2008/9 exchange rate liquidity shock would have been more...
Persistent link: https://www.econbiz.de/10003906415