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The Welfare Effects of Public Information Under Proper Priors
Dale, Donald - 2016
We re-examine the Morris and Shin (2002) model, but assume that players hold proper priors. This sharply alters equilibrium behavior, and welfare, particularly when coordination dominates individual payoffs. Whereas under improper priors the social value of public information is smallest, and...
Persistent link: https://www.econbiz.de/10013005238
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Optimal Monetary Provisions in Plural Form Franchise Systems : A Theoretical Model of Incentives with Two Risk-Averse Agents
Lanchimba, Cintya - 2013
Empirical studies show that most franchise chains use dual distribution - or a plural form franchise system - characterized by the coexistence of franchised units and company-owned retail units in the same distribution network. Therefore, this paper focuses on dual distribution and considers the...
Persistent link: https://www.econbiz.de/10014157197
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Institutionenökonomische Fundierung effizienter Geldpolitik : am Beispiel der Deutschen Bundesbank
Holtmann, Kai W. - 2004 - 1. Aufl.
Geldpolitik der Deutschen Bundesbank von 1975-1998 Analyseansätze zur geldpolitischen Effizienz Monetäre Ordnungspolitik im Rahmen der allgemeinen Wirtschaftsordnung Institutionelle Grundlagen der deutschen Geldordnung Institutionenökonomische Implikationen europäischer Geldpolitik
Persistent link: https://www.econbiz.de/10002341832
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Dynamic mechanisms without money
Guo, Yingni; Hörner, Johannes - 2015
We analyze the optimal design of dynamic mechanisms in the absence of transfers. The designer uses future allocation decisions to elicit private information. Values evolve according to a two-state Markov chain. We solve for the optimal allocation rule, which permits a simple implementation....
Persistent link: https://www.econbiz.de/10010500613
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How Forward Looking are Central Banks? Some Evidence from Their Forecasts
Brzoza-Brzezina, Michal - 2012
We estimate forward-looking Taylor rules on data from macroeconomic forecasts of three central banks (Bank of England, National Bank of Poland and Swiss National Bank) in order to determine the extent to which these banks are forward looking in their monetary policy decisions. We find that all...
Persistent link: https://www.econbiz.de/10013107503
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Modern challenges to monetary policy
Goy, Gavin - 2019
Persistent link: https://www.econbiz.de/10012120970
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Are consumer expectations theory-consistent? : the role of macroeconomic determinants and central bank communication
Dräger, Lena; Lamla, Michael; Pfajfar, Damjan - 2013
% of consumers form theory-consistent expectations with respect to all three concepts. For the Taylor Rule and the Phillips …. Evaluating determinants of consistency, we provide evidence that the likelihood of having theory-consistent expectations with … with theory-consistent expectations have lower absolute inflation forecast errors and are closer to professionals …
Persistent link: https://www.econbiz.de/10010201163
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Are consumer expectations theory-consistent? : the role of macroeconomic determinants and central bank communication
Dräger, Lena (contributor); Lamla, Michael (contributor);  … - 2014
% consistent with the Taylor rule and 34% are in line with the Phillips curve. However, only 6% of consumers form theory … target. Finally, consumers with theory-consistent expectations have lower absolute ination forecast errors and are closer to …
Persistent link: https://www.econbiz.de/10010425155
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Estimating Monetary Policy Reaction Functions : A Discrete Choice Approach
Boeckx, Jef - 2011
I propose a discrete choice method for estimating monetary policy reaction functions based on research by Hu and Phillips (2004). This method distinguishes between determining the underlying desired rate which drives policy rate changes and actually implementing interest rate changes. The method...
Persistent link: https://www.econbiz.de/10013130037