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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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Forward Guidance Contracts
Gersbach, Hans - 2015
We examine “Forward Guidance Contracts”, which make central bankers' utility contingent on the precision of interest-rate forecasts for some time. Such Forward Guidance Contracts are a flexible commitment device and can improve economic performance when the economy is stuck in a liquidity...
Persistent link: https://www.econbiz.de/10013021419
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Contracting Under Unverifiable Monetary Costs
Quérou, Nicolas; Soubeyran, Antoine; Soubeyran, Raphael - 2020
's resource restrict his capability to exert effort. We show that the principal finds it best to offer a sharing contract while …
Persistent link: https://www.econbiz.de/10014091372
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Chapter 25. The Staying Power of Staggered Wage and Price Setting Models in Macroeconomics
Taylor, J.B. - In: Handbook of macroeconomics : volume 2, v. 2A-2B SET, (pp. 2009-2042). 2016
After many years, many critiques, and many variations, the staggered wage and price setting model is still the most common method of incorporating nominal rigidities into empirical macroeconomic models used for policy analysis. The aim of this chapter is to examine and reassess the staggered...
Persistent link: https://www.econbiz.de/10014024272
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Financial investment constraints : a panel threshold application to German firm level data
Tarassow, Artur - 2014
Germany. The core contention is that a firm's financial position contributes to its access to external finance on credit …
Persistent link: https://www.econbiz.de/10010425733
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Household Debt and Monetary Policy : Revealing the Cash-Flow Channel
Flodén, Martin - 2019
We examine the effect of monetary policy on household spending when households are indebted and interest rates on outstanding loans are linked to short-term interest rates. Using administrative data on balance sheets and consumption expenditure of Swedish households, we reveal the cash-flow...
Persistent link: https://www.econbiz.de/10012900523
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The Cash-Flow Channel of Monetary Policy : Evidence from Mortgage Borrowers
Song, Sang-yoon - 2019
monetary policy, using comprehensive borrower-level information on mortgages and credit card purchases from a credit bureau …, those with low liquidity and credit accessibility show a high interest-induced MPC (Marginal Propensity to Consume), (iii …, constrained borrowers (those with low liquidity, credit accessibility) maintain long-lasting high MPCs for eight quarters after …
Persistent link: https://www.econbiz.de/10012865778
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Household Debt and Monetary Policy : Revealing the Cash-Flow Channel
Flodén, Martin - 2017
We examine the cash-flow channel of monetary policy, i.e. the effect of monetary policy on spending when households hold debt linked to short-term rates such as adjustable rate mortgages (ARMs). Using registry-based data on Swedish households, we estimate substantial heterogeneity in consumption...
Persistent link: https://www.econbiz.de/10012969777
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Household debt and monetary policy : revealing the cash-flow channel
Flodén, Martin; Kilström, Matilda; Jósef Sigurdsson; … - 2017
We examine the cash-flow channel of monetary policy, i.e. the effect of monetary policy on spending when households hold debt linked to short-term rates such as adjustable rate mortgages (ARMs). Using registry-based data on Swedish households, we estimate substantial heterogeneity in consumption...
Persistent link: https://www.econbiz.de/10011729444
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Household debt and monetary policy : revealing the cash-flow channel
Flodén, Martin; Kilström, Matilda; Jósef Sigurdsson; … - 2017
Persistent link: https://www.econbiz.de/10011739465