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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

Free-Riding or Internalizing? An Opportunistic View on Decentralization versus Centralization

Fiorillo, Fabio - 2011

comparing decentralized and centralized system. As in the recent Second Generation Theory (SGT) of fiscal federalism (Seabright … production cost of the public good in each region, a different trade-off - from the traditional and new theory of fiscal …. Given this general framework, the convenience of decentralization versus centralization mainly depends on the interaction …

Persistent link: https://www.econbiz.de/10013130419

Political Pressure on Central Banks

Binder, Carola - 2018

I construct a quarterly dataset on political pressure faced by 118 central banks from 2010 to 2018 using country-level reports. I code whether each central bank is reportedly succumbing to pressure, resisting pressure, or not facing pressure. About 10% of central banks reportedly face political...

Persistent link: https://www.econbiz.de/10012911739

Estimating the Effects of Political Pressure on the Fed : A Narrative Approach with New Data

Drechsel, Thomas - National Bureau of Economic Research - 2024

This paper combines new data and a narrative approach to identify shocks to political pressure on the Federal Reserve. From archival records, I build a data set of personal interactions between U.S. Presidents and Fed officials between 1933 and 2016. Since personal interactions do not...

Persistent link: https://www.econbiz.de/10014544739

The Safety Demand and Common Fiscal Policy in a Monetary Union

Soons, Oscar - 2022

There is evidence for a strong demand for safety, both steady and inelastic. A sudden loss of safe assets played a key role in the financial crisis and European sovereign debt crisis. I show that a common fiscal policy can benefit all member states of a monetary union by offering a more...

Persistent link: https://www.econbiz.de/10013307024

Incentive-Compatible Inflation Policy

Galle, Brian D. - 2023

In most highly-developed economies, governments have handed management of inflation entirely over to their central banks, and for good reason. With inflation largely beaten by central bankers for nearly five decades, there has been little effort to design, let alone implement, other legal...

Persistent link: https://www.econbiz.de/10014262772

Fiscal delegation in a monetary union with decentralized public spending

Basso, Henrique S.; Costain, James - 2016

In a monetary union, the interaction between several governments and a single central bank is plagued by several sources of deficit bias, including common pool problems. Each government has strong preferences over local spending and taxation but suffers only part of the costs of union-wide...

Persistent link: https://www.econbiz.de/10011434438