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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 …
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
This paper explores the similarity of the underlying economic problems that lead to the establishment of (a) independent central banks to operate national monetary policies and (b) independent regulatory agencies for telecommunications and other utility service industries. We show that, in both...
Persistent link: https://www.econbiz.de/10014091599
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Utility price regulation and time inconsistency : comparisons with monetary policy
Levine, Paul; Stern, John; Trillas, Francesc - In: Oxford economic papers 57 (2005) 3, pp. 447-478
Persistent link: https://www.econbiz.de/10002739476
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Liquidity regulation, the Central Bank, and the money market : conference paper
Scheubel, Beatrice; Körding, Julia - 2013 - This version: 15 February 2013
crisis, recent advances in global liquidity regulation try to curb the excessive reliance on short-term wholesale funding … regulation may interfere with the central bank's influence on short-term money market rates. This paper tries to fill the gap in … asymmetric information. Regulation can be welfare-improving in the presence of an externality and also in case of collateral …
Persistent link: https://www.econbiz.de/10010342820
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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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Monetary Policy, Firm Heterogeneity, and Product Variety
Hamano, Masashige; Zanetti, Francesco - 2021
This study provides new insights on the allocative effect of monetary policy. It shows that contractionary monetary policy exerts an important reallocation effect by cleansing unproductive firms and enhancing aggregate productivity. At the same time, however, reallocation involves a reduction in...
Persistent link: https://www.econbiz.de/10013249738
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Credibility May Require Discretion, Not Rules
Cowen, Tyler; Glazer, Amihai; Zajc, Katarina - 2009
(s): Rules, Discretion, Credibility, Regulation …
Persistent link: https://www.econbiz.de/10014140602
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The Price of Macroeconomic Imprecision : How Should the Law Measure Inflation?
Chen, James Ming - 2005
manifestations of the phenomenon in three discrete areas of public law: taxation, constitutional law, and rate regulation. Congress …
Persistent link: https://www.econbiz.de/10014063287
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Central bank independence : it's not only about interest rates and price stability
Georgiou, George - 2022
important and this requires robust supervision/regulation of banks. This can only be achieved if central banks are politically …
Persistent link: https://www.econbiz.de/10013297767
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What is behind the weakness in global investment?
Leboeuf, Maxime; Fay, Bob - 2016
The recovery in private business investment globally remains extremely weak more than seven years after the financial crisis. This paper contributes to the ongoing policy debate on the factors behind this weakness by analyzing the role of growth prospects and uncertainty in explaining...
Persistent link: https://www.econbiz.de/10011422052