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We explore the relationship between international policy coordination and domestic policy credibility when both must be self-supporting. Our arguments are presented in the context of a two-country, two-period model of dynamic emission abatement with transboundary pollution, where government...
Persistent link: https://www.econbiz.de/10011508081
We consider renegotiation of social earnings insurance arrangements by majority voting in an economy where ex-ante identical individuals make unobservable private investments in education. We show that voting-based renegotiation can result in a higher expected level of investment in comparison...
Persistent link: https://www.econbiz.de/10011536320
Persistent link: https://www.econbiz.de/10012174583
A major feature of recent monetary policy in Japan has been heavy reliance on the so-called policy duration effect. This policy employs a commitment to compensate for the central bank s inability to lower the interest rate below zero by altering the anticipated course of monetary policy actions....
Persistent link: https://www.econbiz.de/10011402630