This paper develops and estimates a game-theoretical model of inflation targeting where the central banker's preferences are asymmetric around the targeted rate. In particular, positive deviations from the target can be weighted more, or less, severely than negative ones in the central banker's...

Some Current Insurance Markets Are Troubled by the Presence of Systematic Risk Or by the Inability of the Parties to Specify the Distribution for Aggregate Loss. Such Circumstances Partly Characterise the Topical "Liability Insurance Crisis". We Compare the Performance of Alternative Vehicles...

In This Paper Several Additional Gmm Specification Tests Are Studied. a First Test Is a Chow-Type Test for Structural Parameter Stability of Gmm Estimates. the Test Is Inspired by the Fact That "Taste and Technology" Parameters Are Uncovered. the Second Set of Specification Tests Are Var...

This Paper Questions the Capacity of the Two Leading Categories of Contract-Based Models of the Business Cycle to Give a Satisfactory Explanation for the Dynamic Behavior of Aggregates. Firstly, an Expected Market-Clearing Model That Is Designed to Account for the Dynamic Propagation of Shocks...

This Paper Presents Empirical Evidence on Both These Effects by Studying Version of the Hall-Jorgenson Model Estimated From U.S. Data (1956-1972) by Gordon Investment Tax Credits over This Period Suggest That the Lucas Effects May Be Observable in This Example. for This Purpose, We Use Recursive...

This Paper Addresses the Difficulties of Cooperation in Asymmetric Dilemmas, Interactions Where Two Or More Parties Have Mixed Motives and Receive Different Known Outcomes If They Mutually Cooperate Or Mutually Noncooperate. Thus We Address Dilemmas That Are More General Than the More Often...