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Hot Air as an Implicit Side Payment Arrangement: Could a Hot Air Provision have Saved the Kyoto-Agreement?

Brandt, Urs Steiner; Svendsen, Gert Tinggaard - 2003

The purpose of this paper is to analyse whether the presence of Hot Air trading jeopardizes the environmental target of an international environmental agree-ment. We argue that Hot Air can be used as an implicit side-payment mecha-nism to actually bring about higher environmental protection...

Persistent link: https://www.econbiz.de/10010321983

Does trust promote growth?

Horváth, Roman - 2012

We examine the effect of generalized trust on long-term economic growth. Unlike in previous studies, we use Bayesian model averaging to deal rigorously with model uncertainty and attendant omitted variable bias. In addition, we address endogeneity and assess whether the effect of trust on growth...

Persistent link: https://www.econbiz.de/10010322193

How are inflation targets set?

Horváth, Roman; Matějů, Jakub - 2011

international dimension, as higher world inflation is positively correlated with inflation targets. Rapidly growing countries …

Persistent link: https://www.econbiz.de/10010322261

Relationship between Czech and European developed stock markets: DCC MV GARCH analysis

Princ, Michael - 2010

The study concentrates on an analysis of the Czech stock market performed by an application of DCC MV GARCH model of Engle (2002). Data sample including years from 1994 to 2009 is represented by daily returns of Prague Stock Exchange index and other 11 major stock indices. There is found an...

Persistent link: https://www.econbiz.de/10010322302

Transmission lags of monetary policy: A meta-analysis

Havránek, Tomáš; Rusnák, Marek - 2012

The transmission of monetary policy to the economy is generally thought to have long and variable lags. In this paper we quantitatively review the modern literature on monetary transmission to provide stylized facts on the average lag length and the sources of variability. We collect 67...

Persistent link: https://www.econbiz.de/10010322335

Fiscal responsibility framework: International experience and implications for Hungary

Kopits, George - 2007

In an effort to correct worrisome trends in discretionary fiscal policy (deficit bias, procyclicality, and structural distortions), an increasing number of countries introduced a rules-based fiscal responsibility framework (FRF), characterized by fiscal policy rules, procedural rules,...

Persistent link: https://www.econbiz.de/10010322398

Wealth portfolio of Hungarian households - Urban legends and facts

Vadas, Gábor - 2007

As significant part of national wealth, households' wealth is the central issue in both policy debate and academic literature. Nevertheless, in Hungary little effort has been made so far to conduct thorough evaluation of households' wealth for the last decade. Under the auspices of the plural of...

Persistent link: https://www.econbiz.de/10010322400

Contagion and the beginning of the crisis - Pre-Lehman period

Király, Júlia; Nagy, Márton; Szabó, Viktor E. - 2008

This paper provides an overview of the antecedents, main drivers and spillover mechanisms of the turbulence emanating from the US sub-prime credit market in the summer of 2007. Its primary goal is to discuss the facts and interrelationships featured in the various analyses and statistics in a...

Persistent link: https://www.econbiz.de/10010322410

Optimal monetary policy committee size: Theory and cross country evidence

Erhart, Szilárd; Vasquez-Paz, Jose-Luis - 2007

Theoretical and empirical studies of different sciences suggest that an optimal committee consists of roughly 5-9 members, although it can swell mildly under specific circumstances. This paper develops a conceptual model in order to analyze the issue in case of monetary policy formulation. The...

Persistent link: https://www.econbiz.de/10010322451

Capital liberalization and the US external imbalance

Prades, Elvira; Rabitsch, Katrin - 2009

the presence of borrowing and lending constraints on that bond. In a US versus the rest of the world (RoW) scenario, we … consumption risk relative to the rest of the world, and therefore decreases its motives for precautionary asset holdings relative … to the rest of the world. As a result of these asymmetric shifts in countries' barriers to capital mobility, the US runs …

Persistent link: https://www.econbiz.de/10010322494