This paper explores the hypothesis that the credibility of economic policy making in Argentina (or lack thereof) has impacted the volatility of economic performance. To establish the link, a historical review of economic policy making and economic outcomes over the quarter century is presented,...

Hospital payment regulation has historically been introduced to meet multiple policy objectives. The primary objective of "all-payer" rate setting regimes was to control costs through consistent, centrally regulated payments. These regimes were often linked, however, to an ancillary goal of...

In this article we derive the mix of criminal sanctions—choosing among prison, parole, and probation—that achieves any target level of deterrence at least cost. We assume that prison has higher disutility and higher cost per unit time than parole and probation and that potential offenders...

Financial stability has continued to improve since the October 2016 Global Financial Stability Report (GFSR). Economic activity has gained momentum, as outlined in the April 2017 World Economic Outlook (WEO), amid broadly accommodative monetary and financial conditions, spurring hopes for...

Die Abschätzung der Effekte unilateraler Klimapolitik-Maßnahmen sowie deren Wirksamkeit geschieht in der bestehenden Literatur vornehmlich durch „Computable General Equilibrium“ (CGE) Modelle oder durch darauf basierende Integrated Assessment Modelle. Die Auswahl der zur Kalibrierung der...

This paper studies the trade-offs that can arise between inflation targeting and financial stability objectives. We use a simple framework to conduct macroeconomic policy analysis under three strategies: (1) a benchmark case where monetary policy pursues traditional price stability objectives;...

The extensive harm caused by the financial crisis raises the question of whether policymakers could have done more to prevent the build-up of financial imbalances. This paper aims to contribute to the field of regulatory impact assessment by taking up the revived debate on whether central banks...