Showing 1 - 10 of 11
Persistent link: https://www.econbiz.de/10013464744
In a monetary union, the interaction between several governments and a single central bank is plagued by several sources of deficit bias, including common pool problems. Each government has strong preferences over local spending and taxation but suffers only part of the costs of union-wide...
Persistent link: https://www.econbiz.de/10011576618
Persistent link: https://www.econbiz.de/10012203091
Persistent link: https://www.econbiz.de/10012603263
Persistent link: https://www.econbiz.de/10012655661
Persistent link: https://www.econbiz.de/10011962416
Persistent link: https://www.econbiz.de/10015130551
Persistent link: https://www.econbiz.de/10014228082
This paper analyzes the effectiveness of delegation in solving the time inconsistency problem of monetary policy using a microfounded general equilibrium model where delegation and reappointment are explicitly included into the government's strategy. The method of Chari and Kehoe [1990....
Persistent link: https://www.econbiz.de/10005006653
Persistent link: https://www.econbiz.de/10010596955