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risk management through contracting, and designing markets and regulation to ensure effective and sustainable competition …. Restructuring is problematic, requiring forceful competition authorities with a clear agenda to achieve desirable structural reforms …. Finally, proactive competition policies will be necessary to resist the powerful forces for vertical and horizontal …
Persistent link: https://www.econbiz.de/10005661538
Alan Walters has suggested that the European Monetary System will prove dynamically unstable when capital controls are removed. The argument is analysed within a model that includes overlapping contracts. It is found that the short-run effects predicted by Walters only arise when the credibility...
Persistent link: https://www.econbiz.de/10005504500
We consider "robust stability" of a rational expectations equilibrium, which we define as stability under discounted … exhibit robust stability. We consider a variety of interest-rate rules, including instrument rules, optimal reaction functions … Honkapohja (2003, 2006) deliver robust learning stability. In contrast, many proposed alternatives become unstable under learning …
Persistent link: https://www.econbiz.de/10005498187
This paper documents some stylized facts on evolving UK Phillips curves, and shows how these differ from their US versions. We interpret UK Phillips curve dynamics in a positive theory of monetary policy - how policy-maker attitudes on the Phillips curve have evolved since the 1950s - rather...
Persistent link: https://www.econbiz.de/10005067633
make an attempt to explain the dynamic stability of the system. This attempt gives a central place to movements in desired …
Persistent link: https://www.econbiz.de/10005656230
This Paper explores the local stability properties of the steady state in the two-sector neo-classical growth model …
Persistent link: https://www.econbiz.de/10005661479
leads to the stability and uniqueness of the symmetric equilibrium. …
Persistent link: https://www.econbiz.de/10005662268
In this Paper we study the impact of credit risk transfer (CRT) on the stability and the efficiency of a financial …
Persistent link: https://www.econbiz.de/10005662362
the key results about interest-rate rules that deliver both uniqueness and stability of equilibrium under econometric …
Persistent link: https://www.econbiz.de/10005666454
The EMS's robustness in the face of stochastic shocks is studied, using the Liverpool World Model and the optimal strategy algorithm of Brandsma and Hughes Hallett. The EMS began life in 1979 with a system design permitting regular parity changes; we find this design to be relatively unstable,...
Persistent link: https://www.econbiz.de/10005666500