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The Behaviour of Real Exchange Rates During the Post-Bretton Woods Period

Sarno, Lucio; Taylor, Mark P - C.E.P.R. Discussion Papers - 1997

Tests for long-run purchasing power parity (PPP) may lack power with sample periods corresponding to the span of the recent float, leading researchers to use more powerful multivariate unit root tests. We point out a potential problem with such tests: joint non-stationarity of real exchange...

Persistent link: https://www.econbiz.de/10005791733

Spurious Correlation in Exchange Rate Target Zone Modelling: Testing the Drift Adjustment Method on the US Dollar, Random Walk and Chaos

Darvas, Zsolt - C.E.P.R. Discussion Papers - 1998

The drift-adjustment method estimates the expected rate of depreciation within an exchange rate band by simple equations. Papers applying this method claim that, while forecasting a freely floating currency is hopeless, predicting an exchange rate within the future band is successful. This paper...

Persistent link: https://www.econbiz.de/10005791773

Road User Charges in Britain

Newbery, David M G - C.E.P.R. Discussion Papers - 1987

At present the Department of Transport allocates road use costs according to concepts of fair attribution, and road user charges for commercial vehicles are intended to cover these costs. The paper calculates the efficient road user charge - the marginal social cost of highway use - and compares...

Persistent link: https://www.econbiz.de/10005504232

Indeterminacy in a Finance Constrained Unionized Economy

Lloyd-Braga, Teresa; Modesto, Leonor - C.E.P.R. Discussion Papers - 2004

-constrained monetary economy with heterogenous agents and increasing returns to scale due to labour and capital productive externalities … (arbitrarily) small degree of (total) externalities provided that the share of labour externalities exceed a lower bound, which …

Persistent link: https://www.econbiz.de/10005504720

Optimal Choice of Characteristics for a Non-Excludable Good

Brocas, Isabelle - C.E.P.R. Discussion Papers - 2006

I consider a model where a principal decides whether to produce one unit of an indivisible good (e.g. a private school) and which characteristics it will contain (emphasis on language or science). Agents (parents) are differentiated along two substitutable dimensions: a vertical parameter that...

Persistent link: https://www.econbiz.de/10005498112

The Effect of Monetary Unification on Public Debt and its Real Return

Beetsma, Roel; Vermeylen, Koen - C.E.P.R. Discussion Papers - 2002

We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...

Persistent link: https://www.econbiz.de/10005498174

The Cost of Binge Drinking

Francesconi, Marco; James, Jonathan - C.E.P.R. Discussion Papers - 2015

-term externalities of binge drinking. We find that these externalities are on average £4.9 billion per year ($7 billion), about £80 for …

Persistent link: https://www.econbiz.de/10011168897

You Owe Me

Malmendier, Ulrike M.; Schmidt, Klaus M. - C.E.P.R. Discussion Papers - 2012

In many cultures and industries gifts are given in order to influence the recipient, often at the expense of a third party. Examples include business gifts of firms and lobbyists. In a series of experiments, we show that, even without incentive or in-formational effects, small gifts strongly...

Persistent link: https://www.econbiz.de/10011083305

Competition for Managers, Corporate Governance and Incentive Compensation

Acharya, Viral V; Gabarro, Marc; Volpin, Paolo - C.E.P.R. Discussion Papers - 2012

We propose a model in which better governance incentivizes managers to perform better and thus saves on the cost of providing pay for performance. However, when managerial talent is scarce, firms' competition to attract better managers reduces an individual firm's incentives to invest in...

Persistent link: https://www.econbiz.de/10011083347

Macroeconomics after the crisis – hedgehog or fox?

Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2014

‘pecuniary externalities’. Two that affect borrowers and lenders balance sheets in pro-cyclical fashion are described, along with … measures that might help curb their destabilising effects. These ‘pecuniary externalities’ can be thought of as the unintended … Greenwald and Stiglitz (1986) – that when externalities are present, leaving things to the market may not be ‘constrained Pareto …

Persistent link: https://www.econbiz.de/10011083632