theory of monetary and fiscal policy. A general framework is presented which encompasses most of the existing literature …

Motivated by policy statements of central bankers, we propose to regard the central banker as a risk manager who aims … of risk management that may be used to quantify the risks of failing to attain that objective. Risk measures inherently … assumption of quadratic symmetric preferences, while being congruent with a risk management model. We show how the parameters of …

situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation … within pre-specified bounds. We develop formal tools of risk management that may be used to quantify and forecast the risks … of failing to attain that objective. We illustrate the use of these risk measures in practice. First, we show how to …

Central and Eastern Europe. The theoretical section establishes a link between a risk-averse investor’s amount of information … faces less risk; therefore, the investor’s risk premium falls and the investor’s bid rises. This link generates four …

In this paper, we study the determinants of the value of informal risk sharing groups. In particular, we look at the … if individuals can deviate form risk sharing agreements in coalitions or not. We test empirically several predictable … size of risk sharing groups can be rejected or that only imperfect risk sharing is obtained within the village because of …