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Tabellini, Guido - C.E.P.R. Discussion Papers - 1990

model in which all individuals currently alive vote on social security. There is no commitment to preserve the legislation …

Persistent link: https://www.econbiz.de/10005497728

Signalling and Commitment: Monetary versus Inflation Targeting

Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2003

This Paper compares the social efficiency of monetary targeting and inflation targeting when central banks may have private information on shocks to money demand and, because of verifiability problems, the transparency solution is not feasible. Under inflation targeting and monetary targeting,...

Persistent link: https://www.econbiz.de/10005497735

Choosing the Width of Exchange Rate Bands - Credibility vs. Flexibility

Cukierman, Alex; Leiderman, Leonardo; Spiegel, Yossi - C.E.P.R. Discussion Papers - 1994

optimal band width widens in response to a decrease in policy-makers' commitment reputation, an increase in the cost of …

Persistent link: https://www.econbiz.de/10005497847

Robust Learning Stability with Operational Monetary Policy Rules

Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2008

under discretion or commitment, and rules that approximate optimal policy under commitment. For some reaction functions we …

Persistent link: https://www.econbiz.de/10005498187

Efficient Competition through Cheap Talk: Competing Auctions and Competitive Search without Ex Ante Price Commitment

Kim, Kyungmin; Kircher, Philipp - C.E.P.R. Discussion Papers - 2013

competing auctions and competitive search continue to hold unaltered even without ex ante price commitment. …

Persistent link: https://www.econbiz.de/10011083306

Efficient Cheap Talk in Directed Search: On the Non-essentiality of Commitment in Market Games

Kim, Kyungmin; Kircher, Philipp - C.E.P.R. Discussion Papers - 2012

Directed search models are market games in which each firm announces a wage commitment to attract a worker … commitments to fill their vacancies faster, which yields constrained efficient outcomes. We show that commitment is not essential … subsequent wage-formation stage. The insights from existing commitment models extend unchanged to such a cheap-talk environment …

Persistent link: https://www.econbiz.de/10011083578

A dynamic analysis of bank bailouts and constructive ambiguity

Eijffinger, Sylvester C W; Nijskens, Rob - C.E.P.R. Discussion Papers - 2012

Bailout expectations have led banks to behave imprudently, holding too little capital and relying too much on short term funding to finance long term investments. This paper presents a model to rationalize a constructive ambiguity approach to liquidity assistance as a solution to forbearance....

Persistent link: https://www.econbiz.de/10011083609

Internal versus External Growth in Industries with Scale Economies: A Computational Model of Optimal Merger Policy

Mermelstein, Ben; Nocke, Volker; Satterthwaite, Mark; … - C.E.P.R. Discussion Papers - 2014

We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can reduce costs through either internal investment in building capital or through mergers. The model, which we solve computationally, allows firms to invest or propose mergers according...

Persistent link: https://www.econbiz.de/10011084004

Monetary and Fiscal Policy Interaction with Various Degrees and Types of Commitment

Hughes Hallett, Andrew; Libich, Jan; Stehlík, Petr - C.E.P.R. Discussion Papers - 2007

asynchronous game framework that generalises the standard commitment analysis. It allows concurrent and partial commitment; both … outcomes can be prevented if monetary commitment is sufficiently strong relative to fiscal commitment. Interestingly, monetary … commitment can not only resist fiscal pressure, but also discipline an ambitious fiscal policy maker to achieve socially …

Persistent link: https://www.econbiz.de/10005067413

Competition, Regulation and Managerial Incentives

De Fraja, Gianni; Iossa, Elisabetta - C.E.P.R. Discussion Papers - 1994

This paper examines the effects of a competitive fringe on a regulated firm. Using Hart's (1983) model, we show that competition weakens the managerial incentives for cost reduction: when there is correlation between the cost levels of the firms in the industry, costs are higher in the regulated...

Persistent link: https://www.econbiz.de/10005067523