the most suffered the biggest loss in confidence in institutions, particularly in trust in government and the financial …We document that trust in public institutions—and particularly trust in banks, business and government—has declined … over recent years. U.S. time series evidence suggests that this partly reflects the pro-cyclical nature of trust in …

-cost firm under incomplete information: a separating auction implies adverse selection and relies substantially on commitment to … allocation and transfer rules. A pooling auction serves as a commitment device against ex-post opportunistic behavior and …

can thus use promises not to vote-sell as a commitment device. An invitation to promise not to vote-sell is taken up by a …

paradox, and also show how it may be avoided by introducing a commitment device. …

the role of long-run and short-run price stickiness under discretion and commitment in a straightforward and intuitive way … when a commitment to hold nominal rates at zero for an extended period is optimal. We then introduce government spending …