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Emerging market financial crises are abrupt and dramatic, usually occurring after a period of high output growth, massive capital flows, and a boom in asset markets. This paper develops an equilibrium asset pricing model with informational frictions in which vulnerability and the crisis itself...
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). Recursive LinearModels of Dynamic Economies, University of Chicago manuscript. Wieland, V., 2000. Learning by Doing and the …
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establishing certain features of monetary policy rules that facilitate learning, a comprehensive treatment of policy design for … learnability has yet to surface, especially for cases in which agents have potentially misspecified their learning models. This … learning true reduced forms of the economy is subject to potentially destabilizing errors. We then ask: can a central bank set …
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The extend to which common-pool resources are used and managed sustainably depends highly on incentives. Incentives influence the behaviour of individuals with respect to natural resource management and are determined by institutional arrangements comprising of formal and informal rules and...
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