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Monetary Policy Interactions : The Policy Rate, Asset Purchases, and Optimal Policy with an Interest Rate Peg

Gödl-Hanisch, Isabel; Mau, Ronald; Rawls, Jonathan - 2023

We study monetary policy in a New Keynesian model with a variable credit spread and scope for central bank asset purchases to matter. A novel financial and labor market interaction generates an endogenous cost-push channel in the Phillips curve and a credit wedge in the IS curve. The “divine...

Persistent link: https://www.econbiz.de/10014357043

Consistent Flexibility : Enforcement of Fiscal Rules Through Political Incentives

Dotti, Valerio - 2020

We study a fiscal policy model in which the government is present-biased, leading to an excessive public deficit. An optimally designed fiscal rule needs to trade off the benefit of committing the government to not overspend against the benefit of granting it flexibility to react to shocks to...

Persistent link: https://www.econbiz.de/10012827666

Making Subsidies Work : Rules vs. Discretion

Cingano, Federico; Palomba, Filippo; Pinotti, Paolo; … - 2022

We estimate the effects of a large program of public investment subsidies granted to Italian firms in disadvantaged areas. Projects were given numerical scores according to objective criteria and local politicians’ preferences, and funded in rank order until the funds were fully allocated. We...

Persistent link: https://www.econbiz.de/10013306032

Time-Varying Parameters in Monetary Policy Rules : A GMM Approach

Anderl, Christina; Caporale, Guglielmo Maria - 2023

This paper assesses time variation in monetary policy rules by applying a Time-Varying Parameter Generalised Methods of … of countries over time. In particular, there has been a clear shift in inflation targeting countries towards a more … over time of the Taylor rule parameters, which suggests a high degree of monetary policy transparency in the countries …

Persistent link: https://www.econbiz.de/10014348141

Endogenous Timing and Income Inequality in the Voluntary Provision of Public Goods : Theory and Experiment

Itaya, Jun-ichi - 2019

This paper investigates how the heterogenous incomes and preferences of potential donors affect the timing of contribution decisions when it is endogenously determined by contributors themselves. More specifically, we use a simple setting with two donors, Cobb-Douglas preferences, and complete...

Persistent link: https://www.econbiz.de/10012892149

The Financial and Non-Financial Performance of Token-Based Crowdfunding : Certification Arbitrage, Investor Choice, and the Optimal Timing of ICOs

Dombrowski, Niclas; Drobetz, Wolfgang; Hornuf, Lars; … - 2023

financial and operating performance are consistent with our theory of certification arbitrage; i.e., institutional investors use …

Persistent link: https://www.econbiz.de/10014355191

Speed, Quality, and the Optimal Timing of Complex Decisions : Field Evidence

Sunde, Uwe; Zēgners, Dainis; Strittmatter, Anthony - 2022

This paper presents an empirical investigation of the relation between decision speed and decision quality for a real-world setting of cognitively-demanding decisions in which the timing of decisions is endogenous: professional chess. Move-by-move data provide exceptionally detailed and precise...

Persistent link: https://www.econbiz.de/10013306854

The Role of Short-Time Work and Discretionary Policy Measures in Mitigating the Effects of the COVID-19 Crisis in Germany

Christl, Michael; De Poli, Silvia; Hufkens, Tine; … - 2021

. We explore the cushioning effect of these policies in detail, showing that short-time working schemes and especially the …

Persistent link: https://www.econbiz.de/10013227481

Fiscal Rules : Historical, Modern, and Sub-National Growth Effects

Gründler, Klaus - 2020

We examine how fiscal rules influence economic growth. The results show that constitutional fiscal rules promoted growth from the Industrial Revolution until World War II (1789-1950) and also increased modern economic growth (1985-2015). To address selection on unobservables, we conduct a...

Persistent link: https://www.econbiz.de/10012833605

Do EU Fiscal Rules Support or Hinder Counter-Cyclical Fiscal Policy?

Larch, Martin; Orseau, Eloise; Van Der Wielen, Wouter - 2021

Rather than stabilising aggregate demand, discretionary fiscal policy tends to amplify cyclical fluctuations of output. The commonly accepted reasons are political economy and uncertainty. In the EU, the pro-cyclical nature of discretionary fiscal policy has also been associated with the...

Persistent link: https://www.econbiz.de/10013315041