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In a wide variety of international macro models monetary policy cooperation is optimal, non-cooperative policies are inefficient, but optimal policies can be attained noncooperatively by optimal design of domestic institutions. We show that given endogenous instititional design, inefficiencies...
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This paper incorporates limited asset markets participation in dynamic general equilibrium and develops a simple analytical framework for monetary policy analysis. Aggregate dynamics and stability properties of an otherwise standard business cycle model depend nonlinearly on the degree of asset...
Persistent link: https://www.econbiz.de/10005730310
This paper suggests that in a monetary union: (i) fiscal policies should be delegated with optimal contracts, perhaps written over the deficit; (ii) policymakers would have no incentives to deviate by forming coalitions from the resulting equilibrium when exchange of information is allowed for....
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Kommt der große Crash an den Finanzmärkten, wenn einige große Hedge-Fonds pleite gehen? Und werden demnächst deutsche Unternehmen in großer Zahl von Privatinvestoren übernommen, die Mitarbeiter scharenweise entlassen, die Produktion ins Ausland verlagert, damit enorm hohe...
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