Showing 1 - 10 of 328
Persistent link: https://www.econbiz.de/10008178354
Persistent link: https://www.econbiz.de/10002653981
We document an empirical puzzle for EMS exchange rates during a period in which the bands on these exchanges rates were (almost) credible, i.e. exchange rate distributions are humpshaped rather than U-shaped as predicted by the standard target zone model. We offer an explanation of this puzzle...
Persistent link: https://www.econbiz.de/10012789267
Macroeconomic stabilisation and foreign exchange market interventions are inves-tigated within the context of a stochastic small open economy. With money demand shocks a peg is optimal, but with goods demand shocks a nominal income target is best. With supply shocks the optimal degree of...
Persistent link: https://www.econbiz.de/10012775396
A democratic society in which the distribution of wealth is unequal elects political parties that are likely to represent the interests of poor people. It is in the interests of the clientele of the resulting governments to attempt to levy inflation taxes in order to erode the real value of debt...
Persistent link: https://www.econbiz.de/10012775406
Persistent link: https://www.econbiz.de/10003482596
Persistent link: https://www.econbiz.de/10001944933
Persistent link: https://www.econbiz.de/10005381135
For almost two decades, starting from the early ‘90s, Italy experienced the strongest wave of decentralization reforms in its post II World War history. The causes were both economic and political. Yet, in recent years, again economic and political causes seem to call for opposite reforms....
Persistent link: https://www.econbiz.de/10011099549
In a career-concern model of politics with endogenous candidacy and different types of politicians, following a decentralization reform, politicians with different skills are elected in municipalities characterized by different levels of autonomous resources. As an effect, consumer welfare...
Persistent link: https://www.econbiz.de/10011099554