This paper aims at giving a theoretical background to the, some- times observed, puzzling inverse correlation between the degree of de- centralization and economic growth. We provide evidence that there is some interaction between decentralization and corruption in ex- plaining growth. Within an...

This paper aims at giving a theoretical background to the, some- times observed, puzzling inverse correlation between the degree of de- centralization and economic growth. We provide evidence that there is some interaction between decentralization and corruption in ex- plaining growth. Within an...

This paper aims at giving a theoretical background to the, some- times observed, puzzling inverse correlation between the degree of de- centralization and economic growth. We provide evidence that there is some interaction between decentralization and corruption in ex- plaining growth. Within an...

Department: Economics.

We attempt to rank various banking network architectures according to their relative efficiency in distributing liquidity between banks. Using a fictitious economy where individual banks are part of a wider network, we perform a simulationsbased analysis that utilizes two alternative criteria of...

Positive research into Taylor rules indicates that in the recent past the central bank in the United States may have informally behaved in accordance with variants of Taylor's original rule. We note, however, that efforts to empirically fit these variants to past policy must account for a...

Department: Economics.