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Monetary and fiscal policy dynamics in an asymmetric monetary union

Clausen, Volker; Wohltmann, Hans-Werner - 2002

This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction...

Persistent link: https://www.econbiz.de/10010302273

Can the exchange rate regime influence corruption?

Popkova, Katherina - 2011

This paper analyses the influence of the exchange rate regime of a country on the level of tolerated corruption with a … induce governments to intensify the fight against corruption. It is shown that if corruption has a considerable positive … impact on output, a tight peg regime can increase tolerated corruption. However, if corruption has a negative effect on …

Persistent link: https://www.econbiz.de/10010281777

Conditional and dynamic convex risk measures

Detlefsen, Kai; Scandolo, Giacomo - 2005

We extend the definition of a convex risk measure to a conditional framework where additional information is available. We characterize these risk measures through the associated acceptance sets and prove a representation result in terms of conditional expectations. As an example we consider the...

Persistent link: https://www.econbiz.de/10010263581

Artificial time inconsistency as a remedy for the race to the bottom

Weichenrieder, Alfons J.; Busch, Oliver - 2005

A long-standing concern in the literature has been that household mobility implies a serious threat to the viability of redistributive taxation. This paper considers the effects of deferred integration of migrants into the redistributive system of the target country. In a model of symmetric...

Persistent link: https://www.econbiz.de/10010277175

Climate policy without commitment

Golombek, Rolf; Greaker, Mads; Hoel, Michael - 2010

Climate mitigation policy should be imposed over a long period, and spur development of new technologies in order to make stabilization of green house gas concentrations economically feasible. The government may announce current and future policy packages that stimulate current R&D in...

Persistent link: https://www.econbiz.de/10010285588

Monetary policy under alternative exchange rate regimes in Central and Eastern Europe

Ziegler, Christina - 2012

Monetary policy in CEE is an important determinant in the wage bargaining process, because trade unions have to predict inflation as one component of future real wages. This paper scrutinizes whether countries in CEE that officially announce an inflation target are tempted to act...

Persistent link: https://www.econbiz.de/10010308235

Taxation, corruption and the exchange rate regime

Hefeker, Carsten - 2009

The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime …. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption … countries with regard to the level of corruption. …

Persistent link: https://www.econbiz.de/10010264571

Stabilisierungsfonds und makroökonomische Governance

Jerger, Jürgen; Migrow, Dimitri - 2009

Stabilisierungsfonds haben in den vergangenen Jahren, insb. während der letzten Energie- und Rohstoffpreishausse bis zum Sommer 2008, an Bedeutung gewonnen. In diesem Beitrag wird der Frage nachgegangen, welche strategische Rolle diese Fonds für die makroökonomische Governance von Ländern...

Persistent link: https://www.econbiz.de/10010267019

Oil Price Shocks and Monetary Policy in an Asymmetric Monetary Union

Wohltmann, Hans-Werner; Clausen, Volker - 2003

This paper analyzes the dynamic effects of anticipated and unanticipated oil price increases in a small two-country monetary union, which is simultaneously characterized by asymmetric wage adjustments and asymmetric interest rate sensitivities of private absorption. It is shown that both types...

Persistent link: https://www.econbiz.de/10010296224

Foreign price shocks and monetary policy in an asymmetric monetary union

Wohltmann, Hans-Werner; Clausen, Volker - 2002

This paper analyzes the dynamic effects of anticipated and unanticipated foreign price increases of imported raw materials for a small two-country monetary union, which is simultaneously characterized by asymmetric wage adjustments and asymmetric interest rate sensitivities of private...

Persistent link: https://www.econbiz.de/10010302259