disputes that assertion from an intertemporal perspective, drawing from transaction cost economics and repeated game theory and …

committee to make decisions through voting is that a commitment device can be created out of it, without totally renouncing … flexibility to respond to unexpected contingencies. Appropriate voting procedures and a well chosen supermajority rule can make a … can mitigate time inconsistency by introducing a status quo bias. When voting institutions (ie. the committee …

Monetary policy has implicit redistribution effects for households when households are different. This changes the … unique question in the HFCS to calculate the sufficient statistics necessary to evaluate these redistribution channels. For … the euro area the three redistribution channels enhance monetary policy - the effects of one time expansionary monetary …

; fiscal policy ; redistribution ; Friedman rule ; heterogeneity ; overlapping generations ; second best …