Suchergebnisse
Filter
24 Ergebnisse
Sortierung:
The heterogeneous state of modern macroeconomics: a reply to Solow
In: Staff report 399
Appendices: Business cycle accounting
In: Staff report 362
"No abstract available"--Federal Reserve Bank of Minneapolis web site
Business cycle accounting
In: Staff report 328
On the desirability of fiscal constraints in a monetary union
In: NBER working paper series 10232
"The desirability of fiscal constraints in monetary unions depends critically on whether the monetary authority can commit to follow its policies. If it can commit, then debt constraints can only impose costs. If it cannot commit, then fiscal policy has a free-rider problem, and debt constraints may be desirable. This type of free-rider problem is new and arises only because of a time inconsistency problem"--National Bureau of Economic Research web site
Financial crises as herds: overturning the critiques
In: NBER working paper series 9658
Time inconsistency and free-riding in a monetary union
In: NBER working paper series 9370
"We analyze the setting of monetary and nonmonetary policies in monetary unions. We show that in these unions a time inconsistency problem in monetary policy leads to a novel type of free-rider problem in the setting of nonmonetary policies, such as labor market policy, fiscal policy, and bank regulation.The free-rider problem leads the union's members to pursue lax nonmonetary policies that induce the monetary authority to generate high inflation.The free-rider problem can be mitigated by imposing constraints on the nonmonetary policies, like unionwide rules on labor market policy, debt constraints on members' fiscal policy, and unionwide regulation of banks.When there is no time inconsistency problem, there is no free-rider problem, and constraints on nonmonetary policies are unnecessary and possibly harmful"--Federal Reserve Bank of Minneapolis web site
Can stickly price models generate volatile and persistent real exchange rates?
In: NBER working paper series 7869
SSRN
Bailouts, Time Inconsistency, and Optimal Regulation
In: NBER Working Paper No. w19192
SSRN
The Heterogeneous State of Modern Macroeconomics: A Reply to Solow
In: NBER Working Paper No. w13655
SSRN
Modern Macroeconomics in Practice: How Theory is Shaping Policy
In: NBER Working Paper No. w12476
SSRN
SSRN
The Economics of Split-Ticket Voting in Representative Democracies
In: The American Economic Review, December 1997
SSRN