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Incentive-Feasible Deflation

Incentive-Feasible Deflation

whether the efficient allocation is incentive-feasible depends on parameters. Finally, I dispense with record-keeping so that monetary trade is necessary. Here, I restrict attention to (stationary) competitive monetary equilibria. While the e fficient allocation is implementable under the Friedman rule, I show that it may not be incentive-feasible. In impatient economies, indi- viduals may ...

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Incentive-Feasible Deflation

Incentive-Feasible Deflation

Incentive-Feasible Deflation FEDERAL RESERVE BANK OF ST. LOUIS Research Division P.O. Box 442 St. Louis, MO 63166 RESEARCH DIVISION Working Paper Series

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Deflation in the euro zone: The euro zone needs a history ...

Deflation in the euro zone: The euro zone needs a history ...

and prices meant that deflation was more feasible than it would become subsequently, and involved fewer unemployment costs. The limited franchise meant that any unemployment that did result would incur lower political costs than would subsequently be the case. The net effect was that deficit countries could in principle depreciate their real exchange rates, even though nominal exchange rates ...

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The Deflation Bias and Committing to Being Irresponsible

The Deflation Bias and Committing to Being Irresponsible

Markov equilibrium, however, this commitment may not be feasible. The second key result of the paper is that in a Markov equilibrium, deflation can be modelled as a credibility problem. This problem arises if the government's only policy instrument is open market operations in government bonds and the natural rate of interest is temporarily negative. Under these conditions we see excessive ...

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TRADE AND DEVELOPMENT REPORT, 2006 Overview

TRADE AND DEVELOPMENT REPORT, 2006 Overview

considered as being suboptimal, in many respects it represents the only feasible way in which developing countries can successfully adapt to the systemic deficiencies afflicting today’s global economic order characterized by the absence of symmetric obligations of surplus and deficit countries. It is no surprise that the undervaluation-cum-intervention strategy is especially prevalent among ...

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Optimal Incentive Contracts with Accounting Method Choice

Optimal Incentive Contracts with Accounting Method Choice

Optimal Incentive Contracts with Accounting Method Choice ABSTRACT: I present a two-period principal-agent model in which the principal chooses between two information regimes, one in which he directly observes outputs and the other in which the agent has reporting discretion through an accounting method choice. I show that reporting discretion through an accounting method choice can be ...

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The Nature of Money in a Convertible Currency World ...

The Nature of Money in a Convertible Currency World ...

1 The Nature of Money in a Convertible Currency World Carolyn Sissoko1 October 19, 2017 Abstract: In a world where the means of exchange is convertible into the numeraire consumption good at a fixed

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David Andolfatto—Senior Vice President

David Andolfatto—Senior Vice President

"Incentive-Feasible Deflation," Journal of Monetary Economics, May 2013, Vol. 60(4), pp. 383-390. 2 "A Note on the Societal Benefits of Illiquid Bonds," Canadian Journal of Economics-Revue Canadienne d'Economique, February 2011, Vol. 44(1), pp. 133-147. "Essential Interest-Bearing Money," Journal of Economic Theory, 7/1/2010. "Essential Interest-Bearing Money," Journal of Economic Theory, July ...

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PRICE STABILITY – OBJECTIVE OF THE EUROSYSTEM

PRICE STABILITY – OBJECTIVE OF THE EUROSYSTEM

feasible objective for the single monetary policy over the medium term. By contrast, apart from the positive impact of price stability, monetary policy has no scope for exerting any lasting influence on real variables. The Eurosystem is required to act in accordance with the principle of an open market economy with free competition, favouring an efficient allocation of resources. PRICE ...

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THE MACROECONOMICS OF A PANDEMIC: NATIONAL BUREAU OF ...

THE MACROECONOMICS OF A PANDEMIC: NATIONAL BUREAU OF ...

beyond what incentive-compatible borrowing limits would permit, entrepreneurs may be tempted to misbehave, leaving taxes unpaid (in the case of a wage subsidy or a helicopter drop), absconding with profits instead of distributing them as dividends (in the case of equity injections), or defaulting on debts (in the case of loan guarantees). So the policies will be feasible insofar as government ...

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Microeconomic Theory

Microeconomic Theory

Lecture Notes 1 Microeconomic Theory Guoqiang TIAN Department of Economics Texas A&M University College Station, Texas 77843 ([email protected]) August, 2002/Revised: February 2013

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