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Game-Theoretic Foundations of Monetary Equilibrium
(2013-09-30)
Monetary theorists have advanced an intriguing notion: we exchange money to make up for a lack of enforcement, when it is difficult to monitor and sanction opportunistic behaviors. We demonstrate that, in fact, monetary ...
Optimal Policy and Taylor Rule Cross-Checking Under Parameter Uncertainty
(2013-09-26)
We examine whether the robustifying nature of Taylor rule cross-checking under model uncertainty carries over to the case of parameter uncertainty. Adjusting monetary policy based on this kind of cross-checking can improve ...
Vertical Fiscal Imbalances and the Accumulation of Government Debt
(2014-07-01)
"The implications of delegating fiscal decision making power to sub-national governments has become an area of significant interest over the past two decades, in the expectation that these reforms will lead to better and ...
Cross-Border Resolution of Global Banks
(2015-03-01)
Most recent regulations establish that resolution of global banking groups shall be done according to bail-in procedures and following a Single Point of Entry (SPE) as opposed to a Multiple Point of Entry (MPE) approach. ...
Too Interconnected to Fail: A Survey of the Interbank Networks Literature
(2015-10-01)
The banking system is highly interconnected and these connections can be conveniently represented as an interbank network. This survey presents a systematic overview of the recent advances in the theoretical literature on ...
A Decentralization Theorem of Taxation
(2015-05-01)
"In the EU there are longstanding and ongoing pressures towards a tax that is levied on the EU level to substitute for national contributions. We discuss conditions under which such a transition can make sense, starting ...
On Deficits and Symmetries in a Fiscal Capacity
(2015-07-01)
"There is a growing debate about complementing the European Monetary Union by a more comprehensive fiscal union. Against this background, this paper emphasizes that there is a trade-off in designing a system of fiscal ...
Are Tax Havens Good? Implications of the Crackdown on Secrecy
(2015-07-01)
The pressure on tax haven countries to engage in tax information exchange shows first effects on capital markets. Empirical research suggests that investors do react to information exchange and partially withdraw from ...
Asymmetric Social Norms
(2017-01-10)
Studies of cooperation in infinitely repeated matching games focus on homogeneous economies, where full cooperation is efficient and any defection is collectively sanctioned. Here we study heterogeneous economies where ...
Financing Costs and the Efficiency of Public-Private Partnerships
(2020-11-18)
The paper compares provision of public infrastructure via public-private partnerships (PPPs) with provision under government management. Due to soft budget constraints of government management, PPPs exert more effort and ...