Title:Anchors for Inflation Expectations
Author(s):DEMERTZIS, Maria; MARCELLINO, Massimiliano; VIEGI, NicolaDate:2010Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:We identify credible monetary policy with first, a disconnect between inflation and inflation expectations and second, the anchoring of the latter at the inflation target announced by the monetary authorities. We test ...
Title:Ants, Rationality, and Recruitment
Author(s):KIRMAN, AlanDate:1993Type of Publication:ArticleAbstract:This paper offers an explanation of behavior that puzzled entomologists and economists. Ants, faced with two identical food sources, were observed to concentrate more on one of these, but after a period they would turn ...
Title:Approval Quorums Dominate Participation Quorums
Author(s):MANIQUET, François; MORELLI, MassimoDate:2010Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:We study direct democracy with population uncertainty. Voters' participation is often among the desiderata by the election designer. A participation quorum is a threshold on the fraction of participating voters below which ...
Title:Arbitrage, Hedging, and Financial Innovation
Author(s):DOW, JamesDate:1998Type of Publication:ArticleAbstract:I consider the costs and benefits of introducing a new security in a standard framework where uninformed traders with hedging needs interact with risk-averse informed traders, Opening a new market may make everyboby worse ...
Title:Are Small Countries Able to set their Own Interest Rates? Assessing the implications of the macroeconomic trilemma
Author(s):HERWARTZ, Helmut; ROESTEL, JanDate:2010Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:According to the ’macroeconomic trilemma’ the ability of small economies to pursue an independent monetary policy is jointly determined by country specific foreign exchange (FX) rate flexibility and capital mobility. In ...