منابع مشابه
Announcements and the Role of Policy Guidance
By providing guidance about future economic developments, central banks can a¤ect private sector expectations and decisions. This can improve welfare by reducing the e¤ects of asymmetric information and by leading to smaller forecast errors. But it can also magnify the impact of noise in the central banks forecasts. I employ a model of heterogeneous information to compare outcomes under opaque...
متن کاملReliability of Policy Announcements and the Effects of Monetary Policy
Monetary authorities regularly announce targets for monetary growth, but the market may not completely trust these announcements because they may not always be truthful. Hence, the market does not have perfect knowledge about future monetary policy and must form its expectations on the basis of information it can extract from the announcements and its observations of the actual money supply. Th...
متن کاملClimate Policy and Intergenerational Welfare∗
We use a two-sector OLG model to study the intergenerational effects of a tax designed to conserve a natural resource such as the global atmosphere. The traded asset capitalizes future environmental benefits created by the tax, benefiting the current asset owners, the old generation. Absent a transfer, the tax harms the young generation by decreasing their real wage. Future generations benefit ...
متن کاملWelfare Leakage and Immigration Policy
This paper analyzes the interaction between the welfare state and immigration policy. We establish a negative relationship between the number of dependents and the extent of the welfare state due to the leakage of benefits. We also explain the determination of immigration policy as the outcome of a lobbying game between domestic interest groups and the government. Our results indicate that ther...
متن کاملWelfare Policy Integration Issues
What purposes should social and labor market policy serve in increasingly interrelated economic systems? And do current arrangements serve them well in the European framework? This paper reviews the relevant issues focusing in particular on assignment of decision power at different levels of governance, and on theoretically clear and empirically apparent sources of incoherent and ineffective po...
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ژورنال
عنوان ژورنال: The Economic Journal
سال: 2013
ISSN: 0013-0133,1468-0297
DOI: 10.1111/ecoj.12024