RESPON KEBIJAKAN MONETER YANG OPTIMAL DI INDONESIA: The State-Contingent Rule?

Optimal Taxation without State-Contingent Debt

Optimal Maturity of Government Debt without State Contingent Bonds

This paper shows that state contingent debt can be syntethically constructed using non-contingent debt of di¤erent maturities. A main policy implication of this principle is that the Ramsey allocation with complete markets can be sustained with non-contingent debt only by properly managing its maturity structure. The numerical experiments, however, suggest that this policy implication ought to ...

Optimal Time-Contingent Contract Design1

This paper studies a contract design problem in a setting where time clauses are important. A principal hires an agent to complete a project within a …xed time horizon and prefers to have the project done as early as possible. The agent whose e¤ort is not contractible has a tendency to shirk and to delay exerting e¤ort. We show that in the principal’s optimal contract, deadlines and payment sch...

The State-contingent Approach to Production under Uncertainty the State-contingent Approach to Production under Uncertainty the State-contingent Approach to Production under Uncertainty

Chambers and Quiggin (2000, p i) claim that ‘the state-contingent approach provides the best way to think about all problems in the economics of uncertainty, including problems of consumer choice, the theory of the …rm, and principal–agent relationships.’ The purpose of this paper is to restate this claim, and to defend it in the light of recent developments in, and applications of, the state-c...

The State and Illegality in Indonesia