G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1369
DP1369 Implied Volatility Functions: Empirical Tests
Bernard Dumas; Robert E Whaley; Jeff Fleming
发表日期1996-04-30
出版年1996
语种英语
摘要Walsh (1995) addresses the government-central bank principal-agent problem where there exists a severe information extraction problem. This is solved by a ?Walsh contract? which links the income of the central bank to observed macroeconomic variables, output and inflation. The contract does not solve the time-inconsistency problem, however. There will be circumstances where a renegotiation of the contract benefits all parties involved and non-renegotiation-proofness destroys its credibility as a commitment device. But the contract?s strength is that renegotiation can be very visible and this facilitates a reputational solution to the problem, set out in this paper.
主题International Macroeconomics
关键词Central bank contract Credibility Renegotiation Reputation
URLhttps://cepr.org/publications/dp1369
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/530513
推荐引用方式
GB/T 7714
Bernard Dumas,Robert E Whaley,Jeff Fleming. DP1369 Implied Volatility Functions: Empirical Tests. 1996.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Bernard Dumas]的文章
[Robert E Whaley]的文章
[Jeff Fleming]的文章
百度学术
百度学术中相似的文章
[Bernard Dumas]的文章
[Robert E Whaley]的文章
[Jeff Fleming]的文章
必应学术
必应学术中相似的文章
[Bernard Dumas]的文章
[Robert E Whaley]的文章
[Jeff Fleming]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。