| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1369 |
| 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 |
| URL | https://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。 | |||||
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