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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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