Now showing items 21-30 of 1493
Implications of Shadow Bank Regulation for Monetary Policy at the Zero Lower Bounds
Counter to the credit channel of monetary transmission, monetary policy tightening induces a rise in lending by two different types of non-bank financial institutions (NBFI): shadow banks and investment funds. A monetary ...
Forward Guidance under Disagreement
Evidence from the Fed's Dot Projections
This paper compares the effectiveness of date- and state-based forward guidance issued by the Federal Reserve since mid-2011 accounting for the influence of disagreement within the FOMC. Effectiveness is investigated through ...
Dynamic Contracting with Long-Term Consequences
Optimal CEO Compensation and Turnover
We examine optimal managerial compensation and turnover policy in a principal-agent model in which the firm output is serially correlated over time. The model captures a learning-by-doing feature: higher effort by the ...
Unraveling of Cooperation in Dynamic Collaboration
We examine collaboration in a one-arm bandit problem in which the players' actions affect the distribution over future payoffs. The players need to exert costly effort both to enhance the value of a risky technology and ...
The Impact of a Negative Labor Demand Shock on Fertility
Evidence from the Fall of the Berlin Wall
How does a negative labor demand shock impact individual-level fertility? I analyze this question in the context of the East German fertility decline after the fall of the Berlin Wall in 1989. Exploiting differential ...