Abstract. We show that, in a two‐stage model of monetary policy with stochastic policy targets and asymmetric information, the transparency regime chosen by the central bank does never coincide with the regime preferred by society. Independent of society's endogenous choice of delegation, the central bank reveals its inflation target and conceals its output target. In contrast, society would prefer either transparency or opacity of both targets. As a conclusion, the choice of the transparency regime should be part of the optimal delegation solution. 相似文献
This paper offers a brief summary of nontraditional monetary policy measures adopted by the Bank of Japan (BOJ) during the last two decades, especially the period 1998–2006, when the so‐called zero interest rate policy (ZIRP) and quantitative easing (QE) were put in place. The paper begins with a typology of policies usable at low interest and inflation rates. They are: strategy (i), management of expectations about future policy rates; strategy (ii), targeted asset purchases; and strategy (iii), QE. Alternatively, QE may be decomposed into a pure attempt to inflate the central bank balance sheet, QE0, purchases of assets in dysfunctional markets, QE1, and purchases of assets to generate portfolio rebalancing, QE2. Strategy (ii), when nonsterilized, is either QE1 or QE2. Using this typology, I review the measures adopted by the BOJ and discuss evidence on the effectiveness of the measures. The broad conclusion is that strategies (i) and (ii) have affected interest rates, while no clear evidence exists so far of the effectiveness of the pure form of strategy (iii), or QE0. Strategy (ii) has been effective especially in containing risk/liquidity premiums in dysfunctional money markets; that is, QE1 has been effective. The effectiveness of QE2, however, is less clear‐cut. The strategies, however, have failed to bring the Japanese economy out of the deflation trap so far. I discuss some possible reasons for this and also implications for the current U.S. situation. 相似文献
In this paper, I examine the international welfare effects of monetary policy. I develop a New Keynesian two-country model, where central banks in both countries follow the Taylor rule. I show that a decrease in the domestic interest rate, under producer currency pricing, is a beggar-thyself policy that reduces domestic welfare and increases foreign welfare in the short term, regardless of whether the cross-country substitutability is high or low. In the medium term, it is a beggar-thy-neighbour (beggar-thyself) policy, if the Marshall-Lerner condition is satisfied (violated). Under local currency pricing, a decrease in the domestic interest rate is a beggar-thy-neighbour policy in the short term, but a beggar-thyself policy in the medium term. Both under producer and local currency pricing, a monetary expansion increases world welfare in the short term, but reduces it in the medium term. 相似文献
This paper studies secure implementability (Saijo et al. (2007) “Secure Implementation,” Theoretical Economics 2, pp.203–229) in linear production economies with classical preferences. Although secure implementability is in general stronger than the combination of strategy-proofness and non-bossiness (Satterthwaite and Sonnenschein (1981) “Strategy-Proof Allocation Mechanisms at Differentiable Points,” Review of Economic Studies 48, pp.587–597), this paper shows that both properties are equivalent under Pareto-efficient rules in the economies. In addition, this paper characterizes securely implementable and Pareto-efficient rules in the economies when the number of agents is two. 相似文献
We present a simple model of populism as the rejection of “disloyal” leaders. We show that adding the assumption that people are worse off when they experience low income as a result of leader betrayal (than when it is the result of bad luck) to a simple voter choice model yields a preference for incompetent leaders even if all leaders have the same underlying probability of betrayal. These deliver worse material outcomes in general, but they reduce the feelings of betrayal during bad times. Some evidence consistent with our model is gathered from the Trump–Clinton 2016 election: on average, subjects primed with the importance of competence in policymaking decrease their support for Trump, the candidate who scores lower on competence in our survey (even amongst Trump supporters). But two groups respond to the treatment with a large (approximately 5 percentage points) increase in their support for Donald Trump: those living in rural areas and those that are low educated, white and living in urban and suburban areas. 相似文献
Purpose: The purpose of this study is to understand and empirically test causal relationships among components of product service quality and commitment and buyer loyalty in business-to-business (B to B) relationships.
Methodology/approach: Data were collected through a web-based survey from 314 buyers of B to B manufacturers in Korea.
Findings: Product quality enhances all three types of commitment in B to B relationships, service quality is positively associated with affective commitment, and support quality has a significantly positive effect on affective and normative commitment. Also, the moderating effects of competitive intensity are significant. If competitive intensity is low in the buyer’s market, product quality and service quality play important roles in deriving buyer commitment; however, if competitive intensity is high, support quality is effective in maintaining long-term committed relationships with buyers.
Research implications: To fully consider product service quality in this study, we established support quality, product quality, and service quality as discrete components of product service quality.
Practical implications: Previous quality-related works have focused on products and services with little research about support activities, and the literature is lacking empirical analyses of support activities. However, this study elucidates the importance of operational and technical support activities in B to B relationships. Specifically, in a fiercely competitive market, a high-quality consumer support strategy is shown to be highly effective in maintaining long-term committed relationships with buyers.
Originality/value/contribution: We analyzed the relationships among components of product service quality and commitment and buyer loyalty in B to B transactions. Our detailed results will help firms develop context-specific quality management strategies at the product service level in order to strengthen customer loyalty. 相似文献