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Big Elephants in Small Ponds : Do Large Traders Make Financial Markets More Aggressive ? ∗
Market participants often suspect that large traders have a disproportionate effect on financial markets, increasing the aggressiveness of market responses. Prior studies have shown that the impactExpand
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Optimal Monetary Policy in the Presence of Pricing-to-Market
This paper presents a general-equilibrium framework to revisit the issues of optimal monetary policies and international policy coordination in a two-country model, focusing on the role of aExpand
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Economic Growth , the Mathematical Pendulum , and a Golden Rule of Thumb
It is argued that due to their general instability dynamic optimization models cannot be used as positive theories of economic growth. The argument is substantiated by (numerical) examples. A simpleExpand
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Improving Credibility by Delegating Judicial Competence : The Case of the Judicial Committee of the Privy Council
It is argued that government credibility is an important resource and that it can be improved by delegating decision-making competence beyond the nation-state. It is hypothesized that such delegationExpand
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CO 2 mitigation in road transport : Gasoline taxation and / or fuel-efficiency regulation ?
Although gasoline taxes are widely used (nearly) efficient CO2 emission controls, additional fuel-efficiency regulation is applied e.g. in the USA and in Europe. In a simple analytical model, weExpand
TV-Monopoly , Advertising and Program Quality
A monopolistic advertiser-supported t.elevision station chooses the program quality to serve (potential) viewers whose preferences may be skewed towards low or high program quaiity. The monopolist 'sExpand
A Note on Public Goods : Non-Excludability Implies Joint
While there are various de nitions of public goods, the property of joint consumability has become the main or sole de ning characteristic of such goods. Among the other characteristics the propertyExpand