Found 2 article(s) for author 'Rules'

Central bank rules in historical perspective

Central bank rules in historical perspective. Niall Ferguson, September 1, 2014, Paper. “This article explains that, while Walter Bagehot׳s Lombard Street had a rule about the central bank׳s role as a lender of last resort, it was not a precursor of the rules-based approach to monetary policy. Monetary policy rules came into fashion in the 1980s and 1990s when it became clear from the 1970s just how dangerous discretion could be. Under different historical circumstances before that and in more recent times, it was rules that seemed much inferior to discretion.” May require purchase or user account. Link

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Regulation versus Taxation

Regulation versus Taxation. Alberto Alesina, September 16, 2013, Paper. “We study which policy tool and at what level a majority chooses in order to reduce activities with negative externalities. We consider three instruments: a rule that sets an upper limit to the activity which produces the negative externality, a quota that forces a proportional reduction of the activity, and a proportional tax on it. For all instruments the majority chooses levels which are too restrictive when the activity is performed mainly by a small fraction…”  Link verified March 28, 2014

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