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Slippery Fish: Enforcing Regulation When Agents Learn And Adapt, Andres Gonzalez Lira, Ahmed Mushfiq Mobarak Mar 2021

Slippery Fish: Enforcing Regulation When Agents Learn And Adapt, Andres Gonzalez Lira, Ahmed Mushfiq Mobarak

Discussion Papers

Attempts to curb undesired behavior through regulation gets complicated when agents can adapt to circumvent enforcement. We test a model of enforcement with learning and adaptation, by auditing vendors selling illegal fish in Chile in a randomized controlled trial, and tracking them daily using mystery shoppers. Conducting audits on a predictable schedule and (counter-intuitively) at high frequency is less effective, as agents learn to take advantage of loopholes. A consumer information campaign proves to be almost as cost-effective and curbing illegal sales, and obviates the need for complex monitoring and policing. The Chilean government subsequently chooses to scale up this …


Monthly Report On Programs The Bank Of Israel Is Operating In The Financial Markets In View Of The Coronavirus Crisis - March 7, 2021, Bank Of Israel Mar 2021

Monthly Report On Programs The Bank Of Israel Is Operating In The Financial Markets In View Of The Coronavirus Crisis - March 7, 2021, Bank Of Israel

Documents

No abstract provided.


Terms And Conditions For Term Loan Facility (Tlf), Bank Of Canada/Central Bank Of Canada/La Banque Du Canada Mar 2021

Terms And Conditions For Term Loan Facility (Tlf), Bank Of Canada/Central Bank Of Canada/La Banque Du Canada

Documents

No abstract provided.


What Is The Asian Clearing Union? - Rbi Faq, Reserve Bank Of India Mar 2021

What Is The Asian Clearing Union? - Rbi Faq, Reserve Bank Of India

Documents

No abstract provided.


Corporate Sector Purchase Programme (Cspp), European Central Bank (Ecb) Mar 2021

Corporate Sector Purchase Programme (Cspp), European Central Bank (Ecb)

Documents

web page answering technical questions about implementation of the CSPP


Legislation (From The Website Of Nama), Ireland: National Asset Management Agency Mar 2021

Legislation (From The Website Of Nama), Ireland: National Asset Management Agency

Documents

No abstract provided.


Ypfs Lessons Learned Oral History Project: An Interview With Klaus Regling, Klaus Regling, Maryann Haggerty Mar 2021

Ypfs Lessons Learned Oral History Project: An Interview With Klaus Regling, Klaus Regling, Maryann Haggerty

Documents

No abstract provided.


House Of Lords Select Committee On Economic Affairs, Transcript Of Uncorrected Oral Evidence: Alistair Darling, United Kingdom: Parliament: House Of Lords: Economic Affairs Committee Mar 2021

House Of Lords Select Committee On Economic Affairs, Transcript Of Uncorrected Oral Evidence: Alistair Darling, United Kingdom: Parliament: House Of Lords: Economic Affairs Committee

Documents

No abstract provided.


Republic Of Korea: 2021 Article Iv Consultation—Press Release; Staff Report; Staff Statement; And Statement By The Executive Director For The Republic Of Korea, International Monetary Fund (Imf) Mar 2021

Republic Of Korea: 2021 Article Iv Consultation—Press Release; Staff Report; Staff Statement; And Statement By The Executive Director For The Republic Of Korea, International Monetary Fund (Imf)

Documents

No abstract provided.


Ciboney Says No Material Cause Linked To Share Price Increase, Loop News Mar 2021

Ciboney Says No Material Cause Linked To Share Price Increase, Loop News

Documents

No abstract provided.


Retrospective Voting Versus Risk-Aversion Voting, Ray C. Fair Mar 2021

Retrospective Voting Versus Risk-Aversion Voting, Ray C. Fair

Cowles Foundation Discussion Papers

According to retrospective voting a bad economy hurts the incumbent party and vice versa. According to risk-aversion voting a bad economy favors the Democrats over the Republicans and vice versa. This paper provides a test of both theories and rejects risk-aversion voting.


Retrospective Voting Versus Risk-Aversion Voting: A Comment On Pástor And Veronesi (2020), Ray C. Fair Mar 2021

Retrospective Voting Versus Risk-Aversion Voting: A Comment On Pástor And Veronesi (2020), Ray C. Fair

Cowles Foundation Discussion Papers

According to retrospective voting, a bad economy hurts the incumbent party and vice versa. According to risk-aversion voting as discussed in Pástor and Veronesi (2020), high risk aversion favors the Democrats over the Republicans and vice versa. If high risk aversion is associated with a bad economy, then risk-aversion voting implies that a bad economy favors the Democrats and vice versa. The two theories thus have different implications for the Democrats. This paper tests both theories under the assumption that high risk aversion is associated with a bad economy. The results provide no support for risk-aversion voting under this assumption.


Financial Stability Report - Second Half Of 2020, Bank Of Israel Mar 2021

Financial Stability Report - Second Half Of 2020, Bank Of Israel

Documents

No abstract provided.


Her Majesty's Treasury Budget 2021: Protecting The Jobs And The Livelihood Of The British People, United Kingdom: Her Majesty's Treasury Mar 2021

Her Majesty's Treasury Budget 2021: Protecting The Jobs And The Livelihood Of The British People, United Kingdom: Her Majesty's Treasury

Documents

No abstract provided.


Charges For The Rix System As Of 1 March 2021, Sveriges Riksbank Mar 2021

Charges For The Rix System As Of 1 March 2021, Sveriges Riksbank

Documents

No abstract provided.


A Global Database On Central Banks' Monetary Responses To Covid-19, Carlos Cantº, Paolo Cavallino, Fiorella De Fiore, James Yetman Mar 2021

A Global Database On Central Banks' Monetary Responses To Covid-19, Carlos Cantº, Paolo Cavallino, Fiorella De Fiore, James Yetman

Documents

No abstract provided.


Bank Of Israel: Annual Report 2020, Bank Of Israel Mar 2021

Bank Of Israel: Annual Report 2020, Bank Of Israel

Documents

No abstract provided.


Buy-To-Let Mortgages Explained, Money Advice Service Mar 2021

Buy-To-Let Mortgages Explained, Money Advice Service

Documents

No abstract provided.


Kant And Lindahl, John E. Roemer, Joaquim Silvestre Feb 2021

Kant And Lindahl, John E. Roemer, Joaquim Silvestre

Cowles Foundation Discussion Papers

Wicksell (1896) and Lindahl (1919) analyzed the public provision of public goods through parliamentary negotiation. Roemer (2010, 2019) applied Kant’s (1785) categorical imperative to the private provision of public goods by voluntary contributions. They coincide in yielding efficient outcomes. Our focal equilibrium notions are the Multiplicative Kantian Equilibrium in the Kant-Roemer modelling and the Balanced Linear Cost Share Equilibrium for the Wicksell-Lindahl approach. It turns out that both are defined by the same individual optimization problem, and that costs are distributed according to marginal valuation, what we call the Lindahl Ratio. More general versions of the Wicksell-Lindahl and Kant-Roemer models …


The Tenth Report Of The Congressional Oversight Commission, United States: Congressional Oversight Commission Feb 2021

The Tenth Report Of The Congressional Oversight Commission, United States: Congressional Oversight Commission

Documents

No abstract provided.


Ukar Update, United Kingdom: Uk Asset Resolution (Ukar) Feb 2021

Ukar Update, United Kingdom: Uk Asset Resolution (Ukar)

Documents

No abstract provided.


Frb: H.4.1 Release - Factors Affecting Reserve Balances (February 25, 2021), Federal Reserve System: Board Of Governors Feb 2021

Frb: H.4.1 Release - Factors Affecting Reserve Balances (February 25, 2021), Federal Reserve System: Board Of Governors

Documents

No abstract provided.


Ypfs Lessons Learned Oral History Project: An Interview With Patrick Honohan, Patrick Honohan, Maryann Haggerty Feb 2021

Ypfs Lessons Learned Oral History Project: An Interview With Patrick Honohan, Patrick Honohan, Maryann Haggerty

Documents

Suggested citation form: Honohan, Patrick, 2022. “Lessons Learned Interview by Maryann Haggerty, February 25, 2021.” Yale Program on Financial Stability Lessons Learned Oral History Project. Transcript. https://ypfs.som.yale.edu/library/ypfs-lesson-learned-oral-history-project-interview-patrick-honohan


Covid-19 Crisis: Lessons Learned For Future Policy Research, Jean-Sèbastien Fontaine, Corey Garriott, Jesse Johal, Jessica Lee, Andreas Uthemann Feb 2021

Covid-19 Crisis: Lessons Learned For Future Policy Research, Jean-Sèbastien Fontaine, Corey Garriott, Jesse Johal, Jessica Lee, Andreas Uthemann

Documents

No abstract provided.


Net Stable Funding Ratio: Final Rule, United States: Department Of The Treasury: Office Of The Comptroller Of The Currency Feb 2021

Net Stable Funding Ratio: Final Rule, United States: Department Of The Treasury: Office Of The Comptroller Of The Currency

Documents

No abstract provided.


Hidden Wealth Transfers In Bankruptcy Asset Sales: A Real Option Analysis, Jordan Neyland, Kathryn St John Feb 2021

Hidden Wealth Transfers In Bankruptcy Asset Sales: A Real Option Analysis, Jordan Neyland, Kathryn St John

Documents

No abstract provided.


Are Stock Returns And Output Growth Higher Under Democrats?, Ray C. Fair Feb 2021

Are Stock Returns And Output Growth Higher Under Democrats?, Ray C. Fair

Cowles Foundation Discussion Papers

Recent literature suggests that both stock returns and economic growth are significantly higher under Democratic presidential administrations. This is a puzzle in that persistent differences in stock returns seem unlikely in efficient markets, and it is not obvious why Democrats should do better. Often these kinds of results go away upon further analysis or more data, and this appears to be true in the present case. In this paper the sample is extended to 27 administrations, from Wilson-1 through Trump. While the mean stock return under the Democrats is generally higher, none of the differences in means are significant at …


Survival Pessimism And The Demand For Annuities, Cormac O'Dea, David Sturrock Feb 2021

Survival Pessimism And The Demand For Annuities, Cormac O'Dea, David Sturrock

Cowles Foundation Discussion Papers

The “annuity puzzle” refers to the fact that annuities are rarely purchased despite the longevity insurance they provide. Most explanations for this puzzle assume that individuals have accurate expectations about their future survival. We provide evidence that individuals misperceive their mortality risk, and study the demand for annuities in a setting where annuities are priced by insurers on the basis of objectively-measured survival probabilities but in which individuals make purchasing decisions based on their own subjective survival probabilities. Subjective expectations have the capacity to explain significant rates of non-annuitization, yielding a quantitatively important explanation for the annuity puzzle.


Federal Reserve Bank Of New York, Agency Discount Note Purchases, Federal Reserve System: Federal Reserve Bank Of New York Feb 2021

Federal Reserve Bank Of New York, Agency Discount Note Purchases, Federal Reserve System: Federal Reserve Bank Of New York

Documents

No abstract provided.


Federal Reserve Bank Of New York, Large-Scale Asset Purchases, Federal Reserve System: Federal Reserve Bank Of New York Feb 2021

Federal Reserve Bank Of New York, Large-Scale Asset Purchases, Federal Reserve System: Federal Reserve Bank Of New York

Documents

No abstract provided.