Visualitza ADEMU Working Papers Series per matèria "Commitment"

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Sovereign debt and structural reforms

Müller, Andreas; Storesletten, Kjetil; Zilibotti, Fabrizio (2016-09)

We construct a dynamic theory of sovereign debt and structural reforms with three interacting frictions: limited enforcement, limited commitment, and incomplete markets. A sovereign country in recession issues debt to ...
Time-consistent unemployment insurance

Kankanamge, Sumudu; Weitzenblum, Thomas (2016-05)

This paper examines the optimal time-consistent unemployment insurance policy in a search economy with incomplete markets. In a context of repeated choice without a commitment device, we show that the optimal replacement ...