Quantitative Easing in the US and Financial Cycles in Emerging Markets

• Autorzy: Marcin Kolasa , Grzegorz Wesołowski
• Języki publikacji: EN

Abstrakty

EN

We consider the efficiency of a mechanism for incentivising publication in academic journals where a research supervisory body awards points for papers that appear in quality publications. Building on the principal-agent literature with hidden types, we assume that such a body wants to maximise the expected prestige of academic disciplines. It sets up a reward system so that researchers who are aiming to maximise their own rewards also maximise the objective function of the research supervisory body, through their submission decisions. The model is calibrated to the reward scheme introduced within the Polish higher education reform in 2018, for which a series of policy recommendations is given. (original abstract)

Słowa kluczowe

EN

State monetary policy; Macroprudential policy; Financial cycles; Business financing with loans; Exchange rates; Capital flows

PL

Polityka pieniężna państwa; Polityka makroostrożnościowa; Cykle finansowe; Kredytowanie działalności gospodarczej; Kurs walutowy; Przepływy kapitałowe

• Czasopismo: Collegium of Economic Analysis SGH - Working Papers
• Rocznik: 2021
• Numer: nr 63
• Strony: 41

Twórcy

autor

Marcin Kolasa

• Warsaw School of Economics, Poland

autor

Grzegorz Wesołowski

• National Bank of Poland

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