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Vote-share Contracts and Democracy
(2007)VOX CEPR's Policy PortalIncumbents enjoy an electoral advantage that they have been known to exploit to the detriment of society. Recent theoretical research into “political contracts” suggests ways of mitigating the incumbency problem.Other Publication -
Climate Policy with a Global Refunding System
(2008)VOX CEPR's Policy PortalTackling climate change is difficult because it requires international cooperation to address global externalities. This column proposes a global refunding system, which would provide incentives for emissions reductions while allowing member countries to choose their carbon tax rates.Other Publication -
Voting Twice
(2009)VOX CEPR's Policy PortalHow might we limit the accumulation of public debt by democratic governments? This column proposes “voting twice" – first for a deficit ceiling and second for a particular budget. Such a procedure might strike a balance between flexibility and the commitment to refrain from loading debt onto future generations.Other Publication -
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Inflation Targeting and Bank Equity Rules
(2009)VOX CEPR's Policy PortalThis column suggests that there are surprising parallels between inflation targeting and bank capital requirements. It shows they could inform each other.Other Publication -
Insurance against systemic crises
(2009)VOX CEPR's Policy PortalThe crisis is a brutal reminder of the fragility of banks. This column suggests that managers of large banks be obliged to act as insurers against systemic crises. This would create incentives for them to be concerned about the stability of the banking system as a whole.Other Publication -