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1.
In this paper we apply GMM estimation to assess the relevance of domestic versus external determinants of CPI inflation dynamics
in a sample of OECD countries typically classified as open economies. The analysis is based on a variant of the small open-economy
New Keynesian Phillips Curve derived in Galí and Monacelli (Rev Econ Stud 72:707–734, 2005), where the novel feature is that expectations about fluctuations in the terms of trade enter explicitly. For most countries
in our sample the expected relative change in the terms of trade emerges as the more relevant inflation driver than the contemporaneous
domestic output gap. 相似文献
2.
In this paper, we revisit the results from the influential study by Borensztein et al. (Journal of International Economics
45:115–135, 1998), which argues that inward foreign direct investment (FDI) promotes the economic growth in a less developed host country
only when the host country obtains a threshold level of secondary schooling. Borensztein et al. (Journal of International
Economics 45:115–135, 1998) only focus on the quantity of education. We take into consideration both the quantity and the quality of education. We adjust
the original schooling data in Borensztein et al. (Journal of International Economics 45:115–135, 1998) by two quality of education indices and re-estimate their model. We find that the complementarity between inward FDI and
schooling still exists, but the threshold level of schooling in our study is lower than the threshold calculated in Borensztein
et al. (Journal of International Economics 45:115–135, 1998). Our results support the importance of education quality and suggest that with improved quality of education, it does not
take as much quantity of schooling, as established in Borensztein et al. (Journal of International Economics 45:115–135, 1998), for inward FDI to have a positive impact on economic growth in the host country. 相似文献
3.
A generalized multi-country endogenous growth model 总被引:1,自引:0,他引:1
Lutz G. Arnold 《International Economics and Economic Policy》2007,4(1):61-100
The transitional dynamics of open-economy endogenous growth models are largely unexplored. The present paper fills this gap
in the literature. By applying the familiar Travis–Dixit–Norman (Dixit and Norman, Theory of International Trade, Cambridge University Press, Cambridge, UK, 1980) approach to a general class of growth models, it provides original results on the transitional dynamics of the multi-country
open-economy versions of several prominent special cases, including the models of Romer (J Polit Econ, 94:1002–1037, 1986; J Polit Econ 98:S71–S102, 1990), Lucas (J Monet Econ, 22:3–42, 1988), Grossman and Helpman (Innovation and Growth in the Global Economy. MIT Press, Cambridge, MA, 1991a, Chaps. 3 and 4; Rev Econ Stud 58:43–61, 1991b), Jones (J Polit Econ, 103:759–784, 1995a), and Segerstrom (Am Econ Rev, 88:1290–1310, 1998). This approach also shows that, in the class of models considered, the question of whether or not international economic
integration accelerates growth in the long run is equivalent to the question of whether or not scale effects prevail.
相似文献
4.
G. Thomas Sav 《Atlantic Economic Journal》2011,39(2):143-153
This paper uses panel data spanning the 2000–2001 to 2006–2007 academic years for U.S. public colleges and universities to
estimate multi-product cost functions and the economies of scale and scope associated with teaching and research. The empirical
results indicate statistically strong institutional effects. That suggests previous cross-sectional studies anchored in 1995–1996
and earlier data have generated potentially biased estimates. Here, estimates are 2006–2007 updates provided separately for
doctoral, master, bachelor, and associate level colleges and universities. Controlling for institutional specific effects,
the results bring into question some of the previous findings of widespread teaching and research economies of scale and scope.
However, there is also evidence of some common ground of empirical support. 相似文献
5.
In their seminal paper, Morris and Shin (Amer Econ Rev 92(5): 1521–1534, 2002a) argued that increasing the precision of public information is not always beneficial to social welfare. Svensson (Amer Econ
Rev 96: 448–451, 2006) however has disputed this by saying that although feasible, the conditions for which this was true, were not all that likely.
In that respect, therefore, increasing ‘transparency’ remains most of the times beneficial to social welfare. In this paper,
we extend the Morris and Shin attempt by setting it up as an explicit interactive game between the Central Bank, the objectives
of which we model explicitly, and the private sector. We show that in the absence of costs, both players benefit from transparency
in the manner described previously in the literature, and point the differences in their gains. Following that, we then introduce
the fact that increasing transparency comes at some costs and show how both players face incentives to free ride on each other
as a result. The presence of costs thus alters the way in which greater transparency is attained.
相似文献
Marco HoeberichtsEmail: |
6.
In this paper we extend Nordhaus’ (Brookings Pap Econ Act (2):139–199, 1994) results to an environment which may represent the current European situation, characterised by a single monetary authority
and several fiscal bodies. We show that, even assuming that the monetary and the fiscal authorities share the same ideal targets,
in the presence of asymmetric shocks the “symbiosis” result found by Dixit and Lambertini (J Int Econ 60:235–247, 2003) no longer obtains. Thus, fiscal rules as those envisaged in the Maastricht Treaty and in the Stability and Growth Pact may
work as monetary/fiscal coordination devices that improve welfare. The imposition of common targets, however, may work as
a substitute for policy coordination only if these are made state contingent, an aspect that the recent version of the Stability
and Growth Pact takes into account in a more appropriate way than its original version.
相似文献
Valeria De BonisEmail: |
7.
Following the well-known approach by Adler and Dumas (Financ Manage 13(2):41–50, 1984), we evaluate the foreign exchange rate exposure of nations. Results based on data from 27 countries show that national foreign
exchange rate exposures are significantly related to the current account and financial account balance variables of corresponding
economies. 相似文献
8.
What do we really know about fiscal sustainability in the EU? A panel data diagnostic 总被引:1,自引:0,他引:1
We assess the sustainability of public finances in the EU-15 over the period 1970–2006 using stationarity and cointegration
analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural
breaks. We also apply modern panel cointegration techniques developed by Pedroni (Oxf Bull Econ Stat 61(1):653–670, 1999; Econom Theory 20(3):597–625, 2004), generalized by Banerjee and Carrion-i-Silvestre (Cointegration in panel data with breaks and cross-section dependence,
European Central Bank, Working Paper 591, 2006) and Westerlund and Edgerton (Econ Lett 97(3):185–190, 2007), to a structural long-run equation between general government expenditures and revenues. While estimations point to fiscal
sustainability being an issue in some countries, fiscal policy was sustainable both for the EU-15 panel set, and within sub-periods
(1970–1991 and 1992–2006). 相似文献
9.
Apostolos Serletis Anastasios G. Malliaris Melvin J. Hinich Periklis Gogas 《Open Economies Review》2012,23(2):337-357
We perform non-linearity tests using daily data for leading currencies that include the Australian dollar, British pound,
Brazilian real, Canadian dollar, euro, Japanese yen, Mexican peso, and the Swiss franc to resolve the issue of whether these
currencies are driven by fundamentals or exogenous shocks to the global economy. In particular, we use a new method of testing
for linear and nonlinear lead/lag relationships between time series, introduced by Brooks and Hinich (J Empir Finance 20:385–404,
1999), based on the concepts of cross-correlation and cross-bicorrelation. Our evidence points to a relatively rare episodic nonlinearity
within and across foreign exchange rates. We also test the validity of specifying ARCH-type error structures for foreign exchange
rates. In doing so, we estimate Bollerslev’s (J Econom 31:307–327, 1986) generalized ARCH (GARCH) model and Nelson’s (1988) exponential GARCH (EGARCH) model, using a variety of error densities [including the normal, the Student-t distribution, and the Generalized Error Distribution (GED)] and a comprehensive set of diagnostic checks. We apply the Brooks
and Hinich (1999) nonlinearity test to the standardized residuals of the optimal GARCH/EGARCH model for each exchange rate series and show
that the nonlinearity in the exchange rates is not due to ARCH-type effects. This result has important implications for the
interpretation of the recent voluminous literature which attempts to model financial asset returns using this family of models. 相似文献
10.
V. Vandenberghe 《De Economist》2011,159(2):159-191
European countries need to expand employment among older individuals. Many papers have examined this issue from different
angles. However, very few seem to have considered its gender dimension properly, despite evidence that lifting the overall
senior employment rate requires significantly raising that of women older than 50. The key issue examined by this paper is
whether employers are willing to employ more older workers, in particular older women. The answer depends to a large extent
on the ratio of older individuals’ productivity to their cost to employers. To address this question we tap into a unique
firm-level panel of Belgian data to produce robust evidence on the causal effect of age/gender on productivity and labour
costs. We take advantage of the panel structure to identify age/gender-related differences from within-firm variation. Moreover,
inspired by recent developments in the production function estimation literature, we address the problem of endogeneity of
the age/gender mix, using a structural production function estimator (Olley and Pakes in Econometrica 64(6):1263–1297, 1996; Levinsohn and Petrin in Rev Econ Stud 70(2):317–341, 2003) alongside IV-GMM methods where lagged value of labour inputs are used as instruments. Our results indicate a small negative
impact of larger shares of older men on the productivity-labour cost ratio. An increment of 10%-points of in their share causes
a 0.17–0.69%-point contraction. However, the main result is that the equivalent handicap with older women is larger, ranging
from 1.3 to 2.0%-points. This is not good news for older women’s employability. And the vast services industry does not seem
to offer working conditions that mitigate older women’s disadvantage, on the contrary. 相似文献
11.
Using data covering every child born in California from 1961 to 2000, Fryer and Levitt (2004) find that in the 1960s, the differences in name choices by blacks and whites were relatively small, but that a profound
shift began among blacks in the mid-1970s toward more distinctively black names, especially among blacks in racially isolated
neighborhoods. As an extension of Fryer and Levitt (2004), this study uses data on the names of about 1,300 white children born over the four-year period from 1997 to 2000 and living
in a segment of a Metropolitan Statistical Area in the Deep South, and finds that use of combination first names—largely based
on combinations of single names included among the names of high-end white children from Fryer and Levitt (2004) and Levitt and Dubner (2005)—is significantly more prevalent among high-end white children than it is among low-end white children. Unlike the data described
in Fryer and Levitt (2004), which support an Identity Model wherein distinctively black names result from the Black Power movement that encouraged
blacks to “accentuate and affirm black culture and fight the claims of black inferiority,” the present study suggests that
high-end parents may use the combination first name convention to increase the likelihood of the child’s future success in
various partnership markets, such as dating, marriage and business-partnership markets. 相似文献
12.
In this paper we test the well-known hypothesis of Obstfeld and Rogoff (NBER Macroeconomics Annual 7777:339–390, 2000) that trade costs are the key to explaining the so-called Feldstein–Horioka puzzle. Our approach has a number of novel features.
First, we focus on the interrelationship between trade costs, the trade account and the Feldstein–Horioka puzzle. Second,
we use the gravity model to estimate the effect of trade costs on bilateral trade and, third, we show how bilateral trade
can be used to draw inferences about desired trade balances and desired intertemporal trade. Our econometric results provide
strong support for the Obstfeld and Rogoff hypothesis and we are also able to reconcile our results with the so-called home
bias puzzle.
相似文献
Jacques Melitz (Corresponding author)Email: |
13.
This paper discusses whether the use of credit cards reduces aggregate money holdings in an economy. Applying and modifying
the Baumol-Tobin model (Baumol Quarterly Journal of Economics 66:545–556, 1952 and Tobin Review of Economics and Statistics 38(3):241–247, 1956), it studies how much money a credit card bank would normally maintain to support retail trade, and shows that whether or
not the use of credit cards actually reduces the aggregate demand for money depends on how often consumers visit the bank
and how long it takes to clear a check. With innovations in the banking industry such as ATMs, online banking, and other electric
funds transfer services, the cost of visiting banks (i.e., switching funds between a checkable account and an interest-earning
account) is now very low. For the whole economy, as a result, the use of credit cards may not necessarily reduce aggregate
money holdings. 相似文献
14.
This paper constructs a theoretical model with which to analyze the puzzling links between unemployment and crime rates, described
in the literature. Most theoretical papers on crime, such as Becker Journal of Political Economy 76, 169–217, (1968), Ehrlich Journal of Political Economy 81, 521–565, (1973), and İmrohoroğlu et al. International Economic Review 41, 1–25, (2000), emphasize the analysis of the equilibrium crime rate, dealing with the unemployment rate as an exogenous parameter, but
little attention has been devoted to investigating the influence of the criminal market on the equilibrium unemployment rate
in the labor market and how these markets interact. This paper illustrates how the causes of crime play a crucial role in
the unemployment-crime relationship, wherein different causality result in different associative relationships between unemployment
and crime. The aforementioned conclusion illustrates the theory explaining why the empirical findings related to the unemployment-crime
relationship are mixed and equivocal. Second, this paper describes the diverse origins of crime, in which employed workers
and unemployed workers have different incentives for entering a life of crime. Employed and unemployed workers assume different
opportunity costs by engaging in criminal activities, resulting in different effects on the economy. This explains why crime
rates relative to unemployment rates in different countries could be either procyclical or countercyclical. 相似文献
15.
In this paper we extend the work in Serletis and Shahmoradi (Macroecon Dyn 10:652–666, 2006) by investigating the effects of money growth uncertainty on real economic activity, in the context of a multivariate framework
in which a structural vector autoregression is modified to accommodate multivariate GARCH-in-Mean errors, as in Elder (J Money,
Credit Bank 36:912–928, 2004). The model uses a recursive identification scheme, takes into account the possible interaction between conditional means
and variances, isolates the effects of money growth volatility on output growth, and is able to explicitly model heteroskedasticity.
We use quarterly data for the United States over the period from 1959:1 to 2005:4, provide a comparison among simple-sum,
Divisia, and currency equivalent monetary aggregation procedures at each of the four levels of monetary aggregation—M1, M2,
M3, and MZM—and find evidence that money growth volatility has significant negative effects on output growth. Issues of structural
stability are addressed and sub-sample analysis is performed. Moreover, the robustness of the results to alternative identification
schemes, alternative measures of the level of economic activity, and to the use of monthly observations is also investigated. 相似文献
16.
Estimation of the price-induced welfare effects in vertical and horizontal market settings may prove a tricky task when multiple
price changes are taken into account. Whether a multi-market sequential approach or a single-market approach is used the well-established,
theoretical result suggests that these two partial equilibrium methods are equivalent in terms of implied welfare changes.
This paper develops the methodology to empirically compare these two methods. We estimate the welfare changes to Greek cotton–yarn
producers induced by the simultaneous change in the prices of cotton–yarn and the cost of labor. Results substantiate the
multi-market approach offers more accurate welfare estimates than the single-market approach, in empirical work.
相似文献
Stelios D. KatranidisEmail: |
17.
Mathias Hoffmann 《Open Economies Review》2008,19(2):183-201
The bulk of evidence on the lack of international risk sharing is based on regressions of idiosyncratic consumption growth
on idiosyncratic output growth. This paper argues that the results from such regressions obtained from international data
are, however, not directly comparable to those based on regional data: the standard practice of running such regressions on
international data fails to account for persistent international differentials in consumer prices, whereas—implicitly—most
of the literature based on regional data has accounted for these differences. When risk sharing regressions are set up in
conceptually the same way in international and regional data sets, the estimated coefficients are also very similar. To explore
this result further, we adapt the variance decomposition of Asdrubali et al. (Q J Econ 111:1081–1110, 1996) to allow for deviations from purchasing power parity across countries. While quantity (income and credit) flows are the
dominant channel of risk sharing among regions, relative consumption and output price (internal terms of trade) fluctuations
account for the bulk of the deviation from the complete markets outcome in international data. To the extent that persistent
differences in consumer prices are an indication of goods market segmentation, our findings provide empirical evidence for
the proposition by Obstfeld and Rogoff (NBER Macroeconomics Annual 2000, 2000) that segmented international goods markets rather than asset market incompleteness may account for the (apparent) lack of
risk sharing between countries.
相似文献
Mathias HoffmannEmail: URL: www.iew.uzh.ch/itf |
18.
rangan gupta josine uwilingiye 《The South African journal of economics. Suid-afrikaanse tydskrif vir ekonomie》2008,76(1):16-25
In this paper, we estimate the long‐run equilibrium relationship between money balance as a ratio of income and the Treasury bill rate for the period of 1965:02 to 2007:01, and in turn use the relationship to obtain welfare cost estimates of inflation. Using the Johansen technique, we estimate a log‐log specification and a semi‐log model of the above relationship. Based on the fits of the specifications, we decided to rely more on the welfare cost measure obtained under the log‐log money demand model. Our estimates suggest that the welfare cost of inflation for South Africa ranges between 0.34% and 0.67% of GDP, for a band of 3‐6% of inflation. Thus, it seems that the South African Reserve Bank's current inflation target band of 3‐6% is not too poorly designed in terms of welfare. 相似文献
19.
Chorng-Jian Liu Chao-Cheng Mai Fu-Chuan Lai Wen-Chung Guo 《Atlantic Economic Journal》2010,38(2):209-216
This paper employs Cournot’s (1838) model of complementary goods to analyze the optimal emission taxation under joint and independent ownership with pollution.
When the marginal damage is small (large), an emission taxation is unnecessary (necessary), because the quantity (environmental)
distortion is more serious than the environmental (quantity) distortion. This finding has never been presented in the literature.
In contrast to Cournot (1838), a striking result is that independent ownership may be welfare superior to joint ownership when the marginal damage of
externality is large in the absence of governmental intervention. 相似文献
20.
Yifan Hu 《International Economics and Economic Policy》2006,3(1):27-42
A growing number of countries have anchored their monetary policy to an explicit numerical rate or range of inflation since
such an inflation targeting framework was first adopted by New Zealand in 1989. This paper empirically investigates economic
structure and institutional factors associated with a country’s choice of inflation targeting using a dataset of 66 countries
for the period of 1980–2000. It is found that a sound fiscal position is significantly and positively associated with the
choice of inflation targeting framework; the central bank is more likely to adopt inflation targeting with greater financial
depth; institutional capacity including central bank autonomy and flexible exchange rate regime is important for the choice
of inflation targeting.
相似文献
Yifan HuEmail: |