排序方式: 共有18条查询结果,搜索用时 71 毫秒
1.
Michalis Nikiforos 《Journal of post Keynesian economics》2018,41(4):659-675
AbstractThe article discusses the Sraffian Supermultiplier (SSM) approach to growth and distribution. It makes 5 points. First, in the short run, the role of autonomous expenditure can be appreciated within a standard post Keynesian framework (Kaleckian, Kaldorian, Robinsonian, etc.). Second, and related to the first, the SSM model is a model of the long run and has to be evaluated as such. Third, in the long run, one way that capacity adjusts to demand is through an endogenous adjustment of the rate of utilization. Fourth, the SSM model is a peculiar way to reach what Garegnani called the “second Keynesian position.” Although, it respects the letter of the “Keynesian hypothesis,” it makes investment quasi-endogenous and subjects it to the growth of autonomous expenditure. Fifth, in the long run it is unlikely that “autonomous expenditure” is really autonomous. From a stock-flow consistent point of view this implies unrealistic adjustments after periods of changes in stock-flow ratios. Moreover, if we were to take this kind of adjustment at face value, there would be no space for Minskyan financial cycles. This also creates serious problems for the empirical validation of the model. 相似文献
2.
Nikiforos T. Laopodis 《The Quarterly Review of Economics and Finance》2009,49(2):633-650
This paper examines the extent to which fiscal policy actions affect the stock market's behavior for the US during 1968–2005. The findings are consistent with the hypothesis that past budget deficits negatively affect current stock returns thus suggesting that the market is inefficient with respect to information about future fiscal policy actions. One interpretation of this ‘disturbing’ result is that market participants do not place much faith on news about the budget deficits as they do not believe that deficits could adversely impact the stock market. Instead, what the market considers most important is news about monetary policy. 相似文献
3.
Nikiforos T. Laopodis 《Review of Quantitative Finance and Accounting》2010,35(3):271-293
This paper examines the dynamic linkages between the federal funds rate and the stock market during the 1970–2004 period using
the VAR methodology. We detected a disconnection between Fed actions and market responses in the 1990s relative to the 1970s
and 1980s. Upon further analyses, we observed asymmetric effects of monetary policy actions on the stock market and that such
actions were more turbulent during bear markets than bull markets. Overall, our results appear to suggest that there was consistent
dynamic relationship between the conduct of monetary policy and the corresponding behavior by the stock market during the
last three decades. 相似文献
4.
Nikiforos T. Laopodis 《Journal of Economics and Finance》2000,24(2):160-177
This paper investigates the implications for monetary policy from the increasing integration of capital markets using interest
rates. The methodology is a multivariate EGARCH model, which captures the spillover mechanism across markets. The results
indicate that since 1990 there have been stronger volatility linkages among markets. Evidence that globalization has influenced
the behavior of interest rates is suggested from the way disturbances in a market spill over to other markets, thereby affecting
the monetary policy conduct in all markets. As investors now have more information about global bonds, their concerted actions
generate more volatility as they continuously rebalance their portfolios. 相似文献
5.
Nikiforos T. Laopodis 《International Review of Financial Analysis》2005,14(4):455-476
This paper investigates the possibility of cointegration between the United States and 11 European equity markets before and after the convergence period of 1995. The results indicate that during the preconvergence and postconvergence periods, some country groups, with and without the US equity market, exhibited cointegration while others did not. For the European Union markets, however, at least one cointegrating vector emerged in either period, but no cointegration among them surfaced during the Euro introduction period of 1999. These results suggest that a US investor can still benefit from country diversification within the European Union markets. 相似文献
6.
Michalis Nikiforos 《Journal of post Keynesian economics》2016,39(4):562-592
The article presents a demand-driven model, where the saving rate of households at the bottom of the income distribution becomes the endogenous variable that adjusts for full employment to be maintained over time. An increase in income inequality and the current account deficit and a consolidation of the government budget lead to a decrease in the saving rate of the household sector. Such a process is unsustainable because it leads to an increase in the debt-to-income ratio of the households and its maintenance depends on some kind of asset bubble. This framework allows us to better understand the factors that led to the Great Recession in the United States and the dilemma of the present and the future regarding a repeat of this unsustainable process or secular stagnation. 相似文献
7.
Nikiforos Stamatiadis Giovanni Puccini 《International journal of injury control and safety promotion》2013,20(3):165-173
Over the past decades, the Southeast United States has been experiencing consistently higher fatality crash rates compared to other regions of the country. This region also has lower median household incomes, higher percentages of the population below poverty levels, higher percentage of the area classified as rural, and lower percentages of high school completion and university attainment. It is then possible to hypothesize that accident involvement could be affected by these types of socioeconomic characteristics. The objectives of this study were to identify potential socioeconomic factors that could correlate and contribute to the higher fatality crash rates in the Southeast. Driver and vehicle characteristics from the FARS database were related to socioeconomic and demographic Census variables. Crash rates were obtained using the quasi-induced exposure methodology for single- and multi-vehicle crashes. The results show that these socioeconomic characteristics have an impact on single-vehicle crashes but have no statistically significant impact on multi-vehicle crash rates. 相似文献
8.
This article investigates whether the German Dominance Hypothesis is valid within the context of nominal short-term interest rates. The approach taken to address this hypothesis is based on the notion that German interest rates should convey valuable information to other countries' rates or that there exist significant multidirectional volatility spillovers from the Bundesbank to other nations' central banks. These transfers can be analyzed within a multivariate framework of an Exponential GARCH model capable of capturing the potential asymmetries of the volatility spillover mechanism. The results, basically, do not support the idea of a German predominance within the system, in a strict sense, since Germany's rates are also affected, for the most part, by actions from its partners. 相似文献
9.
A structural VAR model, with stock prices, real economic activity, a short-term interest rate and inflation, was applied to four European countries to investigate whether economic fundamentals play an important role in their national stock markets. The analysis considers the pre- and post-Euro introduction periods. In general, the results suggest a breakdown in the relationship between real economic activity and real stock returns during the post-Euro period. Second, impulse response analyses reveal that (shocks by) fundamental variables still influence somewhat real stock returns for some countries but the extent and nature of their impact differ among countries in the post-Euro period. Finally, an examination of equity risk premiums corroborates the above findings and, overall, they may be interpreted as the equity markets having a mind of their own, disconnected from the fundamentals and that they are significantly affected by foreign rather than country-specific forces. 相似文献
10.
Nikiforos T. Laopodis 《Fiscal Studies》2012,33(4):547-570
This paper examines the dynamic linkages among the federal budget deficit, interest rates and the stock market for the United States from 1960 to 2006. The empirical strategy includes vector autoregression (VAR) and Granger causality analyses. The results suggest that budget deficits negatively impact upon stock returns, which implies a violation of the Ricardian Equivalence Proposition. Further analysis shows a higher sensitivity of stock returns to corporate taxes than to public spending. Finally, it is shown that although taxes are relevant for corporate profits in the short run, budget deficits are important for the stock market in the long run. 相似文献