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1.
Is the monetary policy rule responsive to exchange rate changes? The case of Indonesia,Malaysia, the Philippines,and Thailand 总被引:1,自引:0,他引:1
Yu Hsing 《International Review of Economics》2009,56(2):123-132
Extending Obstfeld and Rogoff (J Econ Perspect 9:73–96, 1995), Ball (Monetary policy rules, University of Chicago Press, pp. 127–144, 1999), Svensson (J Int Econ 50: 155–183, 2000), Taylor (Am Econ Rev 91: 263–267, 2001), Gali and Gertler (J Econ Perspect 21:25–46, 2007), and others, this paper finds that central banks in the Philippines and Thailand respond negatively to the current real
exchange rate and positively to the lagged real exchange rate whereas central banks in Indonesia and Malaysia do not react
to the current or lagged real exchange rate. For the Philippines and Thailand, the null hypothesis that the sum of the coefficients
of the current and lagged real exchange rates is zero cannot be rejected at the 5% level. Central banks in these four countries
respond positively to the inflation rate and the output gap, suggesting that the concept of a simple or an extended Taylor
rule would apply to these countries. Monetary policy reaction functions for Indonesia and Thailand are steeper than those
for Malaysia and the Philippines and would be more responsive to a change in the inflation rate.
相似文献
2.
Nickell et al. (Econ J 115(500):1–27, 2005) argue that unemployment rates cointegrate with labour market institutions in a
panel of OECD countries. This paper replicates their Maddala–Wu panel cointegration test and shows that this test is only
valid when (i) the number of countries tends to infinity and (ii) the underlying country-specific cointegration tests are
independent. Their finding of cointegration does not survive when small sample properties and heterogeneous cross-sectional
dependencies are taken into account.
We acknowledge financial support from the Interuniversity Attraction Poles Program, Belgian Science Policy, contract no. P5/21.
The usual disclaimer applies. 相似文献
3.
Pelikan (J Evol Econ 21:341–366, 2011) develops an interesting conceptual framework that adds to prior work on generalised Darwinism. Despite claims to the contrary
we show that it is similar to the approach developed by Hodgson and Knudsen (J Evol Econ 16(4):343–366, 2006a, J Econ Behav Organ 75(1):12–24, 2010a, b), Aldrich et al. (J Evol Econ 18(5):577–596, 2008) and others. Pelikan also mischaracterises the Hodgson–Knudsen position over Lamarckism. We show why the term is misleading
(rather than strictly wrong) when applied to social evolution. 相似文献
4.
Cook and Ludwig (J Public Econ 90:379–391, 2006) use data on homicide rates and gun prevalence proxies from US counties over the period 1980–19 相似文献
5.
We reconsider necessary and sufficient conditions for dynamic inefficiency given in Zilcha (J Econ Theory 52:364–379, 1990,
J Econ Theory 55:1–16, 1991) and a critique by Rangazas and Russell (2005). First, we show that the characterization given
in Zilcha (1990) for nonstationary economies is correct and correct Zilcha’s proof. Second, using this insight, we complement
Rangazas and Russell’s (Econ Theory 26:701–716, 2005) discussion of the counterexamples to Zilcha (J Econ Theory 55:1–16,
1991). Third, we discuss consequences of our results for applied tests of (in-)efficiency based on the Zilcha criteria.
We would like to thank Itzhak Zilcha, and in particular Peter Rangazas and Steve Russell for detailed and very helpful comments. 相似文献
6.
7.
Alberto Martin 《Economic Theory》2007,31(2):371-386
Dubey and Geanakoplos (Q J Econ 117:1529–1570, 2002) have developed a theory of competitive pooling, which incorporates adverse
selection and signaling into general equilibrium. By recasting the Rothschild–Stiglitz model of insurance in this framework,
they find that a separating equilibrium always exists and is unique.
We prove that their uniqueness result is not a consequence of the framework, but rather of their definition of refined equilibria.
When other types of perturbations are used, the model allows for many pooling allocations to be supported as such: in particular,
this is the case for pooling allocations that Pareto dominate the separating equilibrium. 相似文献
8.
This article provides estimates of price–marginal cost ratios or mark-ups for 50 sectors in eight Euro area countries and
the US over the period 1981–2004. The estimates are obtained applying the methodology developed by Roger (J Polit Econ 103:316–330,
1995) on the EU KLEMS March 2007 database. Five stylized facts are derived. First, perfect competition can be rejected for almost
all sectors in all countries; markup ratios are generally larger than 1. Second, average markups are heterogeneous across
countries. Third, markups are heterogeneous across sectors, with services having higher markups on average than manufacturing.
Fourth, services sectors generally have higher markups in the euro area than the US, whereas the pattern for manufacturing
is the reverse. Fifth, there is no evidence that there is a broad range change in markups from the 1980s to the 1990s. 相似文献
9.
Nicholas C. Yannelis 《Economic Theory》2009,38(2):419-432
We provide several different generalizations of Debreu’s social equilibrium theorem by allowing for asymmetric information
and a continuum of agents. The results not only extend the ones in Kim and Yannelis (J Econ Theory 77:330–353, 1977), Yannelis
and Rustichini (Stud Econ Theory 2:23–48, 1991), but also new theorems are obtained which allow for a convexifying effect
on aggregation (non-concavity assumption on the utility functions) and non-convex strategy sets (pure strategies). This is
achieved by imposing the assumption of “many more agents than strategies” (Rustichini and Yannelis in Stud Econ Theory 1:249–265,
1991; Tourky and Yannelis in J Econ Theory 101:189–221, 2001; Podczeck in Econ Theory 22:699–725, 2003).
To the memory of Gerard Debreu. A preliminary draft was presented in Paris, in April of 2005. I have benefited from the discussion,
comments and questions of Erik Balder, Jean-Marc Bonnisseu, Bernard Cornet and Filipe Martins Da-Rocha and Conny Podczeck.
A careful and knowledgeable referee made several useful comments and rescued me from a mishap. 相似文献
10.
John K. Horowitz 《Environmental and Resource Economics》2009,44(4):475-493
Hotter countries are poorer on average. This paper attempts to separate the historical and contemporaneous components of this
income–temperature relationship. Following ideas by Acemoglu et al. (Am Econ Rev 91(5):1369–1401, 2001), we use colonial mortality
data to account for the historical role of temperature since colonial mortality was highly correlated with countries’ average
temperatures. The remaining income–temperature gradient, after colonial mortality is accounted for, is most likely contemporaneous.
This contemporaneous effect can be used to estimate the consequences of global warming. We predict that a 1°C temperature
increase across all countries will cause a decrease of 3.8% in world GDP. This prediction is robust across functional forms
and an alternative method for separating historical effects. 相似文献
11.
This article re-examines the long-run and short-run determinants of the aggregate residential demand for electricity in Greece
using data spanning the period 1964–2006 and the recently advanced ARDL cointegrating method (Pesaran, J Appl Econ 16:289–326,
2001) that has not been hitherto applied to Greek data. The results of the ARDL method combined with the (Johansen, J Econ
Dyn Control 12:231–254, 1988) cointegration method show the presence of an equilibrium relationship among the variables involved.
These findings may shed new light on the contemplation of more effective energy policies with respect to electricity. 相似文献
12.
Since 1945, both Spain and Portugal have experienced significant market transformations. These countries were both led by
dictators for many years until the mid 1970s when each moved toward more democratic governments and more open markets. As
a result, each experienced significant changes in output with Spain’s becoming a model for proper market based transformations.
Although Portugal’s transformation has been less impressive it experienced improvements too. This paper uses a Parente and
Prescott (J Polit Econ 102(2), 298–321, 1994; 2000) type model to investigate the recent transformations in each of these countries and quantify the extent to which barriers
to technological adoption may have played for these two development experiences. Our results indicate that from 1945 to 2003
these barriers have fallen considerably but remain high, and are somewhat higher in Portugal than in Spain. 相似文献
13.
Truncated distributions commonly arise in economics and related areas, see, for example, Lee (Econ Lett 3:165–169, 1979), Lien (Econ Lett 19:243–247, 1985; Econ Lett 20:45–47, 1986), Burdett (Econ Lett 52:263–267, 1996), Sercu (Insur: Math and Econ 20:79–95, 1997), Abadir and Magdalinos (Econom Theory 18:1276–1287, 2002), and Horrace (J Econom 126:335–354, 2005). In this note, we consider the most commonly encountered truncated distributions with heavy tails: the truncated t distribution and the truncated F distribution. For each of these distributions, we derive explicit expressions for the moments and estimation procedures by
the method of moments and the method of maximum likelihood. An application is illustrated to a popular data set in the econometric
literature.
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14.
Silviano Esteve-Pérez Amparo Sanchis-Llopis Juan A. Sanchis-Llopis 《Empirical Economics》2010,38(2):281-304
Firms may exit the market in several ways and each form of exit is likely to be caused by different factors (Schary in RAND
J Econ 22:339–353, 1991). This paper explores the determinants of different exit routes. Using a sample of Spanish manufacturing
firms for 1990–2000, we estimate a competing risks proportional hazards model to identify the factors leading firms to exit
the market through (the mutually precluding events of) liquidation/bankruptcy and acquisition/merger. Our results show the
existence of a sharp difference between the determinants of these two exit routes in terms of firm and industry characteristics. 相似文献
15.
Harutaka Takahashi 《Economic Theory》2008,37(1):31-49
I will study a multi-sector endogenous growth model with general constant returns to scale technologies and demonstrate the
existence, uniqueness and the saddle-path stability of the balanced growth equilibrium. I will first demonstrate the existence
of a balanced growth equilibrium, by showing that the balanced growth rate associated with the balanced growth equilibrium
is solely determined by solving a Frobenius root problem of the price equations derived from the Euler equations and the property
of the nonsubstitution theorem. Then I will show the saddle-path stability of the balanced growth equilibrium without any
capital intensity conditions, which is a generalized property proved in the two-sector endogenous growth models by de Guevara
et al. (J Econ Dyn Control 21, 115–143, 1997), Bond et al. (J Econ Theory 68, 149–173 1996) and Mino (Int Eco Rev 37, 227–251
1996). The theorem clearly implies that the balanced growth equilibrium has a transition path in the neighborhood of the balanced
growth equilibrium.
The paper was presented at the conferences “Irregular Growth: Beyond Balanced Growth” held on June 19–21, 2003 in Paris and
“Economic Growth and Distribution: On the Nature and Causes of the Wealth of Nations” held on June 16–18, 2004 in Lucca, Italy.
From the discussion with Alain Venditti at CNRS-GREQAM, Gerhard Sorger at University of Vienna and the conference participants,
I have been benefited much by writing this paper. Especially Alain Venditte had given me a chance to take a look at his unpublished
paper titled ” Indeterminacy and the Role of Factor Substitutability” jointly written with Kazuo Nishimura at Kyoto University
and published in Macroeconomic Dynamics, Vol. 8. The author also would like to thank an anonymous referee for useful suggestions. 相似文献
16.
Horst Feldmann 《Journal of Regulatory Economics》2008,33(2):201-235
Using data from 74 industrial, developing and transition countries for the years 2000–2003, this paper analyzes empirically
whether and to what extent anticompetitive business regulations affect the performance of the labor market. According to the
regression results, they appear to increase unemployment rates and lower employment rates. It seems that they particularly
worsen the employment situation of young people. Our results are robust to variations in specification.
相似文献
17.
In this paper, we give an example in which the price of tradable emission permits increases despite firms’ adoption of less
polluting technology, a result that is in contrast with Montero (J Environ Econ 44:23–44, 2002) and Parry (J Regul Econ 14:229–254,
1998), among others. If two Cournot players switch to a cleaner technology, the price for permits may increase due to an increase
in the net demand for permits and a decrease in the net supply of permits after the clean technology is adopted. This is only
the case when output demand is quite elastic. 相似文献
18.
Konrad Podczeck 《Economic Theory》2009,38(2):399-418
This paper presents new methods to obtain purification results for continuum games, which don’t make use of the “many more
players than strategies” assumption (Yannelis in Econ Theory (in press) 2007) or of Loeb spaces (Loeb and Sun in Illinois
J Math 50, 747–762, 2006). The approach presented doesn’t use nonstandard analysis; it is based on standard measure theory
and in particular on the super-nonatomicity notion introduced in Podczeck (J Math Econ (in press) 2007).
Thanks to Erik Balder, Peter Loeb, Yeneng Sun, and Nicholas Yannelis for helpful comments. 相似文献
19.
Adriaan Kalwij 《Empirical Economics》2010,38(2):429-456
This paper examines the relationship between the business cycle and individuals’ duration in unemployment. I use multi-spell
unemployment duration data of British males and monthly series of regional vacancies over unemployment, referred to as labour
market tightness, to control for the business cycle. In line with most previous studies I find that the observed negative
duration dependence on an aggregate level is explained by both sorting and strong negative individual duration dependence,
and that the individual hazard of leaving unemployment increases with labour market tightness. The new empirical findings
emerge from the interactions between individual duration dependence and the business cycle. Individual heterogeneity, and
in particular the variation over the business cycle in the composition of the newly unemployed, explains most of the systematic
variation over the business cycle in duration dependence on an aggregate level. Individual duration dependence does not vary
over the business cycle in a way that would lend support to the predictions concerning this of the matching model of Lockwood
(Rev Econ Stud 58:733–753, 1991) or the ranking model of Blanchard and Diamond (Rev Econ Stud 61:417–434, 1994). 相似文献
20.
This paper studies the optimal pricing of a two-sided monopoly platform when one side is affected by congestion. We show that
the divide-and-conquer pricing strategy (or skewed pricing) depends not only on the relative magnitude of the sides’ price
elasticities of demand but it also depends on the marginal congestion cost that an agent imposes on the others. Compared with
the no-congestion case, this pricing strategy gives rise to some interesting features that violate the results of Rochet and
Tirole (J Eur Econ Assoc 1:990–1029 in 2003, Rand J Econ 37:645–667 in 2006). In the case of equal price elasticities of demand, the no-congested side is charged the highest price. On the other hand,
in the case of different price elasticities, the platform congestion pricing depends on a certain threshold of the marginal
congestion cost. We show, under some conditions, that the divide-and-conquer pricing strategy is reversed. In the social context,
the Rochet and Tirole’s (J Eur Econ Assoc 1:990–1029 in 2003) cost allocation condition is modified by the congestion cost. We show that the congestion does not only affect the buyers’
contribution to the sellers’ surplus, but it also affects the sellers’ contribution to the buyers’. 相似文献