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1.
We present an analysis of the determinants of de jure and de facto exchange rate regimes based on a panel probit model with
simultaneous equations. The model is estimated using simulation-based maximum likelihood methods. The empirical results suggest
a triangular structure of the model such that the choice of de facto regimes depends on the choice of de jure regimes but
not vice versa. This gives rise to a novel interpretation of regime discrepancies.
相似文献
Jizhong ZhouEmail: |
2.
Fabio Rumler 《Open Economies Review》2007,18(4):427-451
This paper extends the existing literature on the open economy New Keynesian Phillips Curve by incorporating three different
factors of production, domestic labor and imported as well as domestically produced intermediate goods, into a general model
which nests existing closed economy and open economy models. The model is estimated for nine euro area countries and the euro
area aggregate. We find that the general specification of our model improves the fit of the New Keynesian Phillips Curve considerably
compared to the closed economy specification. The estimates of the structural parameters of the model suggest strong heterogeneity
in the degree of price rigidity across euro area counties. Furthermore, we find the degree of price rigidity to be systematically
lower in the open economy specification than in the closed economy specification and also lower than in the general specification
of our model.
相似文献
Fabio RumlerEmail: |
3.
Non-traded Goods,Technical Progress and Wages 总被引:2,自引:0,他引:2
We use a general equilibrium model of trade to show that technical improvement may indeed cause a fall in the wages of unskilled
workers. Under some modest conditions, the wages of skilled workers may go down too.
相似文献
Reza OladiEmail: |
4.
FDI and the relevance of spatial linkages: do third-country effects matter for Dutch FDI? 总被引:2,自引:0,他引:2
The aim of this paper is to test for the relevance of spatial linkages for Dutch (outbound) foreign direct investment (FDI).
We estimate a spatial lag model for Dutch FDI to 18 host countries. After controlling for fixed effects, we find for our sample
period 1984–2004 that third-country effects matter. Apart from our benchmark spatial lag model, we also estimate various alternative
models by looking at European host FDI countries only, by dividing FDI into industry and services FDI, and by estimating a
spatial error model.
相似文献
Harry GarretsenEmail: |
5.
Policy coordination in East Asia and across the Pacific 总被引:1,自引:1,他引:0
In this paper, we construct a macro-econometric model that describes the economic activity in the Asia-Pacific area and provide
quantitative insights into the recent policy debates on monetary and currency coordination among the East Asian economies.
The model includes a wide variety of monetary and currency policy rules that the East Asian economies adopt and allows for
one country's policymaking to have substantial effects on foreign countries. We apply the model to three current policy issues:
(1) the desirability of currency basket pegs in East Asia, (2) the anticipated effects of China's currency policy reform,
and (3) the non-negativity constraint on Japanese nominal interest rates. The simulation analyses show the external economy
effects of policy rules quantitatively and suggest the difficulty of monetary and currency policy coordination among the East
Asian economies.
相似文献
Koichiro Kamada (Corresponding author)Email: |
Izumi TakagawaEmail: |
6.
The purpose in this note is first to review briefly the empirical results on the relationship between real interest rates
and real exchange rates; this empirical literature provides little support for the hypothesis of Roll that expected real interest
rates are equal in general. Our second aim is to discuss the theoretical conditions that have to be met for his hypothesis
to hold.
相似文献
David PeelEmail: |
7.
Manjong Lee 《Open Economies Review》2008,19(1):21-42
Previous studies that compare a uniform money with separate monies used models in which money is the only asset and in which
individuals hold either zero or one unit of money. Here, the comparison is made using a model in which money coexists with
a higher-return asset and in which individuals are permitted to hold richer portfolios of assets. The results show that a
general conclusion is not possible. A uniform money has a higher expected utility than do separate monies in many examples.
However, when the discount on bonds and uncertainty about the nationality of the trading partner are sufficiently high, then
there are examples in which separate monies are better.
相似文献
Manjong LeeEmail: |
8.
Ricardo Coelho de Faria Raul Yukiro Matsuhita Jorge Madeira Nogueira Benjamin Miranda Tabak 《Atlantic Economic Journal》2007,35(4):451-462
This paper shows that we can improve the statistical efficiency of dichotomous choice contingent valuation surveys by asking
a second open question (anchored open-ended approach) instead of the traditional double-bounded approach. The former approach
is shown to be more efficient than conventional single and double-bounded approaches using a Monte Carlo experiment, even
when we allow for strategic behavior from respondents such as protest votes and yea-saying behavior.
相似文献
Benjamin Miranda Tabak (Corresponding author)Email: |
9.
Political regime and FDI from advanced to emerging countries 总被引:1,自引:0,他引:1
We investigate the effect of the political regime on bilateral FDI flows from advanced to emerging countries in the period
1992–2004. We control for country size, per capita income and privatization proceeds in the host country, and use a random-effect
Tobit model to exploit information from zero entries. Our results suggest that democracy does have a positive effect on the
amount and probability of FDI flows from developed to emerging countries. Moreover, we find that the effect of democracy on
FDI also works through the total factor productivity channel, not only the political risk one as suggested in the literature.
相似文献
Stefano ManzocchiEmail: |
10.
This paper contributes to the ongoing debate on the causes of international co-movements of macroeconomic variables. In particular,
existing real business cycle models predict cross-country consumption correlations to be higher than in the actual data, cross-country
output correlations to be lower than in the actual data, and cross-country consumption correlations to be relatively higher
than the output correlations. We show that cross-country correlations of consumption, investment, employment and output predicted
by a standard international real business cycle model are highly sensitive to the share of capital goods in total trade. Our
calibrated model shows that when capital goods account for a share of total traded goods greater than 50%, the apparent discrepancy
between the data and the simulations is resolved.
相似文献
Thomas P. BarbieroEmail: |
11.
In a fixed exchange rate regime, an exchange rate change can be a swift way to change the real exchange rate in the short
run. Fiscal policy also affects relative prices, and fiscal policy response to various types of shocks can therefore be crucial
for the credibility of an exchange rate peg. We develop a model within which fiscal policy plays a crucial role for ensuring
the viability and thus credibility of an exchange rate peg. We use the insights of this model to take a closer look at Denmark,
which has successfully pursued a fixed exchange rate policy since 1982.
相似文献
Torben M. AndersenEmail: |
12.
Santiago Budría 《Atlantic Economic Journal》2008,36(3):261-274
This paper explores asset returns in a production economy with habit forming households. We show that a model with capital
adjustment costs and relative habits is consistent with salient financial facts, such as the equity premium, the market price
of risk, and the riskfree interest rate. These predictions are not at odds with good business cycle predictions. In the model,
economy investment is strongly procyclical and more volatile than output, which in turn is more volatile than consumption.
Moreover, consumption growth is positively autocorrelated and negatively (positively) correlated with future (past) stock
returns.
相似文献
Santiago BudríaEmail: |
13.
A particular weakness of the education production function literature is that production is measured after a long series of
treatments have been administered and reflects the effects of aggregation. This study meets a need to extend the perspective
of this literature to a disaggregated view. We directed our inquiry toward a traditional set of production stages: the reading
assignment, the lecture, after the lecture study and preparation for the exam. Our experimental design was constructed to
measure student performance before and after each stage of production. We found that production varied significantly across
stages. The reading assignment and lecture stages were productive. The post lecture stage exhibited negative but insignificant
productivity. The test preparation stage also exhibited negligible productivity.
相似文献
Robert G. Houston Jr. (Corresponding author)Email: |
14.
This paper studies to what extent the diversity of exchange rate regimes within Mercosur exerts an influence on the feasibility
of a monetary union in this area. A semi-structural vector autoregression model is built for each country, including a set
of international and domestic variables. Based on impulse response functions and forecast error decomposition, we conclude
that differences in exchange rate regimes explain significantly the divergences of economic dynamics triggered by foreign
or domestic shocks. Second, we decompose the structural innovations generated by each country model into unobservable common
and idiosyncratic components, using a state-space model. This last exercise, intended to assess the degree of policy coordination
between the Mercado Común del Sur members, did not disclose any common component for the structural innovations generated
by the three national models.
相似文献
Alain Sand-Zantman (Corresponding author)Email: |
15.
In a globalised world economy, global factors have become increasingly important to explain trade flows at the expense of
country-specific determinants. This paper shows empirically the superiority of direct forecasting methods, in which world
trade is directly forecasted at the aggregate levels, relative to “bottom-up” approaches, where world trade results from an
aggregation of country-specific forecasts. Factor models in particular prove rather accurate, where the factors summarise
large-scale datasets relevant in the determination of trade flows.
相似文献
Stephane DeesEmail: |
16.
Sowing the seeds for the subprime crisis: does global liquidity matter for housing and other asset prices? 总被引:1,自引:0,他引:1
Ansgar Belke Walter Orth Ralph SetzerJr. 《International Economics and Economic Policy》2008,5(4):403-424
We assess the relationship between global liquidity and two important classes of asset prices on a global scale. For this
purpose, we estimate a variety of VAR models for the global economy using aggregated data which represent the major OECD countries.
According to the impulse responses obtained a positive shock to global liquidity raises the global house price index and later
on via commodity prices also the global GDP deflator to the same extent. Hence, we conclude that there are subsequent spill-over
effects from house prices to the overall price level. However, we are not able to find any empirical evidence in favor of
the hypothesis that stock prices significantly react to changes in global liquidity.
相似文献
Ralph Setzer Jr.Email: |
17.
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: |
18.
This study analyzes how auction, seller, and product factors influence the price premium in an eBay used car auction market.
In auctions with at least one bid, the reputation of the seller, title status, and the time the auction ended influenced the
price premium on the highest bid. For auctions that resulted in a sale, cars with clear title and dealers were able to secure
significantly greater price premiums, but seller reputation had no significant effect. Using a binary logit model, cars had
a greater probability of selling if the seller had a better reputation. The quality of the presentation and number of pictures
did not enhance the price premium in any of the models.
相似文献
Cynthia Benzing (Corresponding author)Email: |
19.
Suryadipta Roy 《Atlantic Economic Journal》2007,35(3):303-314
Using data from the National Survey on Drug Use and Health, evidence of income inferiority in illegal drug consumption is
presented. This is done by estimation of binary choice probit models with endogenous regressors. The endogeneity of income
with regard to drug consumption is considered and the more efficient three-stage least squares procedures have been implemented.
In general, the results indicate that accounting for endogeneity improves results on income inferiority with regard to drug
consumption. An implication of this study is that some form of income distribution policies towards the poor might be more
effective in controlling substance abuse. It also points out the regressive nature of the government’s substance abuse program.
相似文献
Suryadipta RoyEmail: |
20.
Testing a Model of the UK by the Method of Indirect Inference 总被引:1,自引:1,他引:0
We use the method of indirect inference to test a full open economy model of the UK that has been in forecasting use for three
decades. The test establishes, using a Wald statistic, whether the parameters of a time-series representation estimated on
the actual data lie within some confidence interval of the model-implied distribution. Various forms of time-series representation
that could deal with the UK’s various changes of monetary regime are tried; two are retained as adequate. The model is rejected
under one but marginally accepted under the other, suggesting that with some modifications it could achieve general acceptability
and that the testing method is worth investigating further.
相似文献
Patrick MinfordEmail: |