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Jonathan L. Willis 《Journal of Applied Econometrics》2006,21(3):337-344
This paper examines price adjustment behaviour in the magazine industry. In a frequently cited study, Cecchetti ( 1986 ) constructs a reduced‐form (S, s) model for firms. Cecchetti assumes that a firm's pricing rules are fixed for non‐overlapping three‐year intervals and estimates the model using a conditional logit specification from Chamberlain ( 1980 ). The estimates are inconsistent, however, due to the duration‐dependent specification of the model. Two alternative specifications are used to obtain consistent estimation. The consistent estimates continue to provide strong evidence in favour of state‐dependent pricing models, but only weak evidence on the behaviour of price adjustment costs. Copyright © 2006 John Wiley & Sons, Ltd. 相似文献
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《International Journal of Forecasting》1988,4(3):421-426
Previous research into forecasts of market prices has shown that sophisticated forecasts are futile for many markets. This paper reviews recent research and identifies those markets for which non-trivial forecasts can lead to profitable decisions. Particular attention is given to futures and options markets and to the application of non-linear time series models. 相似文献
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Charles Ka Yui Leung Song Shi Edward Chi Ho Tang 《Regional Science and Urban Economics》2013,43(6):875-887
This paper studies how commodity price movements have affected the local house prices in commodity-dependent economies, Australia and New Zealand. We build a geographically hierarchical empirical model and find that the commodity prices influence local house prices directly and also indirectly through macroeconomic variables. The impacts of commodity price changes are analogous to “income shocks” rather than “cost shocks”. Regional heterogeneity is also observed in terms of differential dynamic responses of local house prices to energy versus non-energy commodity price movements. The results are robust to alternative approaches. Directions for future research are also discussed. 相似文献
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《Economic Outlook》2014,38(2):53-54
Consumer spending had propelled the economic recovery through 2013 despite average earnings continuing to decline in real terms. But falling inflation and a steady uptick in earnings growth have meant that real wages have headed back into positive territory once more. With additional support from gains in employment, the foundations of the consumer recovery look increasingly secure… 相似文献
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A bstract This note seeks to explore one of the factors affecting a consumer who is faced with a price increase. We are also interested in the consumer as a supplier of labor services who is faced with an increase in offered wages. In both cases we postulate a less than instantaneous response to market change, which phenomenon we term an inertial interval. Note is taken of previous work by Armen A. Alchian relating time and elasticity. The present emphasis on consumer inertia is said not to be inconsistent with Alchian's view.
The factors affecting consumer (and producer) inertia are referred to in general terms as habit and sensitivity to peer pressure, thus opening the discussion to psychosocial investigation of the behavior in question. 相似文献
The factors affecting consumer (and producer) inertia are referred to in general terms as habit and sensitivity to peer pressure, thus opening the discussion to psychosocial investigation of the behavior in question. 相似文献
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《Economic Outlook》2013,37(3):47-48
The consumer recovery has surprised on the upside over the past eighteen months. It has been underpinned by a pickup in real income growth, driven by strong job creation, lower inflation and the generous uprating of social benefits… 相似文献
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《The Quarterly Review of Economics and Finance》1999,39(1):1-19
We examine movements in aggregate UK stock prices by decomposing the variance of unexpected real stock returns into components due to revisions in expectations of future dividends, discount rates, and the covariance between the two. The contribution of news about future discount rates is about four times that of news about future dividends, with no significant covariance between them. Our analysis of excess returns uncovers a positive covariance between news about dividends and news about real interest rates. Since these two elements have opposite effects on current stock prices, their combined effect is negligible. Persistence in expected returns, as well as predictability, are found to be important in explaining stock price movements. 相似文献
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《Economic Outlook》2014,38(1):57-58
The consumer was the key driver of the UK recovery during 2013; we estimate that consumer spending accounted for 1.4 percentage points of the 1.9% GDP growth achieved last year… 相似文献
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The aim of this paper is to explore the potential asymmetric impacts of positive and negative shocks in crude oil prices on stock prices in six major international financial markets which include China, Hong Kong, America, Japan, Britain, and Germany. We test for these asymmetric effects on 8 major international financial markets indices over the 2007M01–2020M03 periods. Our independent measures include the prices of Brent crude oil futures and West Texas Intermediate (WTI) futures. We use the nonlinear ARDL (NARDL) model proposed by Shin et al. (2014), which can capture both short- and long-run nonlinearities through positive and negative partial sum decompositions of the explanatory variables. This research finds that positive and negative fluctuations of oil price have asymmetric effects on stock price index in four financial markets, but the performance of the asymmetry is different. Specifically, the impacts of volatility in oil prices on two indices of Chinese stock prices are different, and the asymmetric effects of oil price volatility on stock price indices in China and other financial markets are significantly different. 相似文献
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《Economic Outlook》2013,37(4):47-48
Consumer spending has expanded consistently for seven quarters. The initial momentum in 2012 came from a pickup in real income growth, driven by strong job creation, lower inflation and the generous uprating of social benefits. This momentum appears to have stalled in 2013H1, although the picture is complicated by higher earners having delaying income to take advantage of the reduction in the top rate of income tax from 50% to 45%. Yet despite the slowdown in real incomes, spending has held up because confidence has improved and households have reduced their precautionary saving; the savings ratio fell back from 6.8% in 2012 to average 5.2% in 2013H1… 相似文献
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消费主义诞生于欧美资本主义国家,它的发展前期极大地刺激了生产,促进了经济的发展。但出于资本无限增值的需要而一味地刺激消费,无疑使消费走进了"大峡谷",越来越频繁爆发的经济危机、生态危机已经对人类的贪婪发出了预警。消费者的自我启蒙被提上了日程。 相似文献