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In this paper we analyze the validity of the purchasing power parity (PPP) in a nonlinear framework using data for 18 bilateral
US dollar exchange rates. Following Enders and Ludlow (2002), we use unit root and cointegration tests that do not assume a specific nonlinear adjustment. We find evidence of non-linear
mean reversion in deviations from the PPP equilibrium in 11 out of 18 currencies. Additionally, to disentangle the respective
contribution of exchange rate and prices to the adjustment toward the long run equilibrium, we estimate a Vector Error Correction
Model. According to our empirical analysis, there exists a nonlinear mechanism to correct for deviation from the PPP equilibrium
that comes mainly from the exchange rates. This is consistent with theoretical arguments on international goods markets under
transaction costs as well as with an emerging strand of empirical literature. These results highlight the importance of neglecting
the possibility of nonlinearity in the debate about the PPP and provide empirical evidence that supports the scenario of the
PPP hypothesis as a reality. 相似文献
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Darwin BondGraham 《The Review of Black Political Economy》2011,38(4):279-309
Most accounts of organized philanthropy’s response to the Katrina disaster portray foundations as either providing critical
resources in the absence of federal, state, and municipal leadership, or as mildly ineffective and uncommitted grantmakers
with little understanding of local nonprofit and community needs. Through an in-depth case study of the three largest regional
foundations and two largest foundations established as a direct response to Hurricane Katrina, I examine the overall role
of philanthropy in the post-Katrina New Orleans, including the history, leadership, grantmaking practices, and ideology of
the largest and most influential foundations. Far from being saviors in the absence of state leadership, nor bumbling and
ineffective grantmakers, it is shown that dominant foundations and major NGOs have proven very effective in leading the local
growth coalition’s opportunistic response to the disaster. 相似文献
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Bryan Caplan 《Quarterly Journal of Austrian Economics》2003,6(3):77-83
Conclusion Contrary to Block, the synthetic a priori has little to do with our dispute. My critique of the Austrians is not that their methods are “unscientific,” but that their
most distinctive positions are false or overstated. Yet Block’s latest reply does inadvertently make Austrian economics more
reasonable. If synthetic a priori claims vary in degree of probability, they can no longer be treated as scientifically superior to empirical claims. Furthermore,
while empirically testing absolutely certain synthetic a priori claims is pointless, empirically testing uncertain synthetic a priori claims is not.
As is often the case with Austrians, Block is better at criticizing neoclassicals than he is at producing a sound alternative.
He is right that most economists do not practice the logical positivism that they preach. He is also correct to maintain that
logical positivism is mistaken. However, both of these problems can be resolved if neoclassical economists themselves adopt
the Bayesian model of belief formation that they routinely apply to everyone else. 相似文献
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This paper examines inequalities between white and black and brown populations in Brazil within occupations that require university degree. The main result confirms that once reached the university degree, blacks/brown usually obtain smaller but comparable income to that of whites. Although some racial discrimination in labor market may exist, such result corroborates other studies that identify schooling differentials as the main reason for the high income inequality found in Brazil. 相似文献
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Tax evasion as a<Emphasis Type="Italic">de facto</Emphasis> vote of disapproval of PAC contributions
Richard J. Cebula 《Atlantic Economic Journal》2003,31(4):338-347
In this study, it is hypothesized that higher (rising) real PAC election campaign contributions may lead the public to increasingly
distrust and resent politicians because of the perceived political influence that these contributions exercise. It is further
hypothesized that to express that distrust and resentment, the public may make greater efforts to evade income taxation so
as to deny tax revenues to the Treasury and “influence-peddling” politicians. Instrumenatal Variable (IV) estimates in first
differences that allow for income tax rates, IRS audit rates, IRS penalty assessments on detected unreported income, and the
public's dissatisfaction with government per se, find strong, albeit only preliminary, empirical evidence that tax evasion
is an increasing function of real PAC election campaign contributions.
The author is indebted to Jim Alm, Mike McKee, Joel Slemrod, and Thomas Stratmann and to the University of Miami Economics
Seminar faculty and the University of Nevada, Las Vegas Economics Seminar faculty for ideas and helpful comments. 相似文献
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Harmen Verbruggen 《De Economist》2005,153(2):227-230
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