共查询到20条相似文献,搜索用时 31 毫秒
1.
Caroline Schmidt 《Open Economies Review》2007,18(3):347-367
In this paper, it is argued that the observed high positive correlation between national savings and investment which is found
in the data can in part be explained by shocks to monetary policy. This hypothesis, which is established by reviewing some
empirical findings, is tested in a two-country DSGE-model framework in the tradition of the New Open Economy Macroeconomics.
The simulation results obtained support the idea that shocks to monetary policy might contribute to the explanation of the
Feldstein-Horioka puzzle.
相似文献
Caroline SchmidtEmail: |
2.
Linda Loubert 《The Review of Black Political Economy》2008,35(1):31-41
Much debate from many political sides has ensued to raise attention to the struggle state legislatures face over school finance
issues. This study examines the changes in academic achievement, before and after increases in funding occur, to show that
money does matter. The uniqueness of this study is that it examines per pupil funding and academic achievement test scores,
Texas Assessment of Academic Skills (TAAS), not at the aggregated school district level, but at the neighborhood school level.
Using data from Dallas County public schools, we are able to see that even within school districts, as resources increase,
achievement improves.
相似文献
Linda LoubertEmail: |
3.
Martyn Andrews Lutz Bellmann Thorsten Schank Richard Upward 《Review of World Economics》2009,145(2):293-317
We provide the first estimates of the effect of foreign ownership on wages in Germany, controlling for the observed and unobserved
characteristics of workers and plants. We also test whether the wage gains from joining a foreign-owned firm are subsequently
lost when leaving that firm, and we examine whether wage gains vary across the sample. We find large selection effects in
terms of worker and plant components of wages. Once the selection effect is taken into account, the takeover effect is small
and in some cases insignificantly different from zero.
相似文献
Richard UpwardEmail: |
4.
Marcel Mérette Evangelia Papadaki Jorge Hernandez Yu Lan 《Atlantic Economic Journal》2008,36(2):195-209
In this paper, we develop a computable general equilibrium (CGE) model to shed quantitative light on the implications of a
scenario of deeper economic integration between Canada and the United States, where the barriers for foreign direct investment
are preferentially eliminated. Our model distinguishes between the activities of domestic and foreign-owned firms at the microeconomic
level, both in terms of demand and production characteristics. Overall our findings suggest that further investment liberalization
between the two countries will accelerate the shaping of Canada’s industrial structure, as manifested by recent trends.
相似文献
Yu LanEmail: |
5.
This paper estimates the magnitude of the Balassa-Samuelson effect for Greece. We calculate the effect directly, using sectoral
national accounts data, which permits estimation of total factor productivity (TFP) growth in the tradeables and nontradeables
sectors. Our results suggest that it is difficult to produce one estimate of the BS effect. Any particular estimate is contingent
on the definition of the tradeables sector and the assumptions made about labour shares. Moreover, there is also evidence
that the effect has been declining through time as Greek standards of living have caught up on those in the rest of the world
and as the non-tradeables sector within Greece catches up with the tradeables.
相似文献
Jim MalleyEmail: |
6.
Arslan Razmi 《Review of World Economics》2009,145(2):361-372
Using simple, modified versions of the factor proportions framework, and focusing on structural features within developing economies, this paper attempts to reconcile puzzling developments observed in many post-reform, post-liberalization
countries whereby increasing income inequality has emerged side-by-side with informalization of the economy. Measures undertaken
to enhance public sector efficiency and attract investment in an import-intensive export sector may increase rental–wage and
skilled–unskilled wage gaps, contra the predictions of the simple Heckscher–Ohlin–Stolper–Samuelson (HOSS) framework regarding
skill- and capital-scarce countries. The common thread generating our interesting results is the presence of sectors that
are even more labor-intensive than those producing traded goods.
相似文献
Arslan RazmiEmail: |
7.
Many countries have tax facilities for pension savings. These facilities are often associated with the application of the
cash-flow treatment of pensions: pension contributions are tax-exempt, capital income of pension funds is tax-exempt, and
pension benefits are taxed, but usually at a relatively low rate. This paper investigates the revenue effects of a cash-flow
tax regime for pension savings by full present-value calculations. A comprehensive income tax system is used as a benchmark.
We present an empirical analysis for the Netherlands as a typical example of a country with funded pensions. Our calculations
show that current taxation of pensions implies a major tax revenue loss. For the year 2003, we estimate a fiscal pension subsidy
of 1.4% to 1.5% of Gross Domestic Product (GDP).
相似文献
Kees GoudswaardEmail: |
8.
Marcelo Sánchez 《Open Economies Review》2008,19(3):371-390
We examine the implications of monetary union for macroeconomic stabilization in catching-up participating countries. We allow
member states’ supply conditions to differ, especially with regard to sectoral characteristics. Sectoral productivity shocks
of the type associated with the Balassa–Samuelson effect tend to hamper the stabilization properties of a currency union.
In the face of aggregate supply disturbances, the stabilization costs of renouncing monetary autonomy diminish with a steeper
supply curve (as induced by higher trade openness) and—barring idiosyncratic shocks—with a larger reference country size,
more homogeneous supply slopes and a higher preference for price stability.
相似文献
Marcelo SánchezEmail: |
9.
In this paper we provide a characterization of international consumption risk sharing among a sample of OECD countries based
on panel cointegration and error-correction techniques. Our results indicate that around 30% of idiosyncratic consumption
risks are shared in the short run. In the long run, however, only about 10% of idiosyncratic consumption risks are shared
internationally. In addition, we find that countries characterized by relatively high foreign asset and liability positions
are less exposed to shocks. Moreover, the time it takes until idiosyncratic shocks exert their full impact on consumption
crucially depends on the foreign asset and liability position.
相似文献
Johann Scharler (Corresponding author)Email: |
10.
This paper estimates forward-looking and forecast-based Taylor rules for France, Germany, Italy, and the euro area. Performing
extensive tests for over-identifying restrictions and instrument relevance, we find that asset prices can be highly relevant
as instruments in policy rules. While asset prices improve Taylor rule estimates, different assets prove most relevant across
countries and this result could be seen as complicating the tasks of the European Central Bank. Encompassing tests show that
forecast-based outperform forward-looking Taylor rules. A policy implication is that central banks ought to release their
own forecasts and the basis upon which they are generated.
相似文献
Martin T. BohlEmail: |
11.
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: |
12.
A small open economy model with an endogenous time preference is used to study the current account dynamics when consumption
exhibits durability. There is a unique level of instantaneous utility and stock of durables that must be maintained in the
steady state. A terms of trade deterioration requires a net asset accumulation and a fall in consumption expenditures along the adjustment path. Nevertheless, the fall in consumption
expenditures leads to a fall in the stock of durables, which has to be corrected somewhere along the adjustment path, and
which may lead to a non-monotonic adjustment of the current account (J-curve).
相似文献
Arman MansoorianEmail: |
13.
In this paper we test the well-known hypothesis of Obstfeld and Rogoff (NBER Macroeconomics Annual 7777:339–390, 2000) that trade costs are the key to explaining the so-called Feldstein–Horioka puzzle. Our approach has a number of novel features.
First, we focus on the interrelationship between trade costs, the trade account and the Feldstein–Horioka puzzle. Second,
we use the gravity model to estimate the effect of trade costs on bilateral trade and, third, we show how bilateral trade
can be used to draw inferences about desired trade balances and desired intertemporal trade. Our econometric results provide
strong support for the Obstfeld and Rogoff hypothesis and we are also able to reconcile our results with the so-called home
bias puzzle.
相似文献
Jacques Melitz (Corresponding author)Email: |
14.
Panel regressions are used to analyze various measures of state higher education expenditures for 45 states over a time period
from 1986 through 2005. Results of panel stationarity tests indicate that each expenditures series contains a unit root. This
finding is consistent with the incremental theory of public expenditures and implies that time series of these variables should
be differenced if used as dependent variables in regression models. Regression results indicate that changes in state higher
education expenditures are significantly procyclical. State higher education spending appears to fully adjust to population
growth and over-adjust to CPI inflation. Larger state governments are associated with significantly larger annual adjustments
to per capita real state higher education expenditures. No significant evidence is found that state Medicaid or elementary
education expenditures crowd out higher education spending.
相似文献
Gary L. ShelleyEmail: |
15.
Euro-Area Inflation: does the Balassa–Samuelson effect matter? 总被引:1,自引:0,他引:1
The paper argues that the Balassa–Samuelson effect is of little importance for the inflation target of the ECB. First, econometric tests of the Balassa–Samuelson effect suggest that the most robust link is found between relative sectoral deflators and relative unit labour costs; i.e. a link that accounts for an incomplete wage pass-through. For the (change in the) HICP — the target of the ECB — and its components additional factors seem to cause divergent international and sectoral developments. Second, countries with high productivity growth in industry may experience a real devaluation in the sector of tradable goods which counters the real appreciation resulting from a relative increase in service prices. It follows that the difference in productivity growth and thus the difference in the size of the relative price adjustment between countries does not have unambiguous consequences for the overall inflation rate, and as such can thus not justify an inflation target well above zero.
相似文献
Silke ToberEmail: |
16.
African countries, especially sub-Saharan ones, have conflicting interests in multilateral negotiations on agriculture. On
the one hand, their economies may be boosted by the price effect induced by agricultural liberalization. On the other hand,
multilateral tariff cuts will result in the erosion of preferential margins. Based on an original methodology, using CGE modeling,
detailed tariff calculations and predictive analysis, this paper investigates the potential impact of current multilateral
negotiations on the value of preferences for African agriculture. It estimates the preferential value to USD 0.7 billion of
welfare and USD 1 billion of exports to the Triad markets. Furthermore, it highlights the “cruel dilemma” African countries
face in current negotiations, as they gain from ambitious trade liberalization, despite the large preferential erosion, while
they suffer from noticeable trade and welfare losses under conservative scenarios.
相似文献
Mustapha Sadni Jallab (Corresponding author)Email: |
17.
This paper investigates the interaction between institutional integration and trade deepening in the EU over the last 50 years.
It uses Granger causality tests, a VECM and variance decompositions to further the understanding of this interaction. The
evidence indicates two-way endogeneity. But the link from institution building to trade dominates. Yet, this link has weakened
over time, possibly due to globalisation sidestepping institutions. Moreover, the sensitivity of institutional integration
to trade deepening has risen, which suggests that economic forces have gained more strength in determining institutional steps.
相似文献
Francesco Paolo MongelliEmail: |
18.
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: |
19.
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: |
20.
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: |