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41.
We consider a general class of nonlinear optimal policy problems with forward-looking constraints, and show how to derive a problem with linear constraints and a quadratic objective that approximates the exact problem. The solution to the LQ approximate problem represents a local linear approximation to optimal policy from the “timeless perspective” proposed in Benigno and Woodford (2004, 2005) [6], [7], in the case of small enough stochastic disturbances. We also derive the second-order conditions for the LQ problem to have a solution, and show how to correctly rank alternative simple policy rules, again in the case of small enough shocks. 相似文献
42.
This paper presents an alternative approach to the measurement of technical change. It is based on the latent variable level of technology that enters explicitly the input demand system and on a hypothesis about the innovation generating process. By adding measurement error equations, the behavioral system can be viewed as a Multiple Indicators/Multiple Causes (MIMIC) model. The parameter estimates are obtained with a maximum likelihood estimator which involves the implicit covariance matrix. The analysis refers to Italian agriculture and the results provide some evidence on the nature and level of technical change during the years 1961–1991. 相似文献
43.
This paper adopts a multi-commodity habit formation model to study whether unhealthy behaviors are related, i.e. whether there
are contemporaneous and inter-temporal complementarities between alcohol and tobacco consumptions in Italy. To this aim time
series data of per-capita expenditures and prices during the period 1960 to 2002 are used. Own price elasticities are negative
and tobacco appears to be more responsive than alcohol demand, although both responses are less than unity. Cross price elasticities
are also negative and asymmetric thus suggesting complementarity. A “double dividend” could then be exploited, because public
policy needs to tackle the consumption of only one good to control the demand of both. These results show that the optimal
strategy for maximizing public revenues would be to raise alcohol taxation more than tobacco taxation. Finally, past consumption
of one addictive good does not significantly reinforce current consumption of the other.
We thank participants to the Annual Conference of the European Society for Population Economics, Verona June 2006; the 61st
European Meeting of the Econometric Society, Vienna August 2006, and participants of the conference “Individual and Collective
Choices in Health Protection”, Genoa November 2005 for helpful comments. We would also like to thank, without implicating,
Pier Luigi Rizzi and two anonymous referees for helpful comments. Financial support from the University of Siena, PAR grant
(Atheneum Research Grant), is gratefully acknowledged. 相似文献
44.
Filippo Altissimo Pierpaolo Benigno Diego Rodriguez Palenzuela 《Open Economies Review》2011,22(2):189-233
The determinants of inflation differentials in a currency area are analyzed both from an empirical and a theoretical perspective.
The empirical analysis shows that a sizeable dispersion of HICP inflation rates across euro-area countries arises mostly in
the components based on non-traded goods. There is also a significant cross-country heterogeneity in the response to changes
in a common latent factor which accounts for a large fraction of the dispersion in national inflation rates. A stylized model
of a currency area is used to understand the interrelation among shocks, structures and policies in driving the data generating
process. The model shows that the dynamic of the inflation differentials is largely driven by the variability of productivity
in the non-tradable sector of the more flexible economy. Conversely, the output differentials is largely driven by the variability
in the productivity of the tradable sector, also of the more flexible economy. Optimal policy is investigated together with
an analysis of the optimal adjustment to adopting a common currency with initial incorrect real exchange rate parity. 相似文献
45.
Benigno Valdés 《The Journal of economic education》2013,44(1):61-81
The author provides an interpretation of the post-World War II economic “miracle” of Japan as a process of economic convergence within the framework of the neoclassical Solow-Swan model of economic growth. He shows how the predictions of the Solow-Swan model are qualitatively consistent with the actual economic record of Japan in the decades following World War II. The article is intended to help in the teaching of economic growth and the Japanese economic miracle, either as part of a macroeconomics course or in an advanced elective course in economic growth and development or in Japan's modern economic history. 相似文献
46.
Deleveraging from high debt can provoke deep recession with significant international side effects. Swings in the nominal exchange rate and large variations in consumption, output, and terms of trade can happen during the adjustment. All these movements are inefficient and interesting trade-offs emerge from the perspective of global welfare. The optimal adjustment to global imbalances should not necessarily require large movements in the nominal exchange rate. A global liquidity trap can be desirable when countries are more open to trade. 相似文献
47.
Benigno Pierpaolo Canofari Paolo Di Bartolomeo Giovanni Messori Marcello 《Open Economies Review》2022,33(4):657-675
This paper uses an event-based analysis to describe how the European Central Bank’s (ECB’s) policy responses to the pandemic crisis have affected the European financial and economic system. The result of our exercise, which is based on the examination of the main measures taken by the ECB during 2020, is that these responses have positively affected the European economic system by improving banks’ lending activity and by indirectly creating room for expansionary fiscal policies in the euro area’s high-debt countries that do not have fiscal capacity.
相似文献48.
Monti Alice Pattitoni Pierpaolo Petracci Barbara Randl Otto 《Review of Quantitative Finance and Accounting》2022,59(3):825-855
Review of Quantitative Finance and Accounting - Based on a large panel of listed firms from 52 countries in the period 2002–2020, we investigate the relationship between corporate social... 相似文献