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11.
We use the information content in the decisions of the NBER Business Cycle Dating Committee to construct coincident and leading indices of economic activity for the United States. We identify the coincident index by assuming that the coincident variables have a common cycle with the unobserved state of the economy, and that the NBER business cycle dates signify the turning points in the unobserved state. This model allows us to estimate our coincident index as a linear combination of the coincident series. We compare the performance of our index with other currently popular coincident indices of economic activity. 相似文献
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The paper investigates the design and implementation of rail-wagon tracking to align the interests of rail-track owners, rail operators and third-party logistics service providers. The investigation identifies design actions to enable beneficial uses for the different rail-wagon tracking participants in a railway logistics system. Design science is used as the overall research approach. The findings are derived in the context of three organisations involved in an automotive railway logistics system. Data on the perceptions and interests of the parties is collected using the case-study methodology. Our findings indicate how rail-wagon tracking can be used to improve the efficiency of rail transport operators’ maintenance operations and potentially decrease wear and tear on rail tracks owned by the government authority. These anticipated benefits have motivated the transport authority in the case setting to make investments in more intelligent infrastructure, providing a platform for future material-flow tracking by logistics companies. 相似文献
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This paper studies the changes in income inequality in Australia between 1986 and 1999, using the Gini coefficient and Theil's inequality measure. Individuals are divided into various subgroups along several dimensions, namely region of residence, employment status, occupation and age. The change in inequality over time, between and within these subgroups is studied, and the bootstrap method is used to establish whether these changes are statistically significant . 相似文献
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This paper studies the All Ordinaries Index in Australia, and its futures contract known as the Share Price Index. We use a new form of smooth transition model to account for a variety of nonlinearities caused by transaction costs and other market/data imperfections, and given the recent interest in the effects of market automation on price discovery, we focus on how the nonlinear properties of the basis and returns have changed, now that floor trading in the futures contract has been replaced by electronic trading. 相似文献
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The world coffee market has undergone a significant transformation in the past couple of decades resulting in declining farm prices despite the fact that coffee demand has been strong and consumer prices have been soaring. Fair Trade organizations have tried to address this price imbalance by providing an alternative method of trading aimed at increasing the prices received by coffee growers. Despite their noble objectives, Fair Trade movements have had limited success in improving coffee growers’ welfare, however. This paper utilizes a novel framework of heterogeneous producers and relevant market information to provide insights on the market and welfare impacts of the Fair Trade regime when important idiosyncrasies of Fair Trade production and marketing are included in the analysis. 相似文献
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Devrim Murat Yazan Vahid Yazdanpanah Luca Fraccascia 《Business Strategy and the Environment》2020,29(5):2078-2091
This paper investigates the negotiation phase of industrial symbiosis relationships, where companies exchanging wastes for inputs need to develop strategies on how to share the additional costs to operate the industrial symbiosis business. The business behavior is approached as a “coopetition” problem where companies need to cooperate to reduce waste discharge costs and traditional input purchase costs and dive into competition to pay a minimum share of additional costs (i.e., waste treatment, waste transportation, and transaction costs) of operating industrial symbiosis. A noncooperative game‐theoretical model for sharing the additional costs is proposed that highlights the two strategies that companies can adopt aimed at sharing costs: a fair strategy and an opportunistic strategy. Then, an agent‐based model is used to simulate the game iterated over time and investigate how the players can adapt their strategies according to their past experience. Simulation results show that players learn that playing the fair strategy is beneficial in the long period, despite in the short period they can gain more benefit by playing the opportunistic strategy. Findings of the paper are critically important to reduce the business and managerial barriers against the formation of industrial symbiosis networks and to stimulate innovative thinking of company managers to foster the development of the circular economy. The paper proposes theoretical, managerial, and policy implications, which are discussed in detail in a comparative manner between linear and circular economy. 相似文献
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Heather Anderson Giovanni Caggiano Farshid Vahid Benjamin Wong 《The Australian economic review》2020,53(3):402-414
We develop a multivariate time series model of employment in 19 sectors for Australia. We use this model to determine the long-run effect of a 1% increase in economic activity in any chosen sector on aggregate employment. Our findings point to manufacturing and construction sectors as those that generate the largest positive spillovers for the aggregate economy. Moreover, we provide an interactive web-based app that produces our model's forecasts based on any user-specified scenario. As the restrictions associated with the COVID-19 pandemic evolve, the sectoral employment multipliers together with these interactive tools will provide useful information for policymakers. 相似文献
19.
Determination of Long‐run and Short‐run Dynamics in EC‐VARMA Models via Canonical Correlations
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George Athanasopoulos Donald S. Poskitt Farshid Vahid Wenying Yao 《Journal of Applied Econometrics》2016,31(6):1100-1119
This article studies a simple, coherent approach for identifying and estimating error‐correcting vector autoregressive moving average (EC‐VARMA) models. Canonical correlation analysis is implemented for both determining the cointegrating rank, using a strongly consistent method, and identifying the short‐run VARMA dynamics, using the scalar component methodology. Finite‐sample performance is evaluated via Monte Carlo simulations and the approach is applied to modelling and forecasting US interest rates. The results reveal that EC‐VARMA models generate significantly more accurate out‐of‐sample forecasts than vector error correction models (VECMs), especially for short horizons. Copyright © 2015 John Wiley & Sons, Ltd. 相似文献
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Heather M. Anderson Mardi Dungey Denise R. OsbornFarshid Vahid 《Economic Modelling》2011,28(4):1498-1509
Time series analysis for the Euro Area requires the availability of sufficiently long historical data series, but the appropriate construction methodology has received little attention. The benchmark dataset, developed by the European Central Bank for use in its Area Wide Model (AWM), is based on fixed-weight aggregation across countries with historically distinct monetary policies and financial markets of varying international importance. This paper proposes a new methodology for producing back-dated financial series for the Euro Area, that is based on the time-varying distance of periphery countries from core countries with respect to monetary integration. Historical decompositions of the residuals of vector autoregressive models of the Euro Area economy are then used to explore and compare the monetary policy implications of using the new methodology versus the use of AWM fixed weight series. 相似文献