Oren M. Levin-Waldman 《Review of Political Economy》2013,25(1):146-149

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George Bagdatoglou  Alexandros Kontonikas 《Review of International Economics》2011,19(4):718-727

The real interest rate parity hypothesis is tested using data for the group of seven industrialized countries (G7) over the period 1970–2008. The contribution is two‐fold. First, the paper utilizes the bounds approach in order to overcome uncertainty about the order of integration of real interest rates. Second, a test is made for structural breaks in the underlying relationship using a multiple structural breaks test. The results indicate significant parameter instability and suggest that, despite the advances in economic and financial integration, real interest rate parity has not fully recovered from a breakdown in the 1980s.  相似文献   

  总被引：1，自引：0，他引：1  

Abul M.M. Masih  Rumi Masih 《The Quarterly Review of Economics and Finance》1997,37(4):859-885

The stock market crash of October 1987 earmarked fears of a deep-seated financial crisis. In recent years, while there has been a number of empirical studies devoted to examinations of the number of common trends in a system of stock price indexes, only a minority has focused on what effect the crash has had on the characteristics [namely, the amount of co-movements amongst markets, their dynamic linkages, and implications for the transmission or propagation mechanism] of major stock markets. In this paper, we demonstrate how the techniques of unit root testing, cointegration, vector error-correction modelling (VECM) and forecast error variance decomposition (VDC) analysis, may be used to shed some light on these concerns in the context of six major international stock markets. Using two non-overlapping samples, we find evidence of a single cointegrating vector (or five common trends) over each of the pre- and post crash samples. A VECM is then constructed in which the temporal causal dynamics are examined, followed by decomposing the total impact of an unanticipated shock to each of the variables beyond the sample period, into proportions attributable to shocks in the other variables including its own. Results tend to broadly indicate: (1) the crash does not appear to have affected the relative leading role played by the US market over other markets; (2) the German and, British markets seem to have become more dependent on other markets over the post-crash era relative to the pre-crash; and (3) provide confirming evidence that, in general, the crash has brought about a greater interaction amongst markets, with a greater role for fluctuations in explaining shocks across markets (including that for the U.S.).  相似文献   

  总被引：24，自引：0，他引：24  

Chomitz  Kenneth M.; Gray  David A. 《World Bank Economic Review》1996,10(3):487-512

Rural roads promote economic development, but they also facilitatedeforestation. To explore this tradeoff, this article developsa spatially explicit model of land use and estimates probabilitiesof alternative land uses as a function of land characteristicsand distance to market using a multinomial logit specificationof this model. Controls are incorporated for the endogeneityof road placement. The model is applied to data for southern Belize, an area experiencingrapid expansion of both subsistence and commercial agriculture,using geographic information system (GIS) techniques to selectsample points at 1-kilometer intervals. Market access, landquality, and tenure status affect the probability of agriculturalland use synergistically, having differential effects on thelikelihood of commercial versus semisubsistence farming. Theresults suggest that road building in areas with agriculturallypoor soils and low population densities may be a \"lose-lose\"proposition, causing habitat fragmentation and providing loweconomic returns.  相似文献   

    

Ramsay M 《Hospital materiel management quarterly》1996,18(1):66-73

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Elizabeth Becker  Cotton M. Lindsay 《Managerial and Decision Economics》2005,26(8):513-525

In spite of almost 40 years of active enforcement efforts by the EEOC, as well as the strong intervention by the plaintiff bar, the most popular benchmark by which we measure the influence of prejudice on wages paid to female and minority workers has changed very little. This paper maintains that to a large extent this seeming immunity of discriminatory wage gaps to the legal remedies provided by Title VII results from the mismeasurement of those effects. An alternative to the standard Oaxaca decomposition of the wage gap is offered which allows us to put plausible ranges around the true impact of antidiscrimination laws. Not only does this reduce the residual impact of the discrimination that appears to withstand Title VII remedies, it also suggests that the pre‐Title VII impact of discrimination on wages accounted for little of the gap observed at the time of its passage. Copyright © 2005 John Wiley & Sons, Ltd.  相似文献   

    

Daniel G. Arce M 《Managerial and Decision Economics》2005,26(6):397-405

This paper integrates economics and business ethics through the use of the subgame perfection/backward induction decision rule. It is shown that textbook examples of subgame perfection differ in their ethical complexity. Specifically, predatory pricing is difficult to justify on both game‐theoretic and ethical grounds, whereas ‘poison pill’ takeover defenses have complex economic and ethical ramifications. Further, I employ backward induction to examine two additional areas of ethics and management decision‐making: product recall (the Ford Explorer and Firestone tires), and price versus advertising competition. Copyright © 2005 John Wiley & Sons, Ltd.  相似文献   

    

Thomas M.  Arvanites  PH. D. Martin A.  Asher  PH.D. 《American journal of economics and sociology》1998,57(2):207-222

ABSTRACT This study examines the direct and indirect effects of race and income inequality on imprisonment rates across states. The analysis is designed to: 1) investigate whether race and income inequality are significantly related to imprisonment when controlling for crime , 2) assess the relative magnitudes of the direct and indirect effects; and 3) assess the relative magnitudes of race and income inequality. Crime is found to be the strongest predictor of incarceration rates in five of the six equations estimated. Income inequality is significantly related to incarceration rates in two of the six equations. There was no clear evidence of a direct race effect. The indirect effect of race was greater than the direct effect in four of the six equations.  相似文献   

    

Ramachandran  M. 《Journal of quantitative economics》2005,3(2):15-29

The volatility of reserve increment and the opportunity cost of holding reserves play prime role in models of optimal demand for foreign reserves. Most empirical studies find significant rise in the response of reserve demand to volatility during the era of high capital mobility. In contrast, we find that volatility measured as rolling standard deviation of reserve increment provides upwardly biased estimates whereas conditional volatility derived from GARCH models eliminates such bias and provides elasticity estimate closer to the prediction of buffer stock model (0.5). Though the time varying elasticity estimates derived from Kaiman filter exhibit a sharp rise during crises period, it does not exceed theoretical prediction. The RBI’s intervention policy seems to be asymmetric; leaning with wind when rupee depreciates and leaning against wind when rupee appreciates. This evidence seems to indicate that the policy of exchange rate stability had an in-built objective of providing a competitive edge to exporters.

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Swaminathan  A. M. 《Journal of quantitative economics》2005,3(2):197-216

Journal of Quantitative Economics - The paper tries to apply a new technique — the decomposition principle — to centre state financial relations in India. As, appropriate data are not...  相似文献