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41.
This article extends the Vector Autoregression (VAR) methodology to examine the consequences of monetary policy decisions by considering two types of nonlinearities in the determination of official interest rates: (1) the asymmetry related to the different nature of the discrete and infrequent positive and negative interest rate movements determined by central bankers and (2) the convexity in the transmission of policy shocks induced by the nonnegativity constraint in interest rates. For the UK, we find some evidence of both types of asymmetries. In the US, responses to unexpected interest rate shocks are far more symmetric. Results highlight the importance of considering all types of asymmetries when studying monetary transmission. 相似文献
42.
Edoardo Boria 《Geopolitics》2013,18(2):278-308
Eurasian Geopolitics as explained in the Heartland model has been reincarnated as Energy Geopolitics. Germany and India are the two strategic economies of the Inner Crescent of Mackinder's ‘Heartland’ Model and are largely similar in geopolitical focus to the rest of Eurasia. The article argues that in the coming decades at least, Russia will play an important role in these countries' energy vision. A similar unique convergence of goals regarding energy technology requirements will also be seen in the coming decades. India cannot abandon the developmental needs of its one billion plus people to the energy monopolies. Neither does Germany as a significant global economy wish to hang its globalisation efforts on similar energy uncertainties. Both countries therefore seek to spread their energy security through technology-centred geopolitical pluralism. Central Asian energy resources thus seem to be a geopolitical temptation that both nations find hard to ignore. Geopolitical contingencies, it is argued, might bring them together to explore a mixed set of options under some kaleidoscopic combination of an altogether new energy vision. 相似文献
43.
We consider a model in which educational investments entail productivity gains, signaling power, and social status. The latter depends on the agent's relative achievement in one of three dimensions: innate skills, level of schooling, and income. We study the three scenarios separately and characterize the conditions under which social concerns increase or decrease educational and income inequality. Inequality increases (decreases) if education lowers the stigma suffered by low‐skilled workers less (more) than it boosts the prestige enjoyed by high‐skilled workers. We discuss the expected results of some policies in light of these findings. 相似文献