Irving Fisher's debt deflation analysis: From the Purchasing Power of Money (1911) to the Debt-deflation Theory of the Great Depression (1933)

Abstract

In 1933, Irving Fisher proposed an explanation for the Great Depression based on the distinction between the price level and price change effect of deflation in a context of over-indebtedness. This paper compares the debt-deflation theory of Fisher (1933 Fisher, I., 1933. The debt-deflation theory of great depressions, Econometrica 1 (1933), pp. 337–57. DOI: 10.2307/1907327[Crossref], [Web of Science ®] , [Google Scholar]) with the dynamic depression process he had expounded almost 20 years earlier in the Purchasing Power of Money (1911). The role played by both price level and price change effects in the analyses of Fisher (1933, 1911) are clarified in the context of the disequilibrium model of Tobin (1975 Tobin, J., 1975. Keynesian models of recession and depression, American Economic Review 65 (1975), pp. 195–202.[Web of Science ®] , [Google Scholar]). More precisely, we show that the stationary equilibrium is assumed to be locally unstable according to Fisher's 1911 insights and globally unstable according to his 1933 analysis.     

Money: communicative functions of payment and price

ABSTRACT

Money is rich in semiotic potential and its capacity to express social identity and collectivity is well established. This essay explores a range of communicative functions of money, focusing in particular on the ways in which payments and prices may serve as cultural signals. It asks how the communicative significance of money might change as a result of the introduction of new types of currency, payment systems and pricing techniques, and suggests that such developments are likely to involve revisiting two key tensions: between state or corporate power on the one hand, and individual autonomy and privacy on the other; and between money’s power to generate collectivity and its power to divide and exclude.     

Marketing Organic Products: Exploring Some of the Pervasive Issues

ABSTRACT

This article explores the marketing of organic products. It identifies the issues that pervade the national, organisational, and individual differences within the global organic industry. These are discussed using the marketing mix framework of product, price, promotion, and place of distribution. It concludes that a large percentage of customers, who are spread throughout the community, purchase organic products, most of whom only purchase it occasionally. The most important attributes of organic products are health, quality, and environment. Promotion of these benefits has the potential to demonstrate that, even at the higher price, they still offer value for money.     

Promotional Framing of Green Products: Mediating Role of Sale Proneness

Abstract

The impact of sales promotion in boosting short-term sales is well established in the literature. While there are ample studies on the impact of sales promotion on conventional products in western countries, there is very scant research on the effect of promotions on green products and almost nonexistence research in emerging economies. This research addresses this gap by doing a comparative assessment of economically equivalent bonus pack sales promotion and price discount sales promotions on green versus non-green products through two experiments designed as a 2 (green product motivation: hedonic vs. utilitarian) × 2 (promotional frame: price discount vs. bonus pack) × 2 (discount level: low vs. high) between-subjects study, and 2 ( product types: green, non-green/control) × 2(promotional frame: price discount, bonus pack) between-subjects study. This research further examines the mediating role of sale proneness in the purchase process. The findings of this research indicate that buyers' preferences for promotion are quite varied for the purchase of green versus non-green products, and the price discount increases sale proneness which exerts a negative impact on product purchase willingness. Accordingly, this study has some theoretical and practical implications.     

Dynamics of Stock Prices and Exchange Rates Relationship: Evidence From Five Sub-Saharan African Financial Markets

This article examines the dynamic relationship between stock prices and exchange rates for five Sub-Saharan African financial markets: Ghana, Kenya, Mauritius, Nigeria and South Africa. It uses weekly data, covering the floating exchange rate regime from January 14, 2000, to December 31, 2009, and applies both the Vector Autoregression and the Dynamic Conditional Correlation models. Results from the Vector Autoregression model suggest no evidence of cointegration between stock prices and real exchange rates for all the five countries in the sample. Results from the dynamic conditional correlation show that the correlation coefficients are not constant for the period under study, and the estimates largely show a negative time-varying correlation for all the countries except Ghana that indicates a positive correlation.     

Transmission of Rice Prices from Thailand into West African Markets: The Case of Benin,Mali, and Senegal

ABSTRACT

The integration of West African rice market to the world market is assessed in order to derive the implication for food security. To this end, the transmission of rice price changes on the world market to selected markets in West Africa was examined to test for the presence of transaction costs. Using the two-regime threshold cointegration procedure on monthly price data, evidence in support of the hypothesis of asymmetric price transmission was found between Thailand and some West African markets. Price increases on the world market were more quickly transmitted to domestic price than were price decreases in Benin and Mali, suggesting short-run dynamic inefficiencies and the presence of transaction costs. In Senegal, the adjustment was linear, suggesting greater integration with the world rice market. The results suggest that West African governments should design and implement adequate policies to develop the domestic rice sector, improve market infrastructures in order to reduce their country dependency to international markets and ensure food security.     

碳排放权交易市场的信息流动关系——基于EUA市场和CER市场的实证研究

基于Granger因果关系检验方法和MGARCH-BEKK模型,从报酬溢出和波动溢出的角度,研究国际碳排放权交易市场中的主要商品———EUAs和sCERs各自的期货价格与现货价格之间以及两者的期货价格之间的信息流动关系。结果表明:两个市场的现货市场始终都处于价格信息中心,期货市场的价格发现功能较弱甚至未体现;信息波动溢出方面,EUA市场中期货市场处于波动信息中心,而CER市场中现货市场处于波动信息中心;EUA的期货市场与CER的期货市场之间存在相互的价格溢出效应与波动溢出效应,但EUA市场的期货价格对CER市场具有更大的波动溢出效应。     

土地政策参与宏观调控的机制分析——基于主体功能区调控视角

我国住房商品化已有三十多年的时间,房地产业渐渐从稳定发展走向了发展过热的阶段。为此,国家出台了大量的土地政策对房地产市场进行宏观调控。从土地供应政策的三个角度即土地供应量、土地供应方式和土地供应结构方面分析其与土地价格的关系,可深化研究土地政策参与宏观调控的机制及其对房地产价格产生的影响。     

玉米期货价格的波动分析

本文基于玉米期货价格数据,运用ARCH类模型和马尔科夫机制转换模型分析玉米期货价格的波动规律和特征。研究表明,玉米期货价格存在一阶ARCH效应和＂杠杆效应＂,玉米期货价格收益率具有显著的波动集簇性;TARCH和EGARCH模型估计结果,玉米市场中价格上涨信息引发的波动比价格下跌信息引发的波动要大,玉米价格波动具有显著的非对称性。我国玉米期货价格确实存在马尔科夫机制转换;在样本研究期间,我国玉米期货价格存在比较明显的三个上涨和下跌阶段,在波动中保持上涨趋势。     

地价与房价的相关性分析——基于我国东部11个省市面板数据的实证研究

自房地产市场改革以来,中国的房价不断攀升。与此同时,土地出让金也水涨船高,造成了地价和房价轮番上涨。几乎所有的媒体、舆论都将房价的过快增长归咎于房地产供给方面,尤其是房地产开发存在暴利。房价上涨的原因到底是什么？土地出让价格的与日俱增是不是房价上涨的真正原因？通过对房改后中国东部地区土地出让价格与商品房出售价格之间的实证研究,可以发现地价对房价的重大影响,从而引发对我国土地管理方面相关问题的思考,并提出相关的制度改革建议。