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Much research has shown that mortgage rates exert a negative influence on housing prices. This study analyses the long- and short-run relationships between housing prices and mortgage rates using advanced nonstructural estimation methods. As expected, a bivariate specification and a four-variable housing demand specification both show that these variables have a long-run relationship, and that there is a rather inelastic response of housing prices to changes in mortgage rates. However, contrary to previous research, the results from Granger non-causality tests, impulse response functions and variance decompositions reveal that there is virtually no short-run influence from mortgage rates to housing prices. 相似文献
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Farrokh Nourzad David N. Greenwold Rui Yang 《International Advances in Economic Research》2014,20(2):203-212
This paper focuses on the possible interaction between foreign direct investment (FDI) and the host country’s infrastructure base. Its central hypothesis is that the effect of FDI on per capita real income depends, at least in part, on the size of the recipient country’s infrastructure. This hypothesis is tested in a panel of 46 countries and 5-year averages over the 1980–2000 period using the size of three types of infrastructure capital: telecommunication, power generation, and network of roads or highways. The results indicate that the size of the host country’s infrastructure base helps to improve the marginal effect of FDI on real income. 相似文献
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From 1981iv to 1983ii, the growth rate of the income velocity of money declined sharoly. Almost all forecasts of this rate based on standard models overpredicted the velocity growth rate over this period. In this paper it is argued that income taxes exert a direct and discernible influence on velocity of money which has not been recognized by these models. As a result, most models failed to capture the 1981–1983 Reagan tax cuts and, consequently, overpredicted the velocity growth rate in this period. It is shown that the tax-velocity hypothesis is supported by the results of an empirical test. It is also shown that the inclusion of taxes in a model of velocity helps alleviate the overprediction of the velocity growth rate in the 1981–1983 period. 相似文献
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Farrokh Nourzad 《International Advances in Economic Research》2008,14(1):25-35
This paper uses a stochastic translog production frontier to estimate technical inefficiency indices whose conditional mean
is specified as a function of FDI and its interaction with openness of the economy. The model is estimated using an annual
panel of 46 countries for the years, 1981–2001. The results suggest that increased FDI increases potential output in both
developed and developing countries with the effect being more profound in the former. It is also found that increased FDI
reduces technical inefficiencies the more open is the economy but that this effect holds only for developed economies. Thus
qualified support is found for the “Bhagwati hypothesis” as the results reveal that the efficiency–enhancing effect of FDI
depends not only on openness but also on the degree of development of the host country.
相似文献
Farrokh NourzadEmail: |
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Openness, centralized wage bargaining, and inflation 总被引:1,自引:0,他引:1
Joseph P. Daniels Farrokh Nourzad David D. VanHoose 《European Journal of Political Economy》2006,22(4):969-988
This paper develops a model of an open economy containing both sectors in which wages are market-determined and sectors with wage-setting arrangements. A portion of the latter group of sectors coordinate their wages, taking into account that their collective actions influence the equilibrium inflation outcome in an environment in which the central bank engages in discretionary monetary policymaking. Key predictions forthcoming from this model are (1) increased centralization of wage setting initially causes inflation to increase at low degrees of wage centralization but then, as wage centralization increases, results in an inflation drop-off; (2) a greater degree of centralized wage setting reduces the inflation-restraining effect of greater central bank independence; and (3) increased openness is more likely to reduce inflation in nations with less centralized wage bargaining. Analysis of data for seventeen nations for the period 1970–1999 provides generally robust empirical support for all three of these predictions. 相似文献
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Farrokh Nourzad 《Applied economics》2013,45(9):1181-1187
This paper uses an aggregate production function to examine the effect of government capital formation on growth of labour productivity in an annual panel of 12 developing and 12 OECD economies covering the period 1976–1989. The results from a pooled model of all 24 countries indicate that contribution of government capital to labour productivity is positive and statistically significant. This result also holds in separate samples of the industrialized and developing economies where we find that, while there are productivity differentials between the two types of economies with respect to private capital, there are no differences with regards to public capital. 相似文献
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In this paper we estimate production functions in order to measure the effects of the defense sector on productivity in the civilian branches of U.S. and Soviet industry. The size of the defense sector is measured by a flow variable, annual expenditures, and a stock variable, the stock of military capital. For the United States, we use annual data from 1948 to 1985, and for the Soviet Union we use annual data from 1965 to 1987. The results of the estimation procedure provide strong support for the hypothesis that increases in the flow of defense expenditures provide a short-term spur to civilian industrial productivity in both countries during the period under investigation. The supply-side crowding-out hypothesis is also supported, and as expected, support is weaker in short-term estimates than in long-term estimates. J. Comp. Econom., December 1993, 17(4), pp. 768-785. Marquette University, Milwaukee, Wisconsin 53233. 相似文献
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Farrokh Moshiri 《Journal of Education for Business》2019,94(2):113-124
Many scholarly works have identified potential strategies for hiring underrepresented minority faculty members. However, no known nationwide study of business schools has explored whether these various strategies are associated with more faculty diversity. The authors explored best practices in corporations and higher education in the following areas: diversity priorities, strategic planning, outreach to underrepresented minority communities, administrative structures, and diversity training. The nationwide survey of business school deans showed that authority structures, which have proven to work in business, also are effective in academia. Similar to business results, training programs by themselves do not seem to be effective in increasing diversity. 相似文献