ERN: Other Macroeconomics: Aggregative Models (Topic)最新文献_第6页

Real Output and Prices Adjustments Under Different Exchange Rate Regimes 不同汇率制度下的实际产出与价格调整

ERN: Other Macroeconomics: Aggregative Models (Topic) Pub Date : 2013-12-20 DOI: 10.2139/ssrn.2370627

Rajmund Mirdala

{"title":"Real Output and Prices Adjustments Under Different Exchange Rate Regimes","authors":"Rajmund Mirdala","doi":"10.2139/ssrn.2370627","DOIUrl":"https://doi.org/10.2139/ssrn.2370627","url":null,"abstract":"Exchange rate regimes evolution in the European transition economies refers to one of the most crucial policy decision in the beginning of the 1990s employed during the initial stages of the transition process. During the period of last two decades we may identify some crucial milestones in the exchange rate regimes evolution in the European transition economies. due to existing diversity in exchange rate arrangements in the European transition economies in the pre-ERM2 period there seems to be two big groups of countries - “peggers” (Bulgaria, Estonia, Latvia, Lithuania) and “floaters” (Czech republic, Hungary, Poland, Romania, Slovak republic, Slovenia). Despite the fact, there seems to be no real prospective alternative to euro adoption for the European transition economies, we emphasize disputable effects of sacrificing monetary sovereignty in the view of positive effects of exchange rate volatility and exchange rate based adjustments in the country experiencing sudden shifts in the business cycle. In the chapter we analyze effects of the real exchange rate volatility on real output and inflation in ten European transition economies. From estimated VAR model (recursive Cholesky decomposition is employed to identify structural shocks) we compute impulse-response functions to analyze responses of real output and inflation to negative real exchange rate shocks. Results of estimated model are discussed from a prospective of the fixed versus flexible exchange rate dilemma. To provide more rigorous insight into the problem of the exchange rate regime suitability we estimate the model for each particular country employing data for two subsequent periods 2000-2007 and 2000-2011.","PeriodicalId":11754,"journal":{"name":"ERN: Other Macroeconomics: Aggregative Models (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2013-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91186124","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7

The Available Scope of the Assumption of Representative Agent 委托代理的适用范围

ERN: Other Macroeconomics: Aggregative Models (Topic) Pub Date : 2013-12-09 DOI: 10.2139/ssrn.2365158

Yong Tao

引用次数: 0

Макроэкономические Факторы Динамики Фондового Рынка РФ (Macroeconomic Factors of the Russian Stock Market Dynamics) МакроэкономическиеФакторыДинамикиФондовогоРынкаРФ(俄罗斯股票市场动态的宏观经济因素)

ERN: Other Macroeconomics: Aggregative Models (Topic) Pub Date : 2013-11-27 DOI: 10.2139/ssrn.2360818

Vadim Zyamalov, Marina Turuntseva, Y. Ulyanenko

{"title":"Макроэкономические Факторы Динамики Фондового Рынка РФ (Macroeconomic Factors of the Russian Stock Market Dynamics)","authors":"Vadim Zyamalov, Marina Turuntseva, Y. Ulyanenko","doi":"10.2139/ssrn.2360818","DOIUrl":"https://doi.org/10.2139/ssrn.2360818","url":null,"abstract":"Целью данной работы является исследование влияния макроэкономических показателей на финансовые рынки и анализ степени влияния этих факторов. В первом разделе приведѐн краткий обзор работ по рассматриваемой теме, сформулированы гипотезы, касающиеся влияния различных макроэкономических показателей на стоимость финансовых активов и их доходность, и приведено теоретическое обоснование данных гипотез. This paper is about the macroeconomic indices and their effect on the financial markets and the investigation of the level of this impact. The authors provide a review of the publications on the subject, formulate hypothesis on the issue. The paper was prepared on the basis of the research carried out in accordance with the State job RANEPA in 2012.","PeriodicalId":11754,"journal":{"name":"ERN: Other Macroeconomics: Aggregative Models (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2013-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91494593","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Alternative Specifications of Bank Lending in France and Germany: Theory, Evidence and Policy Implications 法德两国银行借贷的另类规范:理论、证据与政策启示

ERN: Other Macroeconomics: Aggregative Models (Topic) Pub Date : 2013-10-05 DOI: 10.2139/ssrn.2339150

Robert E. Krainer

{"title":"Alternative Specifications of Bank Lending in France and Germany: Theory, Evidence and Policy Implications","authors":"Robert E. Krainer","doi":"10.2139/ssrn.2339150","DOIUrl":"https://doi.org/10.2139/ssrn.2339150","url":null,"abstract":"In this paper I compare a capital budgeting model of of bank lending based on stock valuations to a supply/demand model based on an interest rate channel for France and Germany using non-nested hypothesis tests and omitted variables tests. For France both tests indicate a strong rejection of the supply/demand model with an interest rate channel and non-rejection of the capital budgeting model with a stock market channel. The results for Germany are mixed. For Monetary Financial Institutions the non-nested hypothesis tests rejected both models. For the commercial banking sector of Monetary Financial Institutions both tests rejected the supply/demand model but did not reject the capital budgeting model. Do these results have any implications for policy? If volatility in share prices cause volitility in bank lending which in turn causes volitility in real economic activity, then government may want to begin thinking about ways to dampen the volatility in the stock market such as imposing more stringent margin requirements on stock purchases and open market operations by central banks in a broad index of equity shares. I then consider the feasibility of Central Banks buying and selling a diversified portfolio of equites.","PeriodicalId":11754,"journal":{"name":"ERN: Other Macroeconomics: Aggregative Models (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2013-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74849163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The Capital Structure and Governance of a Mortgage Securitization Utility 一家抵押贷款证券化公司的资本结构与治理

ERN: Other Macroeconomics: Aggregative Models (Topic) Pub Date : 2013-10-01 DOI: 10.2139/ssrn.2339288

P. Mosser, Joseph S. Tracy, Joshua Wright

引用次数: 5

Robust Political Economy: An Institutional Alternative Against Monetary Disequilibrium and Market Discoordination 稳健政治经济学:对抗货币不均衡和市场不协调的制度选择

ERN: Other Macroeconomics: Aggregative Models (Topic) Pub Date : 2013-09-09 DOI: 10.2139/ssrn.2340332

Pablo Paniagua

{"title":"Robust Political Economy: An Institutional Alternative Against Monetary Disequilibrium and Market Discoordination","authors":"Pablo Paniagua","doi":"10.2139/ssrn.2340332","DOIUrl":"https://doi.org/10.2139/ssrn.2340332","url":null,"abstract":"The scope of this essay seeks to understand how we can achieve a more stable and dynamically self-correcting monetary arrangement which will minimize the likelihood of having severe monetary disruptions on the economic system. We wish to find systems that minimize systemic macroeconomic disequilibrium, which arises whenever money severely distorts the structure of relative prices, creating market discoordination and hampering economic exchanges. Monetary equilibrium theory provides the propitious theoretical tool allowing us to comprehend how monetary disequilibrium may arise within the economic system. It also serves as a benchmark to which we can compare different monetary institutions; this enables us to determine which system might perform closer to our monetary equilibrium benchmark. Under this framework, we analyze two monetary arrangements: central banking and free-banking. Through a process of institutional comparison, we can establish which one can minimize overall market discoordination and therefore will do the least harm to the epistemic role of prices and other market signals in communicating the embedded information present in them. Finally using the framework of Robust Political Economy, we reevaluate the main assumptions which sustain the case for a centralized monetary institution on being capable of reaching the monetary equilibrium benchmark. We specifically reevaluate the assumptions concerning political pressure, self-interest, aligned incentives and the degree of decisionmakers’ omniscience present in central banking and free-banking. By relaxing these assumptions, we analyze how different monetary arrangements would be considered robust or fragile in achieving and maintaining monetary equilibrium.","PeriodicalId":11754,"journal":{"name":"ERN: Other Macroeconomics: Aggregative Models (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2013-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82399799","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Back to Baseline in Britain: Adaptation in the British Household Panel Survey 英国回归基线:英国家庭小组调查中的适应

ERN: Other Macroeconomics: Aggregative Models (Topic) Pub Date : 2013-07-01 DOI: 10.1111/ecca.12007

A. Clark, Y. Georgellis

引用次数: 242

Optimal Monetary Policy with the Sticky Information Model of Price Adjustment: Inflation or Price‐Level Targeting? 价格调整粘性信息模型下的最优货币政策:通货膨胀还是价格水平目标制?

ERN: Other Macroeconomics: Aggregative Models (Topic) Pub Date : 2013-05-01 DOI: 10.1111/j.1467-8586.2012.00441.x

M. Arslan

引用次数: 1

Rethinking Potential Output: Embedding Information About the Financial Cycle 重新思考潜在产出:嵌入金融周期信息

ERN: Other Macroeconomics: Aggregative Models (Topic) Pub Date : 2013-02-01 DOI: 10.1093/oep/gpw063

C. Borio, Piti Disyatat, M. Juselius

引用次数: 271

Real Frictions and Real Exchange Rate Dynamics: The Roles of Distribution Service and Transaction Cost 实际摩擦与实际汇率动态:分配服务与交易成本的作用

ERN: Other Macroeconomics: Aggregative Models (Topic) Pub Date : 2012-12-31 DOI: 10.2139/ssrn.2319721

In Huh, Inkoo Lee

引用次数: 0