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Research in Applied Economics最新文献

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Response of Market Returns to Inflation News: Asymmetry Based on the Level of Inflation 市场回报对通胀消息的反应:基于通胀水平的不对称
Research in Applied Economics Pub Date : 2019-12-20 DOI: 10.5296/rae.v11i4.16118
Y. Ulu
{"title":"Response of Market Returns to Inflation News: Asymmetry Based on the Level of Inflation","authors":"Y. Ulu","doi":"10.5296/rae.v11i4.16118","DOIUrl":"https://doi.org/10.5296/rae.v11i4.16118","url":null,"abstract":"Using daily data we look at S&P500 returns to inflation news during the period 1980-2002, where we categorize the data into sub-periods based on the level of inflation and the phase of economic cycle. We find that although stock market’s reaction to inflation news is generally negative, the response appears to depend on the level of prevailing inflation and phase of the business cycle. Specifically, we find that on the day of inflation announcement daily returns during periods of low inflation and low risks of recession respond positively to inflation news in recessionary states. Our results show that while high inflation weighs on market returns, low inflation creates positive returns opportunities when the economy faces low risks of recession. Asymmetric response of daily returns to inflation news depending on the level of inflation is an interesting novel finding.","PeriodicalId":225665,"journal":{"name":"Research in Applied Economics","volume":"207 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131589842","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
Endogenous Tradability, International Relative Prices, and the International Transmission of Business Cycles 内生贸易能力、国际相对价格与经济周期的国际传导
Research in Applied Economics Pub Date : 2019-10-29 DOI: 10.5296/rae.v11i3.15272
Soojae Moon
{"title":"Endogenous Tradability, International Relative Prices, and the International Transmission of Business Cycles","authors":"Soojae Moon","doi":"10.5296/rae.v11i3.15272","DOIUrl":"https://doi.org/10.5296/rae.v11i3.15272","url":null,"abstract":"This paper propose a two-country, dynamic, stochastic, general equilibrium (DSGE) model with endogenous tradability, product differentiation, variously determined physical capital, and an elastic labor supply to explore the propagation of business cycles across countries. The model successfully addresses international relative price dynamics (its appreciation with positive home productivity shock, called the ‘Harrod-Balassa-Samuelson Effect’) through the entry of producers and their cut-off productivities of exporting. The use of endogenous physical capital in the model induces a more realistic framework since the simulated model is compared to the U.S. investment data that covers spending on capital equipment, structures and inventories for producers’ entry and exit dynamics. Building the model with endogenous capital and elastic labor supply weakens the volatility of investment compared to conventional international real business cycle (IRBC) models. The model also accounts for several features of the data, such as the volatility of aggregate variables and their correlations with GDP.","PeriodicalId":225665,"journal":{"name":"Research in Applied Economics","volume":"323 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122622977","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
Which Types of Education are Important for Economic Growth? 哪些类型的教育对经济增长很重要?
Research in Applied Economics Pub Date : 2019-10-29 DOI: 10.5296/RAE.V11I4.15436
Y. Kurihara
{"title":"Which Types of Education are Important for Economic Growth?","authors":"Y. Kurihara","doi":"10.5296/RAE.V11I4.15436","DOIUrl":"https://doi.org/10.5296/RAE.V11I4.15436","url":null,"abstract":"The relationship between education and economic growth has been discussed on numerous occasions, and there is a consensus that education plays an important role toward economic growth. This paper empirically examines 55 countries’ panel data to determine which types of education are playing important roles for achieving economic growth. The results showed that the improvement of educational systems, finance skill, Internet usage, and English proficiency has a positive impact on economic growth. On the other hand, educational systems and Internet usage also shrink inequality in the economy. High quality education for students is important for attaining economic growth, and it would confer student’s chances and opportunities and promote sound economic growth.","PeriodicalId":225665,"journal":{"name":"Research in Applied Economics","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127686440","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
Population Projection Revisions and Their Impact on Economic Growth – The Case of Malta 人口预测修正及其对经济增长的影响——以马耳他为例
Research in Applied Economics Pub Date : 2019-09-25 DOI: 10.5296/rae.v11i3.15285
A. Grech, I. Borg
{"title":"Population Projection Revisions and Their Impact on Economic Growth – The Case of Malta","authors":"A. Grech, I. Borg","doi":"10.5296/rae.v11i3.15285","DOIUrl":"https://doi.org/10.5296/rae.v11i3.15285","url":null,"abstract":"Typically, in short-term economic forecasts, population projections, and their related impact on the availability of labour, tend to be the most stable component. The scope of this paper is to show how in the case of Malta, the European Union’s smallest economy, migration flows have led to substantial revisions in population projections. Using the standard production function approach to estimate potential output growth, these revisions change very substantially expectations of economic expansion. Revisions in population projections are, in fact, estimated to have boosted Malta’s potential output growth in future years by as much as half a percentage point. While potential output is seen as a fairly stable variable for medium and large economies, it is more of a fluid concept for small open economies that are subject to large migration flows.","PeriodicalId":225665,"journal":{"name":"Research in Applied Economics","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123078065","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
A Paradox: An Empiric Approach to Inflation-Interest Rates Relationship: Evidence from Turkey 一个悖论:通货膨胀-利率关系的经验方法:来自土耳其的证据
Research in Applied Economics Pub Date : 2019-09-09 DOI: 10.5296/rae.v11i3.15171
Gülgün Çiğdem
{"title":"A Paradox: An Empiric Approach to Inflation-Interest Rates Relationship: Evidence from Turkey","authors":"Gülgün Çiğdem","doi":"10.5296/rae.v11i3.15171","DOIUrl":"https://doi.org/10.5296/rae.v11i3.15171","url":null,"abstract":"In today’s world where the independence of central banks is questioned and the recessionary process is discussed, serious debates are experienced between economists and policy makers regarding the paradoxical relationship between two important macro-economic variables; Is inflation the cause of interest rate or is interest rate the cause of inflation? Determination of the causality and its direction is very crucial for the economies which are trying to extricate themselves from the high inflation – high interest rate spiral. The researchers searching for an answer to these discussions have conducted various analyses to test the validity of the Fisher Effect. In these analyses, inflation rate and nominal interest rate -as per the hypothesis- were considered as the variables. However, economic agents make their decisions depending on real values rather than nominal values. The purpose of this study is to provide a real and up-to-date approach to these debates which actually began in 1700s and have been ongoing in the triangle of financial markets-central banks-policy makers. For this purpose, the monthly averages regarding the 2011:01-2019:06 period of Turkey were calculated based on the Weighted Average Cost of Funding (WACF) daily data of The Central Bank of the Republic of Turkey (CBRT) and subjected to the cointegration analyses with the annual CPI figures. While Engle-Granger Test was used to test the long-term relationship, Granger Causality Test was performed to determine the relationship and its direction in the short term through VECM. As a result of the analysis, bilateral causality among variables was determined in the short term. In other words, inflation is a cause of interest rate and interest rate is a cause of inflation. This study makes a contribution to the literature since no study, which detected a bilateral correlation, has been found.","PeriodicalId":225665,"journal":{"name":"Research in Applied Economics","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133489730","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: 3
On the Political Economy of State Corporate Tax Reforms in the U.S. 论美国州公司税改革的政治经济学
Research in Applied Economics Pub Date : 2019-08-26 DOI: 10.5296/rae.v11i3.15043
Eliakim Kakpo
{"title":"On the Political Economy of State Corporate Tax Reforms in the U.S.","authors":"Eliakim Kakpo","doi":"10.5296/rae.v11i3.15043","DOIUrl":"https://doi.org/10.5296/rae.v11i3.15043","url":null,"abstract":"This paper discusses the political economy of U.S. state corporate tax reforms. Using a unique dataset of state effective corporate tax rates over the period 1969-2015, I observe that business tax changes are associated with tax competition, swings in economic cycles, and left-right political ideology. In contrast, long-term debt and budgetary pressures do not correlate with state corporate tax policies. Moreover, I document a regional heterogeneity and notice a slowdown in state tax changes after the Federal Reform Act of 1986. These findings matter for the empirics of corporate tax incidence, which is increasingly concerned with the endogeneity between tax reforms and other economic developments.","PeriodicalId":225665,"journal":{"name":"Research in Applied Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128487019","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
Employment Growth of Small, Medium, and Large Firms: Evidence from Zambia 中小企业和大企业的就业增长:来自赞比亚的证据
Research in Applied Economics Pub Date : 2019-08-15 DOI: 10.5296/RAE.V11I3.15079
Y. Gebremeskel
{"title":"Employment Growth of Small, Medium, and Large Firms: Evidence from Zambia","authors":"Y. Gebremeskel","doi":"10.5296/RAE.V11I3.15079","DOIUrl":"https://doi.org/10.5296/RAE.V11I3.15079","url":null,"abstract":"We have used the World Bank Enterprise Survey data and examined the relationship between size, age and employment growth of 720 small, medium and large firms from four cities in Zambia. These firms have between 1-2010 full-time employees and operate in services, retail, and manufacturing sectors. The employment growth is defined as a difference in logarithm of full-time employees between two years and divided by the age of the firm. Our estimation shows that there is a strong relationship between employment growth, size, and age of firms. We find that younger firms but not smaller size are more important in creating employment growth.","PeriodicalId":225665,"journal":{"name":"Research in Applied Economics","volume":"62 8","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113944335","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
An Economic Assessment of Nutrient Removal from Switchgrass Production 柳枝稷生产中养分去除的经济评价
Research in Applied Economics Pub Date : 2019-06-30 DOI: 10.5296/RAE.V11I2.14998
Prabodh Illukpitiy, Jason P deKoff
{"title":"An Economic Assessment of Nutrient Removal from Switchgrass Production","authors":"Prabodh Illukpitiy, Jason P deKoff","doi":"10.5296/RAE.V11I2.14998","DOIUrl":"https://doi.org/10.5296/RAE.V11I2.14998","url":null,"abstract":"The on-site loss of nutrients due to biomass removal creates additional costs for ethanol production however this aspect has not been properly incorporated in economic analyses of biomass production and processing. This study investigates costs of on-site nutrient losses in switchgrass fields in Tennessee. The replacement cost methodology was applied to measure on-site cost of nutrient losses due to biomass removal and was based on the costs of replacing nutrients removed from the production site. The estimated costs for total on-site nutrient loss due to biomass removal show a substantial loss of nutrients in switchgrass fields. The loss of major nutrients from biomass removal represents the major part of on-site economic costs. A declining trend of nutrient costs per Mg of harvested biomass was observed with increasing in harvesting time. The internalization of on-site costs of nutrient losses is possible by adopting an appropriate harvest schedule for switchgrass.","PeriodicalId":225665,"journal":{"name":"Research in Applied Economics","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117209904","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
Fiscal Sustainability in the Caribbean: An Econometric Analysis 加勒比地区财政可持续性:计量经济学分析
Research in Applied Economics Pub Date : 2019-06-30 DOI: 10.5296/RAE.V11I2.14697
Jeetendra Khadan
{"title":"Fiscal Sustainability in the Caribbean: An Econometric Analysis","authors":"Jeetendra Khadan","doi":"10.5296/RAE.V11I2.14697","DOIUrl":"https://doi.org/10.5296/RAE.V11I2.14697","url":null,"abstract":"Many countries in the Caribbean have been grappling with persistent fiscal imbalances and rising debt levels. The average debt to GDP ratio in the Caribbean in 2017 was 76.6 percent, higher than the negative debt-growth threshold of 60 percent of GDP. Also, the average fiscal deficit as a percent of GDP was 2.8 percent, but with significant heterogeneity across countries ranging from 0.5 percent to 11 percent. Using the inter-temporal budget constraint framework and various panel data econometric estimators, this article examines the issue of fiscal sustainability for a group of 10 Caribbean countries over the period 1991-2017. The evidence from panel cointegration models of government revenue and expenditure shows that past fiscal behavior is “weakly” sustainable. The “weak sustainability” finding is reinforced by evidence from an extended fiscal reaction function which showed that the primary balance improves by about 0.02 for every 1 percentage point increase in the debt ratio.","PeriodicalId":225665,"journal":{"name":"Research in Applied Economics","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132948343","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: 2
The Role of CAPM and Oil Prices to Analyze the Firm’s Stock Return CAPM和油价对企业股票收益分析的作用
Research in Applied Economics Pub Date : 2019-06-25 DOI: 10.5296/RAE.V11I2.15055
Muqaddas Khalid, K. Khan, H. Saleem
{"title":"The Role of CAPM and Oil Prices to Analyze the Firm’s Stock Return","authors":"Muqaddas Khalid, K. Khan, H. Saleem","doi":"10.5296/RAE.V11I2.15055","DOIUrl":"https://doi.org/10.5296/RAE.V11I2.15055","url":null,"abstract":"This paper attempts to analyze the applicability of CAPM and the effect of oil prices on firm’s stock in case of Pakistan. To examine this research objective, we use the yearly data of 148 listed firms over the period of 2006 to 2015. We employ three different estimation techniques, panel correlated standard error estimation (PCSE), Driscoll and Kraay (DK) estimation and common correlated effects pooled (CCEP), to analyze the relationship between oil variables and firm’s stock return. Moreover, we further estimate the variables by using robust estimation techniques to validate the empirical results. The estimations report the inapplicable of market premium in case of Pakistani firms. However, the oil price and lagged oil prices provides the evidence of negative and statistically significance in textile, sugar, cement, chemical and engineering sectors. On contrary, the oil prices and lagged oil prices have positive and significant impact on stock return in transportation and energy sectors. In conclusion, it is difficult to escape the conclusion that oil price has higher influence on stock returns as compared to the market premium and nearly all the manufacturing sectors are inversely affected by the oil price rise.","PeriodicalId":225665,"journal":{"name":"Research in Applied Economics","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128587774","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
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