Macroeconomics: Monetary & Fiscal Policies eJournal最新文献_第5页

On ‘Rusting’ Money. Silvio Gesell's Schwundgeld Reconsidered. Part I: The Short Run 关于“生锈”的钱。西尔维奥·格塞尔的《重新思考施文德》。第一部分:短期运行

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2021-01-15 DOI: 10.2139/ssrn.3901471

G. Rehme

引用次数: 0

Foundations of Market Power in Monetary Economies 货币经济中的市场力量基础

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2021-01-11 DOI: 10.2139/ssrn.3763587

Michael Choi, G. Rocheteau

引用次数: 5

European Stock Markets’ Response to COVID-19, Lockdowns, Government Response Stringency and Central Banks’ Interventions 欧洲股市对COVID-19的反应，封锁，政府应对力度和央行干预

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-12-31 DOI: 10.2139/ssrn.3785598

G. Rubbaniy, A. Khalid, Muhammad Umar, Nawazish Mirza

{"title":"European Stock Markets’ Response to COVID-19, Lockdowns, Government Response Stringency and Central Banks’ Interventions","authors":"G. Rubbaniy, A. Khalid, Muhammad Umar, Nawazish Mirza","doi":"10.2139/ssrn.3785598","DOIUrl":"https://doi.org/10.2139/ssrn.3785598","url":null,"abstract":"Using daily data of COVID-19 fear index and stock indices of 29 European countries over the period from January 1, 2020 to September 17, 2020, this study finds no evidence of adverse impact of COVID-19 outbreak on European stock markets at the level of full sample nor at European sub-regional levels. However, we report a significantly negative time-varying reaction of European stock markets to COVID-19 eruption. Our results document that the response of European stock markets to oil price shocks is dependent on the choice of the proxy; and exchange rate changes have a negative influence on European stock markets. Our study provides the evidence that neither lockdowns nor the stringent measures taken by the governments to improve effect of COVID-19 on European stock markets are effective. The findings of the study reveal that most of the temporary interventions by the central banks of different European countries do not improve the adverse impact of COVID-19 on European stock markets. However, some of the financial measures by central banks (e.g., reduction in capital buffers) help mitigating the adverse impacts of COVID-19 on European stock markets. Our findings have important implications for investors in their decision making and, for policy makers and central banks in terms of improving their quantitative easing to support European stock markets during turbulent times such as pandemics.","PeriodicalId":244949,"journal":{"name":"Macroeconomics: Monetary & Fiscal Policies eJournal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126008223","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: 11

Foreign Reserves in China and Their Effect on the Exchange Rate between USD and CNY 中国外汇储备及其对美元兑人民币汇率的影响

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-12-15 DOI: 10.2139/ssrn.3764309

Dr. Phanrajit Havarangsi

{"title":"Foreign Reserves in China and Their Effect on the Exchange Rate between USD and CNY","authors":"Dr. Phanrajit Havarangsi","doi":"10.2139/ssrn.3764309","DOIUrl":"https://doi.org/10.2139/ssrn.3764309","url":null,"abstract":"Two objectives were pursued with this quantitative study. First, to understand whether the Chinese Foreign Exchange Reserves affected the US-Dollar (USD) exchange rate and the Chinese Yuan (CNY). The focus was mainly on the margin of fluctuations in the exchange rate between both currencies from 2000 until completed the calendar year of 2018. The second objective was to determine whether the exchange rates were within or beyond the control of the Chinese Federal Government and its monetary policy-makers or not. At least 100 sets of secondary data from 2010 until the completion of the calendar year 2018 were retrieved from the verified, professional Trading Economics websites of the United States Federal Reserve Bank. The data sets were analyzed by applying multiple linear regression analysis and using SPSS 24.0 software. The causalities between foreign exchange rates, foreign reserves, and the dependent variables USD and CNY were expressed using descriptive statistics, the coefficients model, and scatter plots as quantitative tools. Findings of the financial relationship analysis between the United States and China revealed that the Chinese Foreign Exchange Reserves in USD affected the exchange rate between USD and CNY. The study was affected by the limitation that the secondary data used for the analysis came from an existing source and was not created by the researcher. Nevertheless, the risk was minimized, as the Federal Reserve Bank was a verified and trustworthy source.","PeriodicalId":244949,"journal":{"name":"Macroeconomics: Monetary & Fiscal Policies eJournal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131887626","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

The Laffer Curve Decomposed 后曲线分解

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-12-15 DOI: 10.31577/EKONCAS.2021.03.05

J. Hájek, Karel Šafr, Jiří Rotschedl, Jan Čadil

{"title":"The Laffer Curve Decomposed","authors":"J. Hájek, Karel Šafr, Jiří Rotschedl, Jan Čadil","doi":"10.31577/EKONCAS.2021.03.05","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.03.05","url":null,"abstract":"The paper analyses the models of the Laffer curve addressed in the academic literature and strives to explain the effects which can exist in relation with the original curve and the one modified by other academicians. The effects are decomposed in a theoretical manner and statistically tested thereafter with a dataset covering the period 2000 – 2012 consisting of data for Belgium, Denmark, Finland, France, Ireland, Italy, Luxembourg, Germany, the Netherlands, Portugal, Austria, Greece, United Kingdom, Spain, Sweden, the Czech Republic, Estonia, Hungary, Norway, Poland, the Slovak Republic and Slovenia. The main value added of the paper lies in the outcomes of the cross-sectional panel data regression testing the model derived from the theoretical decomposition of the curve as well as graphical expression of the particular effects. Based on the result of the analysis only a few of the decomposed effects could have been observed mainly the originally anticipated negative correlation of tax base and tax rate, positive correlation of labor productivity and tax base or negative correlation of tax base and unemployment level. Other effects (grey economy, tax competition, government spending, etc.) were not proven.","PeriodicalId":244949,"journal":{"name":"Macroeconomics: Monetary & Fiscal Policies eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133513122","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

A Unified Theory of Money 统一货币理论

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-11-26 DOI: 10.2139/ssrn.3737873

Susheng Wang

引用次数: 0

Investigating Exchange Rate Dynamics in Mozambique: A Hybrid Model Approach 调查莫桑比克汇率动态:一种混合模型方法

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-11-18 DOI: 10.2139/ssrn.3732947

Aurélio Bucuane

{"title":"Investigating Exchange Rate Dynamics in Mozambique: A Hybrid Model Approach","authors":"Aurélio Bucuane","doi":"10.2139/ssrn.3732947","DOIUrl":"https://doi.org/10.2139/ssrn.3732947","url":null,"abstract":"<br>The purpose of this article is to explain the dynamics of the exchange rate in Mozambique. The applied VAR model reveals that, in fact, it is the exchange rate that determines the macroeconomic variables (fundamentals), and not the opposite (at least in the short run), as predicted in exchange rate monetary models. Variables based on market microstructure (Order Flow) have the potential to predict exchange rates, as the IRF shows a significant and consistent reaction of exchange rates to structural shocks on order flow (demand pressure), while the exchange rate reacts not only significantly less, but also in the opposite direction to that predicted in the models based on fundamentals. These results are consistent in the long run, as demonstrated by the VECM model. In addition, the exchange rate forecast, based on a hybrid model which combines macro and micro variables, exceeds the benchmark model (random walk). Furthermore, since agents’ interpretations of fundamentals are incorporated in order flows, this appears to be the transmission mechanism between macroeconomic indicators and exchange rates, and in this way, order flow helps to clarify the exchange rate puzzle identified in the literature. Finally, this article suggests the use of microstructure variables of the foreign exchange market to predict exchange rates, as well as using them as a proxy for expectations, which can contribute to effective implementation of forward-looking monetary policy.<br>","PeriodicalId":244949,"journal":{"name":"Macroeconomics: Monetary & Fiscal Policies eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121292563","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

Fiscal Policy Shocks and International Spillovers 财政政策冲击和国际溢出效应

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-11-03 DOI: 10.2139/ssrn.3724695

Ayobami E. Ilori, Juan Paez-Farrell, Christoph Thoenissen

引用次数: 8

A Critique of Interest Rate–Oriented Monetary Economics 利率导向货币经济学批判

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-11-01 DOI: 10.2139/ssrn.3754417

Scott Sumner

引用次数: 0

Macroeconomic Models for Monetary Policy: A Critical Review from a Finance Perspective 货币政策的宏观经济模型:从金融学角度的批判性回顾

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2020-11-01 DOI: 10.2139/ssrn.2899842

W. Dou, A. Lo, A. Muley, H. Uhlig

引用次数: 23