Applied Economics Quarterly最新文献_第7页

Asset Prices and Consumer Prices: Exploring the Linkages 资产价格与消费者价格:探讨两者之间的联系

Applied Economics Quarterly Pub Date : 2016-09-01 DOI: 10.3790/AEQ.62.3.169

Dieter Gerdesmeier, Hans-Eggert Reimers, Barbara Roffia

{"title":"Asset Prices and Consumer Prices: Exploring the Linkages","authors":"Dieter Gerdesmeier, Hans-Eggert Reimers, Barbara Roffia","doi":"10.3790/AEQ.62.3.169","DOIUrl":"https://doi.org/10.3790/AEQ.62.3.169","url":null,"abstract":"It is a well-established fact in monetary economics that money and credit developments may affect consumer price inflation directly as well as indirectly via changes in asset prices, while at the same time asset price fluctuations can independently affect monetary and real developments. This has led to proposals to assign a more prominent role to asset prices in central bank’s toolkit of leading indicators for future developments in consumer price inflation. In this study, we examine, in the context of reduced-form inflation equations, the importance of different variables (including standard explanatory variables) as well as some specific asset price variables (i.e., the changes in housing and equity prices, a yield spread and oil prices). Against this background, we make use of a panel approach, covering data for 17 industrialised countries and the euro area. Three main results emerge out of our analysis. First, a standard framework explaining current inflation by (lagged) developments in inflation, the output gap, short-term interest rates, oil prices, house and stock prices and the exchange rate seems to perform quite well, although the explanatory power of the equations decreases with the length of the time horizon. Second, as regards the role of asset prices, it can be shown that house price movements seem to provide more useful information on future consumer price developments than movements in equity prices. Finally, the results of the analysis show that broad monetary developments become more relevant as the time horizon lengthens. By contrast, equity prices and the yield spread seem to be somewhat less informative.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"16 1","pages":"169-186"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70168079","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

Do Colonialism and Slave Trade Still Affect Modern Economic Performance 殖民主义和奴隶贸易仍然影响现代经济表现吗

Applied Economics Quarterly Pub Date : 2016-06-01 DOI: 10.3790/AEQ.62.2.147

Yaron Zelekha

引用次数: 3

The Determinants of Exports Revisited: Lessons from the Recent Crisis 重新审视出口的决定因素:最近危机的教训

Applied Economics Quarterly Pub Date : 2016-06-01 DOI: 10.3790/AEQ.62.2.107

G. Agiomirgianakis, T. Papadogonas, G. Sfakianakis

{"title":"The Determinants of Exports Revisited: Lessons from the Recent Crisis","authors":"G. Agiomirgianakis, T. Papadogonas, G. Sfakianakis","doi":"10.3790/AEQ.62.2.107","DOIUrl":"https://doi.org/10.3790/AEQ.62.2.107","url":null,"abstract":"This paper aims at identifying the determinants of export activity of EU countries under conditions of economic crisis. Traditional variables (such as price competitiveness and external demand) are considered; however, new elements are also introduced, including the effect of shrinking domestic demand that motivates producers to target international markets and also the “value added” of the implemented structural reforms that may induce investment in export-oriented firms (by affecting the business environment). Due to these new elements, we focus our analysis onto EU countries that were affected more by the crisis or even had to appeal for ad-hoc external financing of their borrowing requirements (Ireland, Greece, Portugal and Spain). Our analysis is conducted using panel data covering selected EU countries for a period both prior and following the outbreak of the crisis. In this context, an explanation is offered for the rebound of Greek exports in the aftermath of the internal devaluation policy mix implemented since 2010. More generally, and based on the findings of the paper, an intuition is offered on whether and how exports could serve as a growth driver for the aforementioned countries while the overall effect of structural reforms on exports is evaluated accordingly.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"62 1","pages":"107-115"},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70167878","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

Remittances and Real Investment in Jordan: Is There a Link? An Empirical Investigation 约旦的汇款和实际投资:有联系吗?实证调查

Applied Economics Quarterly Pub Date : 2016-03-01 DOI: 10.3790/AEQ.62.1.69

Ghazi Al-Assaf, Alaaeddin Al-tarawneh

{"title":"Remittances and Real Investment in Jordan: Is There a Link? An Empirical Investigation","authors":"Ghazi Al-Assaf, Alaaeddin Al-tarawneh","doi":"10.3790/AEQ.62.1.69","DOIUrl":"https://doi.org/10.3790/AEQ.62.1.69","url":null,"abstract":"The study attempts to test the long-run equilibrium relationships between the flows of workers’ remittances, andreal investment.Using Jordanian data, over the period 1976 to 2012, the empirical results provide strong evidence on the presence of a long-run stable investment function. In the short-run, remittances has a positive and significant effect on the real investment; a consistent result with the literature. Therefore, the results confirm the significant impact of worker’s remittances on the real investment found in the previous literature using a cointegration technique. Both Engle-Granger and Johansen cointegration tests show that real investment and remittances are cointegrated and there is clear evidence on the presence of a long-run relationship among them in Jordan. This is based on the statistical significance of the coefficient of the error correction term. The estimated coefficient is -0.545 and statistically significant with the anticipated negative sign, which indicates that the speed of adjustment to equilibrium in the long-run is relatively high. This finding emphasises the importance of the flows of remittances to labour-exporting countrieson the real investment especially in the case of Jordan.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"62 1","pages":"69-84"},"PeriodicalIF":0.0,"publicationDate":"2016-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70167801","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

Reverse Technology Spillover Effects of Outward FDI to P.R. China: A Threshold Regression Analysis 中国对外直接投资的逆向技术溢出效应:一个阈值回归分析

Applied Economics Quarterly Pub Date : 2016-03-01 DOI: 10.3790/AEQ.62.1.51

Jingwen Xia, Jaime Ortiz, Haibo Wang

引用次数: 6

Financial Harmonization and Financial Development: An Application of Europe’s Financial Services Action Plan 金融协调与金融发展:欧洲金融服务行动计划的应用

Applied Economics Quarterly Pub Date : 2016-03-01 DOI: 10.3790/AEQ.62.1.1

Zeynep Ozkok

引用次数: 3

Policy Uncertainty and the Demand for Money in the United States 政策不确定性与美国的货币需求

Applied Economics Quarterly Pub Date : 2016-03-01 DOI: 10.3790/AEQ.62.1.37

Mohsen Bahmani‐Oskooee, Alice Kones, Ali M. Kutan

引用次数: 19

The Quantity Theory of Money: Valid Only for High and Medium Inflation? 货币数量理论:只适用于高通胀和中等通胀?

Applied Economics Quarterly Pub Date : 2015-12-01 DOI: 10.3790/AEQ.61.4.315

C. Hillinger, Bernd Süssmuth, M. Sunder

引用次数: 2

The Effects of Exchange Rate Volatility on U.S.-Chilean Industry Trade Flows 汇率波动对美智工业贸易流动的影响

Applied Economics Quarterly Pub Date : 2015-12-01 DOI: 10.3790/AEQ.61.4.353

Mohsen Bahmani‐Oskooee, Hanafiah Harvey, S. Hegerty

引用次数: 1

Europe’s Cash Restrictions: A Recipe for Home-Made Economic Instability 欧洲的现金限制:国内经济不稳定的原因

Applied Economics Quarterly Pub Date : 2015-12-01 DOI: 10.3790/AEQ.61.4.373

E. Beretta

{"title":"Europe’s Cash Restrictions: A Recipe for Home-Made Economic Instability","authors":"E. Beretta","doi":"10.3790/AEQ.61.4.373","DOIUrl":"https://doi.org/10.3790/AEQ.61.4.373","url":null,"abstract":"Are cash payments, in any post-industrial economy, only a barbarous relic of the past? And should they be replaced by dematerialized payment methods? According to our analysis, cash represents a natural drive towards economic dynamism and growth. From a behavioural standpoint, resources hold in cash entail reassuring components, which have ancestral origins and cannot be eliminated by law. That notwithstanding, in several European countries a clear tendency has emerged towards imposing a limit to the use of cash, based on the supposition that it may reduce capital flight and tax fraud. Not only are these cash acceptance thresholds – mostly introduced around the crisis year 2012 – likely to have detrimental repercussions on consumption as well as GDP growth levels, but they may also cause panic waves in times of economic uncertainty. These outcomes seem particularly probable given the imperfect replaceability of cash by other payment alternatives. In addition, inadequate communication by policymakers combined with the (growing) taxation of intangible financial assets and the menace, albeit infrequent, of haircuts on bank accounts are the opposite of any coherent marketing strategy in support of cashless economies.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"61 1","pages":"373-390"},"PeriodicalIF":0.0,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70167825","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