Journal of Economic Asymmetries最新文献_第5页

Relative prices and relative supplies in the UK beef meat industry: A wavelet cross-correlation analysis 英国牛肉肉类行业的相对价格和相对供应：小波交叉相关分析

Journal of Economic Asymmetries Pub Date : 2024-09-28 DOI: 10.1016/j.jeca.2024.e00387

Panos Fousekis

引用次数: 0

Ricardian equivalence and positively sloped IS curve: (Dis)equilibrium insights 李嘉图等价和正向倾斜的 IS 曲线：（非）均衡的启示

Journal of Economic Asymmetries Pub Date : 2024-09-17 DOI: 10.1016/j.jeca.2024.e00385

Xakousti Chrysanthopoulou , Moise Sidiropoulos , Alexandros Tsioutsios

{"title":"Ricardian equivalence and positively sloped IS curve: (Dis)equilibrium insights","authors":"Xakousti Chrysanthopoulou , Moise Sidiropoulos , Alexandros Tsioutsios","doi":"10.1016/j.jeca.2024.e00385","DOIUrl":"10.1016/j.jeca.2024.e00385","url":null,"abstract":"<div><p>In the New-Keynesian model augmented with non-Ricardian households (breakdown of the Ricardian equivalence), the elasticity of aggregate demand to changes in real interest rate is linked non-linearly to the share of non-Ricardian households. Importantly, this dependence may result in an upward-sloping dynamic New-Keynesian IS curve. Using an extended fractionally cointegrated VAR model in a recursive framework, we empirically test this for the US from 1959 to 2024, finding a positive long-run relationship between consumption and interest rates from 1980 to 1992, and a negative one from 1993 onwards, with a stronger negative correlation after 2000. These results suggest shifts in asset market participation, altering equilibrium dynamics in the goods market. We analytically show that when non-Ricardian households surpass a certain threshold, output adjusts to excess supply rather than demand, imposing novel restrictions on the New-Keynesian Phillips curve to maintain equilibrium determinacy. These bounds on the New-Keynesian Phillips curve slope under varying inflation targeting rules offer a new perspective on monetary policy design.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00385"},"PeriodicalIF":0.0,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142243974","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

Financial inclusion, integration, and stability asymmetries in the Mediterranean region 地中海地区的金融包容性、一体化和稳定性不对称问题

Journal of Economic Asymmetries Pub Date : 2024-09-17 DOI: 10.1016/j.jeca.2024.e00386

Simon Neaime, Isabelle Gaysset

引用次数: 0

Monetary policy rules and the ECB rotation model 货币政策规则和欧洲央行轮换模式

Journal of Economic Asymmetries Pub Date : 2024-09-16 DOI: 10.1016/j.jeca.2024.e00384

Jens Klose

引用次数: 0

An analysis of economic stability and financial development in India using asymmetric cointegration and simulative causality tests 利用非对称协整和模拟因果检验分析印度的经济稳定和金融发展

Journal of Economic Asymmetries Pub Date : 2024-09-06 DOI: 10.1016/j.jeca.2024.e00383

Muzffar Hussain Dar , Md Zulquar Nain

{"title":"An analysis of economic stability and financial development in India using asymmetric cointegration and simulative causality tests","authors":"Muzffar Hussain Dar , Md Zulquar Nain","doi":"10.1016/j.jeca.2024.e00383","DOIUrl":"10.1016/j.jeca.2024.e00383","url":null,"abstract":"<div><p>There is consensus among scholars and policymakers alike that economic stability significantly affects the financial sector of an economy. In this context, the present paper explores the possible asymmetric impact of macroeconomic stability on the Indian financial sector for the period 1975–2021. To capture the asymmetry, this study adopts the nonlinear autoregressive distributive lag (NARDL) model. Furthermore, this study examines the asymmetric causal flow between macroeconomic stability and financial development using the new asymmetric causality test proposed by Hatemi-j (2012). The results demonstrate that macroeconomic instability hurts financial development and that this effect is asymmetrical in nature. Furthermore, the findings demonstrate that per capita real income has a positive impact on financial development, supporting the <em>demand-led hypothesis</em> in the finance growth nexus. The results further demonstrate that the causal relationship is asymmetric. There is a unidirectional, asymmetrical causal flow from positive shock in financial development to positive shock in inflation. Overall, we conclude that the benefits of financial sector reforms are contingent upon economic stability. This implies that Indian policymakers must prioritize economic stability over financial reforms, emphasizing that future policy formulation should be contingent on cyclical periods.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00383"},"PeriodicalIF":0.0,"publicationDate":"2024-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142150929","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

Asymmetric effects of EU cohesion policy on EU regional growth: The role of macroeconomic uncertainty 欧盟凝聚力政策对欧盟地区增长的不对称效应：宏观经济不确定性的作用

Journal of Economic Asymmetries Pub Date : 2024-08-27 DOI: 10.1016/j.jeca.2024.e00382

Mehmet Pinar , Burhan Can Karahasan

引用次数: 0

Do climate policy uncertainty and geopolitical risk transmit opportunity or threat to the green market? Evidence from non-linear ARDL 气候政策的不确定性和地缘政治风险会给绿色市场带来机遇还是威胁？来自非线性 ARDL 的证据

Journal of Economic Asymmetries Pub Date : 2024-08-14 DOI: 10.1016/j.jeca.2024.e00379

Samuel Asante Gyamerah , Henry Ofoe Agbi-Kaiser , Luis Alberiko Gil-Alana

{"title":"Do climate policy uncertainty and geopolitical risk transmit opportunity or threat to the green market? Evidence from non-linear ARDL","authors":"Samuel Asante Gyamerah , Henry Ofoe Agbi-Kaiser , Luis Alberiko Gil-Alana","doi":"10.1016/j.jeca.2024.e00379","DOIUrl":"10.1016/j.jeca.2024.e00379","url":null,"abstract":"<div><p>This paper examines the asymmetric impacts of climate policy uncertainty (CPU), and geopolitical risk (GPR) on US green bond (GB) returns. By using the non-linear ARDL model and monthly data for GB, CPU and GPR from January 2016 to August 2022, our empirical findings show that in the short run, GB returns are negatively affected by both positive and negative shocks to GPR. In the long term, GB returns are positively impacted by negative shocks in GPR and negatively affected by positive shocks in GPR. CPU on the other hand shows an insignificant symmetric effect. These results have vital implications for policymakers and fund managers. Policymakers should consider implementing policies that reduce uncertainties and ensure stability in the green bond market. For fund managers, there is the need to adopt dynamic approaches to portfolio management, considering the evolving nature of geopolitical risks and their impact on green bond performance.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00379"},"PeriodicalIF":0.0,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1703494924000288/pdfft?md5=5d415a881abce79346dd82220ec335d3&pid=1-s2.0-S1703494924000288-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141984833","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Asymmetric effects of monetary policy shocks on financial stability 货币政策冲击对金融稳定的不对称影响

Journal of Economic Asymmetries Pub Date : 2024-08-13 DOI: 10.1016/j.jeca.2024.e00380

George N. Apostolakis, Nikolaos Giannellis

引用次数: 0

Ownership or procurement, which matters? exploring asymmetries in local public transportation in Italy through a semi-parametric approach 通过半参数方法探讨意大利地方公共交通中的不对称问题？

Journal of Economic Asymmetries Pub Date : 2024-07-27 DOI: 10.1016/j.jeca.2024.e00377

Monica Auteri , Alessandro Cremaschini

引用次数: 0

Bank cost efficiency and underground economy: The asymmetric impact of cooperative and non-cooperative banks 银行成本效率与地下经济：合作银行与非合作银行的非对称影响

Journal of Economic Asymmetries Pub Date : 2024-07-26 DOI: 10.1016/j.jeca.2024.e00378

Cristian Barra , Anna Papaccio , Nazzareno Ruggiero

{"title":"Bank cost efficiency and underground economy: The asymmetric impact of cooperative and non-cooperative banks","authors":"Cristian Barra , Anna Papaccio , Nazzareno Ruggiero","doi":"10.1016/j.jeca.2024.e00378","DOIUrl":"10.1016/j.jeca.2024.e00378","url":null,"abstract":"<div><p>We build a model of firms' choice between regular and irregular labor factors which links the cost efficiency of banks to the size of the underground economy. We consider two kinds of credit institutions supplying loans to the firms, cooperative and non-cooperative banks. The theoretical results show that cost-efficiency encourages firms to hire more regular workers. We then test our theoretical predictions using regional data for Italy over the 2004–2017 and assess how the efficiency of cooperative and non-cooperative banks, shapes the underground economy. In line with our theoretical prediction, increased cost efficiency reduces the size of the underground economy, especially in building and agriculture, and the estimated coefficients for the different types of banks are quite similar in size. Our evidence is robust to banks’ size, once we control for the likely simultaneity between cost efficiency and the underground economy and once we include the quality of institutions.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00378"},"PeriodicalIF":0.0,"publicationDate":"2024-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1703494924000276/pdfft?md5=192cee286c9738b9c8fb00eda34ca4fa&pid=1-s2.0-S1703494924000276-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141954252","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0