Portuguese Economic Journal最新文献

A mixed approach to the heterogeneity of the short-term rentals’ regulation in Spain 西班牙短期租赁监管的异质性混合法

IF 1.3 4区经济学

Portuguese Economic Journal Pub Date : 2024-07-25 DOI: 10.1007/s10258-024-00261-w

Alba Viana-Lora, Francisco Sánchez-Cubo

引用次数: 0

Does the Russia-Ukraine war cause exchange rate depreciation? Evidence from the rouble exchange rate 俄乌战争会导致汇率贬值吗？来自卢布汇率的证据

IF 1.3 4区经济学

Portuguese Economic Journal Pub Date : 2024-07-13 DOI: 10.1007/s10258-024-00260-x

Haibo Jia, Hao Yun, Khalid Khan

引用次数: 0

Nonlinearity and nonlinear convergence of inflation rates in the West African Monetary Zone: a way to Monetary Integration 西非货币区通货膨胀率的非线性和非线性趋同：货币一体化之路

IF 1.3 4区经济学

Portuguese Economic Journal Pub Date : 2024-06-26 DOI: 10.1007/s10258-024-00257-6

Muhammad Ilyas, Liying Song, Mukhtar Danladi Galadima, Muhammad Noshab Hussain, Abdul Sattar

{"title":"Nonlinearity and nonlinear convergence of inflation rates in the West African Monetary Zone: a way to Monetary Integration","authors":"Muhammad Ilyas, Liying Song, Mukhtar Danladi Galadima, Muhammad Noshab Hussain, Abdul Sattar","doi":"10.1007/s10258-024-00257-6","DOIUrl":"https://doi.org/10.1007/s10258-024-00257-6","url":null,"abstract":"The inflation rate is one key indicator for a group of countries to achieve the harmonization required to establish stable and sustainable monetary integration. However, for the West African Monetary Zone (WAMZ), despite its ambition to embark on monetary integration for about two decades now, achieving this requirement is still a question of investigation. This study examines the nonlinearity and nonlinear convergence of inflation rates among the WAMZ countries as a way to monetary integration. We use inflation rates from 2000 to 2022 and employ a variety of linear and nonlinear tests (such as the Brock–Dechert–Scheinkman–LeBaron nonlinearity test, the Harvey nonlinearity test, the Dickey–Fuller Generalized Least Squares linear unit root test, the Ng–Perron linear unit root test, the Cuestas–Ordonez nonlinear unit root test, the Park–Shintani nonlinear unit root test, and the Hu–Chen nonlinear unit root test). The findings revealed that the data generating process of inflation in the WAMZ countries is nonlinear and that there is inflation convergence in those countries. This means that the countries share similar long-run inflation and, therefore, meet one key criterion for a group of countries to share a common currency.","PeriodicalId":45031,"journal":{"name":"Portuguese Economic Journal","volume":"1 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141501949","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

External debt, state ownership and technical efficiency: A stochastic frontier analysis of emerging economies 外债、国家所有权和技术效率：新兴经济体的随机前沿分析

IF 1.3 4区经济学

Portuguese Economic Journal Pub Date : 2024-04-13 DOI: 10.1007/s10258-024-00255-8

Woon Kan Yap, Fakarudin Kamarudin, Jenny Gryzelius

引用次数: 0

Response of consumers to wage shocks in the framework of the Portuguese assistance program 葡萄牙援助计划框架下消费者对工资冲击的反应

IF 1.3 4区经济学

Portuguese Economic Journal Pub Date : 2024-04-11 DOI: 10.1007/s10258-024-00254-9

Nuno Alves, Fátima Cardoso, Manuel Coutinho Pereira

引用次数: 0

Optimal policies in a small open economy with an environmental externality and shallow foreign exchange markets 具有环境外部性和浅层外汇市场的小型开放经济中的最优政策

IF 1.3 4区经济学

Portuguese Economic Journal Pub Date : 2024-03-12 DOI: 10.1007/s10258-024-00253-w

Alessandro Moro

引用次数: 0

Application of empirical wavelet transform, particle swarm optimization, gravitational search algorithm and long short-term memory neural network to copper price forecasting 经验小波变换、粒子群优化、引力搜索算法和长短期记忆神经网络在铜价预测中的应用

IF 1.3 4区经济学

Portuguese Economic Journal Pub Date : 2024-02-20 DOI: 10.1007/s10258-024-00252-x

{"title":"Application of empirical wavelet transform, particle swarm optimization, gravitational search algorithm and long short-term memory neural network to copper price forecasting","authors":"","doi":"10.1007/s10258-024-00252-x","DOIUrl":"https://doi.org/10.1007/s10258-024-00252-x","url":null,"abstract":"<h3>Abstract</h3> Copper is one of the main non-ferrous metals which are closely associated with important industries, such as equipment manufacturing, electrical wiring, and construction; and thus, copper price is becoming an important impact factor on the performance of related economies. This paper aims to develop a hybrid method for forecasting the copper price by combining empirical wavelet transform (EWT), particle swarm optimization (PSO), gravitational search algorithm (GSA) and long short term memory neural network (LSTM), which is denoted as EWT-PSO-GSA-LSTM in this study. The forecasting performance of the proposed hybrid method was verified by time series data of the copper closing price in the London Metal Exchange (LME). The results of this study have shown that the proposed EWT-PSO-GSA-LSTM method outperformed other forecasting methods in terms of several performance criteria, such as the root mean square error (RMSE), the mean absolute error (MAE), the mean absolute percentage error (MAPE), and the Diebold–Mariano (DM) test. For the daily copper price time series, the EWT-PSO-GSA-LSTM method had the smallest RMSE, MAE and MAPE values (0.007, 0.013 and 1.358, respectively) compared to LSTM, EWT-LSTM, PSO-LSTM and EWT-PSO-LSTM methods. Furthermore, all the DM values of our proposed method were below -2.61 and the (p) values were smaller than 1%, indicating that the proposed method performed the best in forecasting the copper price at the 99% confidence level. Given the present results, it can be concluded that it is possible to improve the copper price forecasting method by combining the EWT, PSO, GSA and LSTM models.","PeriodicalId":45031,"journal":{"name":"Portuguese Economic Journal","volume":"239 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139924954","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The macroeconomic impact of COVID-19 on occupations COVID-19 对职业的宏观经济影响

IF 1.3 4区经济学

Portuguese Economic Journal Pub Date : 2024-02-05 DOI: 10.1007/s10258-023-00249-y

Xinru Li

引用次数: 0

CBDC, cash, and financial intermediary in HANK 汉卡的 CBDC、现金和金融中介机构

IF 1.3 4区经济学

Portuguese Economic Journal Pub Date : 2024-01-03 DOI: 10.1007/s10258-023-00250-5

Yujie Yang, Chenxing Zhang, Wenwen Hou

{"title":"CBDC, cash, and financial intermediary in HANK","authors":"Yujie Yang, Chenxing Zhang, Wenwen Hou","doi":"10.1007/s10258-023-00250-5","DOIUrl":"https://doi.org/10.1007/s10258-023-00250-5","url":null,"abstract":"The introduction of interest-bearing Central Bank Digital Currency (CBDC) presents central banks with an additional instrument for implementing monetary policy. This article develops a Heterogeneous Agents New Keynesian model, incorporating financial frictions, to investigate the transmission mechanism and wealth distribution effects of digital currency interest rate from two distinct perspectives: (i) the interaction between the central bank and financial intermediaries and (ii) the substitution dynamics between cash and digital currency. By comparing models that include and exclude financial intermediaries, our research uncovers that in a society where CBDC is fully implemented, the reverse actions of financial intermediaries can hinder the efficacy of the central bank’s monetary policy and result in elevated costs associated with policy formulation. Additionally, the leverage effect of financial intermediaries exacerbates wealth inequality and contributes to the expansion of investment, thereby promoting an increase in economic output. Comparing societies where CBDC entirely replaces cash with those where CBDC coexists alongside cash, this paper demonstrates that the presence of cash mitigates significant economic fluctuations triggered by CBDC, while the complete elimination of cash amplifies wealth inequality. Consequently, it is crucial for the central bank to account for the behavior of financial intermediaries when adjusting digital currency interest rate and explore the development of an appropriate interest rate mechanism tailored to digital currency. Simultaneously, maintaining cash circulation for a specific period can act as an economic stabilizer.","PeriodicalId":45031,"journal":{"name":"Portuguese Economic Journal","volume":"121 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139372760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Re-examining the real interest rate parity hypothesis under temporary gradual breaks and nonlinear convergence 重新审视临时渐进中断和非线性收敛下的实际利率平价假说

IF 1.3 4区经济学

Portuguese Economic Journal Pub Date : 2023-12-29 DOI: 10.1007/s10258-023-00245-2

Mübariz Hasanov, Tolga Omay, Vasif Abioglu

引用次数: 0