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Scottish Journal of Political Economy最新文献

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Measuring the effectiveness of US monetary policy during the COVID-19 recession. 衡量新冠肺炎经济衰退期间美国货币政策的有效性。
IF 1.1 4区 经济学
Scottish Journal of Political Economy Pub Date : 2021-07-01 Epub Date: 2021-02-22 DOI: 10.1111/sjpe.12275
Martin Feldkircher, Florian Huber, Michael Pfarrhofer
{"title":"Measuring the effectiveness of US monetary policy during the COVID-19 recession.","authors":"Martin Feldkircher,&nbsp;Florian Huber,&nbsp;Michael Pfarrhofer","doi":"10.1111/sjpe.12275","DOIUrl":"https://doi.org/10.1111/sjpe.12275","url":null,"abstract":"<p><p>The COVID-19 recession that started in March 2020 led to an unprecedented decline in economic activity across the globe. To fight this recession, policy makers in central banks engaged in expansionary monetary policy. This paper asks whether the measures adopted by the US Federal Reserve (Fed) have been effective in boosting real activity and calming financial markets. To measure these effects at high frequencies, we propose a novel mixed frequency vector autoregressive (MF-VAR) model. This model allows us to combine weekly and monthly information within a unified framework. Our model combines a set of macroeconomic aggregates such as industrial production, unemployment rates, and inflation with high-frequency information from financial markets such as stock prices, interest rate spreads, and weekly information on the Fed's balance sheet size. The latter set of high-frequency time series is used to dynamically interpolate the monthly time series to obtain weekly macroeconomic measures. We use this setup to simulate counterfactuals in absence of monetary stimulus. The results show that the monetary expansion caused higher output growth and stock market returns, more favorable long-term financing conditions and a depreciation of the US dollar compared with a no-policy benchmark scenario.</p>","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":"68 3","pages":"287-297"},"PeriodicalIF":1.1,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/sjpe.12275","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"25563410","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 26
Inequality and Growth in the Twenty‐First Century 21世纪的不平等与经济增长
IF 1.1 4区 经济学
Scottish Journal of Political Economy Pub Date : 2021-06-18 DOI: 10.1111/sjpe.12292
Weijie Luo
{"title":"Inequality and Growth in the Twenty‐First Century","authors":"Weijie Luo","doi":"10.1111/sjpe.12292","DOIUrl":"https://doi.org/10.1111/sjpe.12292","url":null,"abstract":"","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2021-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/sjpe.12292","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41952349","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
Issue Information 问题信息
IF 1.1 4区 经济学
Scottish Journal of Political Economy Pub Date : 2021-06-15 DOI: 10.1111/sjpe.12215
{"title":"Issue Information","authors":"","doi":"10.1111/sjpe.12215","DOIUrl":"https://doi.org/10.1111/sjpe.12215","url":null,"abstract":"","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2021-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/sjpe.12215","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49392280","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
Externalities of economic sanctions on performance of intra‐industry non‐sanctioned firms: Evidence from Zimbabwe 经济制裁对行业内非制裁企业绩效的外部性:来自津巴布韦的证据
IF 1.1 4区 经济学
Scottish Journal of Political Economy Pub Date : 2021-06-14 DOI: 10.1111/SJPE.12290
Jie Sun, Lewis Makosa, Jinkun Yang, F. Yin, Moses Jachi, W. G. Bonga
{"title":"Externalities of economic sanctions on performance of intra‐industry non‐sanctioned firms: Evidence from Zimbabwe","authors":"Jie Sun, Lewis Makosa, Jinkun Yang, F. Yin, Moses Jachi, W. G. Bonga","doi":"10.1111/SJPE.12290","DOIUrl":"https://doi.org/10.1111/SJPE.12290","url":null,"abstract":"","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2021-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/SJPE.12290","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44028436","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: 2
Dynamic connectedness and spillovers across sectors: Evidence from the Indian stock market 跨部门的动态联系和溢出效应:来自印度股市的证据
IF 1.1 4区 经济学
Scottish Journal of Political Economy Pub Date : 2021-06-11 DOI: 10.1111/SJPE.12291
Ioannis Chatziantoniou, David Gabauer, H. Marfatia
{"title":"Dynamic connectedness and spillovers across sectors: Evidence from the Indian stock market","authors":"Ioannis Chatziantoniou, David Gabauer, H. Marfatia","doi":"10.1111/SJPE.12291","DOIUrl":"https://doi.org/10.1111/SJPE.12291","url":null,"abstract":"This paper explores stock market sectoral connectedness for the emerging market economy of India. We use the time-varying parameter vector autoregressive dynamic connectedness of Antonakakis and Gabauer (2017). Results show that the stock market sectoral connectedness varies across time. Connectedness is strongest among sectors during the 2008 crisis, the double-digit inflation and stock market crash of 2011, national elections of 2014, and the historic demonetization of 2016. In addition, consumers’ spending, industry, finance, and basic materials appear to be net transmitters of shocks. By contrast, information technology, fast moving consumer goods, healthcare, and telecommunications are net receivers of shocks. This paper can help formulate policies aiming at alleviating sectoral imbalances and promoting balanced growth, and also benefit investors with devising optimal portfolio diversification strategies.","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2021-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/SJPE.12291","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44185909","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: 22
Value‐maximizing football clubs 价值最大化的足球俱乐部
IF 1.1 4区 经济学
Scottish Journal of Political Economy Pub Date : 2021-06-03 DOI: 10.1111/SJPE.12282
A. Prinz, Stefan Thiem
{"title":"Value‐maximizing football clubs","authors":"A. Prinz, Stefan Thiem","doi":"10.1111/SJPE.12282","DOIUrl":"https://doi.org/10.1111/SJPE.12282","url":null,"abstract":"Professional team sports, and in particular European club football, provide a unique framework for studying the essence of economic behavior. The league structure can be interpreted as a market in which teams compete with each other by creating highlevel entertainment in a kind of “cooperative competition”. The most crucial factors of production are the athletes who play the game, in combination with the respective club managers. Several aspects of football economics have already been analyzed in the literature. These include profitmaximization versus winningpercentage maximization (see e.g., GarciadelBarrio & Szymanski, 2009), the effects of salary caps (Késenne, 2000a), revenue sharing (Grossmann et al., 2010; Késenne, 2000b, 2004), as well as the combination of revenue sharing and salary caps (Dietl, Grossmann, et al., 2011; Dietl, Lang, et al., 2011), Accepted: 5 May 2021","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2021-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/SJPE.12282","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42573734","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: 2
The U-shape of happiness in Scotland 苏格兰的u型幸福指数
IF 1.1 4区 经济学
Scottish Journal of Political Economy Pub Date : 2021-05-17 DOI: 10.1111/sjpe.12283
David N. F. Bell, David G. Blanchflower
{"title":"The U-shape of happiness in Scotland","authors":"David N. F. Bell, David G. Blanchflower","doi":"10.1111/sjpe.12283","DOIUrl":"https://doi.org/10.1111/sjpe.12283","url":null,"abstract":"We examine well-being in Scotland using micro data from the Scottish Health Survey and the UK Annual Population Surveys. We find evidence of a midlife nadir or zenith in Scotland in well-being at around age 50 using a variety of measures of both happiness and unhappiness. We confirm that higher consumption of fruit and vegetables is associated with higher levels of happiness in Scotland. We compare this with evidence for England from the Health Survey of England. The decline in well-being between youth and midlife is comparable in size to the loss of a spouse or of a job and around half of the fall in well-being in the COVID-19 lockdown. We also find a midlife peak in suicides in Scotland. Despite higher mortality and suicide rates in Scotland than in England, paradoxically we find that the Scots are happier than the English. Northern Ireland is the happiest of the four home countries. We also find evidence of U-shapes in England, Wales and Northern Ireland in the mid to late forties.","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":"28 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2021-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138531113","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
Structural change and economic development in the Islamic Middle East 700–1500: Population levels and property rights 700-1500年伊斯兰中东地区的结构变化和经济发展:人口水平和产权
IF 1.1 4区 经济学
Scottish Journal of Political Economy Pub Date : 2021-05-14 DOI: 10.1111/SJPE.12277
Maya Shatzmiller
{"title":"Structural change and economic development in the Islamic Middle East 700–1500: Population levels and property rights","authors":"Maya Shatzmiller","doi":"10.1111/SJPE.12277","DOIUrl":"https://doi.org/10.1111/SJPE.12277","url":null,"abstract":"","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2021-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/SJPE.12277","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47095145","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
White elephants on quicksand: Low oil prices and high geopolitical risk 流沙上的白象:低油价和高地缘政治风险
IF 1.1 4区 经济学
Scottish Journal of Political Economy Pub Date : 2021-05-04 DOI: 10.1111/sjpe.12279
Hany Abdel-Latif, Mahmoud El-Gamal
{"title":"White elephants on quicksand: Low oil prices and high geopolitical risk","authors":"Hany Abdel-Latif, Mahmoud El-Gamal","doi":"10.1111/sjpe.12279","DOIUrl":"https://doi.org/10.1111/sjpe.12279","url":null,"abstract":"We investigate the effects of low oil prices and heightened geopolitical risks on economic growth and investment in Middle East and North Africa (MENA) countries. We find that negative shocks to oil prices and positive shocks to geopolitical risk have adverse effects on GDP and investment. Moreover, we find that the impact of investment on GDP in MENA countries is muted when oil prices are low and/or geopolitical risk level is high. These findings cast doubts on the prospects of mega-project economic transformation plans as envisioned in 2030 visions for several MENA countries.","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":"46 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2021-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138531114","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
Public and private pension systems and macroeconomic volatility in OECD countries 经合组织国家的公共和私人养老金制度与宏观经济波动
IF 1.1 4区 经济学
Scottish Journal of Political Economy Pub Date : 2021-03-30 DOI: 10.1111/SJPE.12278
M. Holzner, Stefan Jestl, David Pichler
{"title":"Public and private pension systems and macroeconomic volatility in OECD countries","authors":"M. Holzner, Stefan Jestl, David Pichler","doi":"10.1111/SJPE.12278","DOIUrl":"https://doi.org/10.1111/SJPE.12278","url":null,"abstract":"This paper analyses the impact of public pension expenditures and pension funds’ assets as well as their benefits on economic volatility. To do so, we use panel data for 35 OECD countries for the period 1980-2018 and apply a set of state-of-the-art econometric estimators. Our results show weak evidence of a negative impact of public pension expenditures as well as weak evidence of a positive impact of pension funds’ benefits on volatility. Results were, however, found not to be very robust. In contrast, pension funds’ assets do not show any evidence of being associated with economic volatility. Unsystematic fiscal policy, banking crises and political (in)stability, however, are revealed to be somewhat more robust determinants of economic volatility.","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2021-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/SJPE.12278","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47095179","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: 7
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