estimation of agricultural sector demand and supply and identification of its determinants could lead to more efficient policies and planning of this section. in this study, aggregate demand and supply of agriculture sector for years of 1959-2007 by using of nonlinear restricted armax model are estimated. result indicates that aggregate agriculture demand is inelastic in short and long run. tho...

The analysis of monetary policy impact via interest rate as instrument of intervention on the evolution of stock market prices has gained more popularity during the current crisis due to the accumulation of financial imbalances. This article investigates the impact of monetary policy on equity indexes in European Union countries from January 2000 to February 2012, using cointegration and Grange...

In this paper I will argue that the institutional implementations that we commonly include in our monetary aggregates are actually more similar to the concept of monetary base. I will also argue that the institutional implementation of accounts payable operates as money. This slightly translated definition implies that a new monetary aggregate that includes accounts payable may be useful for co...

This study investigated the dynamic relationship between money, prices and output in a multivariate structure of casualty analysis in Iran for the two period of 1969 to 2012 (entire period) and 1989 to 2012 (sub-period). This statistical framework has been projected for situations where causal links may have changed over the sample period. Results of a three-variable Vector Error Correction Mod...

This paper examines the implications of payout horizon for the prices of aggregate cashflows. The interaction of two long-run forces — a long-run risk in consumption and aggregate dividends, and a cointegration relationship between consumption and aggregate dividends — leads to non-monotonic relationships between a payout’s horizon and its cash flow risks, discount rate risks, and risk premia. ...

The relationship between inflation and interest rates represents one of the crucial tests of monetary super-neutrality. To date, there is no consensus among economists with respect to this relationship. Many studies find evidence favorable to a full adjustment of nominal rates of interest to changes in (expected) inflation resulting in no long-run effects on real interest rates consistent with ...

FEMES2006, seminar participants at the Universities of Auckland, Otago and Manchester, for useful comments, with particular thanks to Peter Phillips and Donggyu Sul for their constructive suggestions. All responsibility for errors and omissions lies, however, with the authors. Abstract The New Keynesian Phillips Curve (NKPC) model of inflation dynamics based on forward-looking expectations is o...