We measure the United States capital stock of money implied by the Divisia monetary aggregate service flow, in a manner consistent with the present-value model of economic capital stock and asset pricing theory. The resulting measures differ substantially from the usual simple sum accounting monetary aggregates. We permit non-martingale expectations and time varying discount rates. Based on Bar...

This paper deals with the existence of a common European growth cycle and its identification. Based on the analysis of some descriptive statistics in the time and frequency domain there is clear evidence of comovement in output growth among European countries. Univariate Markov switching autoregressions (MS-AR) are used for individual countries in order to detect changes in the mean growth rate...

This paper investigates the relationship between infrastructure investments and economic activity in Sweden for the period 1800-2000. In order to overcome the problem of endogeneity, independent time scales are used to analyze the relationship. The paper also examines the dynamics between the variables by testing for causality in the Granger sense and constructing a vector autoregressive model ...

Abstract The analysis of the high volume data spawned by web search engines on a daily basis allows scholars to scrutinize relation between user’s preferences and impending facts. This study can be used in variety economics contexts. purpose this is determine whether it possible anticipate unemployment rate examining behavior. method uses cross-correlation technique combine from Google Trends w...

Analysis of causal effects between continuous-valued variables typically uses either autoregressive models or structural equation models with instantaneous effects. Estimation of Gaussian, linear structural equation models poses serious identifiability problems, which is why it was recently proposed to use non-Gaussian models. Here, we show how to combine the non-Gaussian instantaneous model wi...

This paper investigates the impact of European Central Bank's unconventional monetary policies (UMP) between 2008 and 2019 on government bond yields. It adopts a novel econometric approach that combines data-rich factor analysis Vector autoregression (VAR) with heteroskedastic-based identification. The results identify significant substantial for all countries maturities, but stronger persisten...

Using daily data, we estimate a vector autoregression model to characterise the dynamic relationship between COVID-19 infections in Australia and performance of Australian stock market, specifically ASX-200. Impulse response functions show that have significant positive effect on market: one standard deviation increase new registered cases increases growth rate ASX-200 by around half percentage...

Abstract This paper argues that the increasing adoption of information and communication technologies (ICTs) is a factor improves terms trade sub-Saharan African (SSA) economies. According to new theories international trade, ICTs can change by productivity, reducing costs, human capital endowment specialization. Here, we use World Development Indicators (WDI) United Nations Conference on Trade...

We characterize the evolution of U.S. carbon dioxide (CO2) emissions using an index number decomposition technique which partitions the 1963-2008 growth of states’ energy-related CO2 into changes in five driving factors: the emission intensity of energy use, the energy intensity of economic activity, the composition of states’ output, per capita income and population. Compositional change and d...