The underground economy crucially affects growth and unemployment in both developed developing countries. Nevertheless, this widespread phenomenon does not appear the basic model for macroeconomic analysis, namely Aggregate Demand-Aggregate Supply (or simply AD-AS) model. Therefore, paper introduces–for first time, to best of our knowledge–the sector into popular AD-AS model, with aim increasin...

This paper examines the relationship between oil market shocks and financial instability in Asian countries using a Structural Vector Autoregression (SVAR) following Kilian Park’s (2009) methodology. Instability markets is measured by Financial Stress Index (FSI). Based on impulse response functions, findings confirm that source of an price shock (supply side or demand side) extremely important...

We present a weekly structural Vector Autoregressive model of the US crude oil market. Exploiting data we can explain short-run price dynamics, including variations related with COVID-19 pandemic and Russia’s invasion Ukraine. The is set identified Bayesian approach that allows to impose restrictions directly on parameters interest, such as supply demand elasticizes. Our incorporates both futur...

Using a 2004 Japanese natural experiment affecting physician supply, we study the physician labor market and its effects on hospital exits and health outcomes. Although physicians play a central role in determining the performance of a healthcare system, identifying their impacts are difficult because physician supply is endogenously determined. We circumvent the problem by exploiting an exogen...

This study empirically examines how fluctuations in oil prices affect the stock returns of clean energy and gas companies between 2001:01 2022:06. Our results show that a negative supply shock affects positively. In contrast, an oil-specific demand negatively them. The findings also reveal increase owing to tends not improve companies. Consequently, indicate are alternatives.

Purpose The purpose of this paper is to examine the effects immigration on labour market outcomes low-educated natives (i.e. residents without a university diploma). Using competition theory, which argues that depend skill set immigrants, addresses whether immigrants are complementary or substitutes for native workers. Design/methodology/approach Longitudinal matched employer–employee data Swed...

We discuss the impact of a Covid-19--like shock on simple model economy, described by previously developed Mark-0 Agent-Based Model. consider mixed supply and demand shock, show that depending parameters (amplitude duration), our economy can display V-shaped, U-shaped or W-shaped recoveries, even an L-shaped output curve with permanent loss. This is due to getting trapped in self-sustained "bad...

The choice of a foreign exchange regime hinges primarily on whether the real rate acts as shock absorber or reverberator for macroeconomic fluctuations. This policy is considered central especially prior to joining currency areas such Eurozone. We investigate Albania’s current floating contributes stability, generates volatility. Using three different structural vector autoregression techniques...