in macroeconomic studies, social welfare is assumed as a function of inflation and unemployment. although the social welfare function which is dependent to unemployment and inflation variables has been used widely in macroeconomic theories, but this relation needs to be tested through empirical observations. this paper, using variables such as to economics of happiness area and subjective wellb...

Long-term comovements of national stock markets in three EMS (European Monetary System) countries—France, Germany and Italy—are examined. The EMS stock markets are found to display long-term comovements governed by two common permanent components. To identify some interpretable sources of such long-term market comovements, the study explores whether they can be linked to similar comovements in ...

Establishing the relationship between stock prices and macroeconomic variables is very important for formulating current economic stabilisation policies. This paper investigates the causal relationship between four macroeconomic variables and Dhaka Stock Exchange (DSE) stock prices using cointegration and Granger causality test. The results suggest that cointegration exists between stock prices...

This paper examines the causal relationship between stock prices and macroeconomic aggregates in Iran, by applying the techniques of the long–run Granger non–causality test proposed by Toda and Yamamoto (1995). We test the causal relationships between the TEPIX Index and the three macroeconomic variables: money supply, value of trade balance, and industrial production using quarterly data for t...

Most of the current literature on macroeconomic policies focus on cyclical phenomena such as politically induced business cycles, and how short-sighted policies can be overcome through proper institutional design. This paper instead focuses on the lasting effects of macroeconomic policies on such “real” economic variables as unemployment and distribution, and we argue that traditional distribut...

the purpose of this research is investigation of application of the arbitrage pricing theory and effect of unanticipated changes in a set of macroeconomic variables such as inflation rate, money supply, exchange rate, oil price, term structure and industrial production on expected security return in tehran stock exchange. in this research, data are analyzed quarterly for the period of 1997-2008...

Technological standardization is an essential prerequisite for the implementation of new technologies: The interdependencies of these technologies require common rules (“standardization”) to ensure compatibility. Though standardization is prevalent in practically every sector of industrialized economies, its macroeconomic implications have not been analyzed so far. Using data on standardization...

Using a large sample of accounting data for non …nancial companies in France on the period 1990-2004, the paper studies the interactions between macroeconomic shocks and companies’…nancial fragility. We consider links in both directions, namely whether …rms’bankruptcies are a¤ected by macroeconomic variables, and whether bankruptcies determine the business cycle. We estimate forecasting equatio...

In credit modeling, default intensity is known to depend on rating history-specific factors, notably credit rating, but variation in aggregate default rates over time presumably also reflects changes in general economic conditions. We fit Cox intensity models for defaults, as well as for major upgrades and downgrades in credit rating, with both rating history-specific factors and a broad range ...