نتایج جستجو برای: e30

تعداد نتایج: 238  

2010
Guglielmo Maria Caporale Luis A. Gil-Alana

This paper examines the relationship between US disposable personal income (DPI) and house price index (HPI) during the last twenty years applying fractional integration and longrange dependence techniques to monthly data from January 1991 to July 2010. The empirical findings indicate that the stochastic properties of the two series are such that cointegration cannot hold between them, as mean ...

2016
Eugene Nivorozhkin Giorgio Castagneto-Gissey

This paper studies the dynamic relationship between returns in the Russian stock market and global equity markets in the aftermath of the 2014 Ukrainian crisis. We apply dynamic the Russian and global equity returns after the crisis outbreak. The Russian stock market clearly decoupled from both de veloped and emerging markets, as shown by a 30–50% decline in returns correlation. In view of dram...

2008
Fumiko Hayashi Zhu Wang

This paper studies product innovation and firm survival in the U.S. ATM/debit card industry. The industry started with a few shared ATM networks in the early 1970s. The number of networks grew quickly up until the mid 1980s, but then declined sharply. We construct a theoretical model based on Jovanovic and MacDonald (1994). In contrast to their model focusing on cost-saving technological innova...

2015
Larry E. Miller Richard Kovach Jeffrey A. Goldstein

Endovascular treatment of symptomatic peripheral artery disease has traditionally been performed with percutaneous transluminal angioplasty (PTA), although long-term patency in femoropopliteal arteries remains unsatisfactory. The use of bare metal stents in the femoropopliteal arteries has led to improved safety and patency compared to PTA although neointimal hyperplasia proliferation leading t...

2001
Kausik Chaudhuri

Acute volatile movements in primary commodity prices have drawn enough interests from empirical researchers. Exports of these commodities account for the bulk of export earnings of developing countries. The traditional demand based framework has been unable to explain the marked deterioration in these prices during 1980s. This paper tries to ascertain the role played by real oil prices in expla...

2010
Marc P. Giannoni

This paper characterizes the properties of various interest-rate rules in a basic forwardlooking model. We compare simple Taylor rules and rules that respond to price-level fluctuations (called Wicksellian rules). We argue that by introducing an appropriate amount of history dependence in policy, Wicksellian rules perform better than optimal Taylor rules in terms of welfare, robustness to alter...

ژورنال: :مجله تحقیقات اقتصادی 2011
مجید صامتی بهاره تیموری هوشنگ شجری مرتضی سامتی

در این مقاله یک مدل هم‎جمعی خود رگرسیون برداری با متغیرهای برون‎زای ضعیف برای اقتصاد ایران تخمین زده شد. روابط هم‎جمعی از الگوی کینزین های جدید در اقتصاد باز کوچک، شرایط آربیتراژ و تراز حساب ها استخراج و بر مدل تحمیل گردید. نتایج بیانگر وجود دو رابطه‎ی هم‎جمعی بین متغیرهای کلان اقتصادی ایران است: 1- رابطه‎ی شکاف تولید و 2- رابطه‎ی تقاضای واقعی پول. معادلات تصحیح خطای برداری برای تحلیل پویائی ها...

2008
Fabio Milani

Several papers have documented a regime switch in US monetary policy from ‘passive’ and destabilizing in the pre-1979 period to ‘active’ and stabilizing afterwards. These studies typically work with DSGE models with rational expectations. This paper relaxes the assumption of rational expectations and allows for learning instead. Economic agents form expectations from simple models and update th...

2015
Rainer Franke Boyan Yanovski

This note considers Tobin’s average Q in a framework where firms finance investment by equities and debt. The determination of its long-run equilibrium value Qo is based on positing equality of the loan rate and, adjusted for a risk premium, the return on equities. Qo can thus be characterized as a ratio of two rates representing the somewhat modified interest costs and profits of the firms. Th...

2005
Ricardo J. Caballero Arvind Krishnamurthy Alan Greenspan

We present a model of flight to quality episodes that emphasizes financial system risk and the Knightian uncertainty surrounding these episodes. In the model, agents are uncertain about the probability distribution of shocks in markets different from theirs, treating such uncertainty as Knightian. Aversion to this uncertainty generates demand for safe financial claims. It also leads agents to r...

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