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Consumption and precautionary saving: An empirical analysis under both financial and environmental risks

Baiardi, Donatella; Manera, Matteo; Menegatti, Mario - In: Economic Modelling 30 (2013) C, pp. 157-166

This paper studies the empirical relationship between consumption and saving under two different sources of uncertainty …

Persistent link: https://www.econbiz.de/10010608252

Between cointegration and multicointegration: Modelling time series dynamics by cumulative error correction models

Scheiblecker, Marcus - In: Economic Modelling 31 (2013) C, pp. 511-517

This study proposes a cumulative error correction model where the summing weights follow a geometrically decreasing function of prior deviations from the equilibrium and are estimated from the data. It is shown that this approach nests both the traditional error correction model – where no...

Persistent link: https://www.econbiz.de/10010636324

Price and liquidity puzzles of a monetary shock: Evidence from indebted African economies

Muhanji, Stella; Malikane, Christopher; Ojah, Kalu - In: Economic Modelling 33 (2013) C, pp. 620-630

interest rates up, but consumption and output fall in contrast to the conventional view. External debt increases in response to …

Persistent link: https://www.econbiz.de/10010737979

Stock market response to monetary and fiscal policy shocks: Multi-country evidence

Chatziantoniou, Ioannis; Duffy, David; Filis, George - In: Economic Modelling 30 (2013) C, pp. 754-769

A Structural VAR model is employed to investigate the effects of monetary and fiscal policy shocks on stock market performance in Germany, UK and the US. A significant number of past studies have concentrated their attention on the relationship between monetary policy and stock market...

Persistent link: https://www.econbiz.de/10010608293

The effects of fiscal spending shocks on the performance of simple monetary policy rules

Malik, Ali K. - In: Economic Modelling 30 (2013) C, pp. 643-662

We examine the effects of fiscal shocks on the performance of alternative monetary policy rules in a small dynamic general equilibrium framework. We explicitly consider the interaction between fiscal and monetary policy rules which may be present in the real world. We use a simple specification...

Persistent link: https://www.econbiz.de/10010608303

Optimal retirement age, leisure and consumption

Mao, Hong; Ostaszewski, Krzysztof M.; Wang, Yuling - In: Economic Modelling 43 (2014) C, pp. 458-464

In this paper, we study the determination of optimal retirement age, optimal leisure time, and optimal consumption, and … factors of consumption, leisure, saving, mortality and retirement behaviors simultaneously with an orthogonal … determining factors of the optimal retirement age. The initial consumption level and the interest rate are also important factors …

Persistent link: https://www.econbiz.de/10010939696

Habit formation and housing over the life cycle

Aydilek, Asiye - In: Economic Modelling 33 (2013) C, pp. 858-866

We explore the role of habit formation in housing in explaining the life-cycle household allocations. Empirical studies about households in the U.S. reveal that the housing profile increases monotonically until age mid-60s and then flattens out. The model is realistically calibrated and solved...

Persistent link: https://www.econbiz.de/10010738028

Governments under influence: Country interactions in discretionary fiscal policy

Cassette, Aurélie; Creel, Jérôme; Farvaque, Etienne; … - In: Economic Modelling 30 (2013) C, pp. 79-89

We investigate the interactions between countries, and their effect on the discretionary (i.e. the cyclically-adjusted and interest-adjusted) components of national fiscal policies, observing and investigating the parts of public spending and tax receipts over which governments retain full...

Persistent link: https://www.econbiz.de/10010608294

Joint determinants of fiscal policy, income inequality and economic growth

Muinelo-Gallo, Leonel; Roca-Sagalés, Oriol - In: Economic Modelling 30 (2013) C, pp. 814-824

This paper analyses the relationship between income inequality and economic growth through fiscal policy. To this end, we present and estimate two systems of structural equations with error components through which gross income inequality determines different fiscal policy outcomes, which...

Persistent link: https://www.econbiz.de/10010608309

Is fiscal policy stationary in China? A regional study by local government

Liu, Tie-Ying; Su, Chi-Wei; Jiang, Xu-Zhao - In: Economic Modelling 37 (2014) C, pp. 492-499

-shaped breaks and to smooth breaks than the linear method if the true data-generating process of the deficit–GDP ratio convergence …

Persistent link: https://www.econbiz.de/10010744023