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Esfahani, Hadi Salehi; Mohaddes, Kamiar; Pesaran, … - 2009

with a coefficient equal to the share of capital. The long run theory is tested using a new quarterly data set on the …: an output equation as predicted by the theory and a standard real money demand equation with inflation acting as a proxy …

Persistent link: https://www.econbiz.de/10010326726

An empirical growth model for major oil exporters

Esfahani, Hadi Salehi; Mohaddes, Kamiar; Pesaran, M. Hashem - 2012

-run output equation with a coefficient equal to the share of capital (a). The long-run theory is tested using quarterly data on … results support the long-run theory. The existence of long-run relations between real output, foreign output and real oil … steadily over the past three decades, the theory suggests that the effect of oil income on the economy's steady state growth …

Persistent link: https://www.econbiz.de/10010281789

An Economic Model of the Covid-19 Epidemic : The Importance of Testing and Age-Specific Policies

Brotherhood, Luiz Mário - 2020

This paper investigates the role of testing and age-composition in the Covid-19 epidemic. We augment a standard SIR epidemiological model with individual choices regarding how much time to spend working and consuming outside the house, both of which increase the risk of transmission. Individuals...

Persistent link: https://www.econbiz.de/10012832194

Macroeconomic Responses to Uncertainty Shocks : The Perils of Recursive Orderings

Kilian, Lutz; Plante, Michael; Richter, Alexander W. - 2022

A common practice in empirical macroeconomics is to examine alternative recursive orderings of the variables in structural vector autogressive (VAR) models. When the implied impulse responses look similar, the estimates are considered trustworthy. When they do not, the estimates are used to...

Persistent link: https://www.econbiz.de/10014240870

The Economic Effects of International Sanctions : An Event Study

Gutmann, Jerg; Neuenkirch, Matthias; Neumeier, Florian - 2021

Although international sanctions are a widely used instrument of coercion, their economic effects are still not fully understood. This study uses a novel dataset and an event study approach to evaluate the economic consequences of international sanctions, thereby accounting for pre-treatment...

Persistent link: https://www.econbiz.de/10013232415

Long run macroeconomic relations in the global economy

Dees, Stephane; Holly, Sean; Pesaran, Mohammad Hashem; … - 2007

This paper focuses on testing long run macroeconomic relations for interest rates, equity, prices and exchange rates within a model of the global economy. It considers a number of plausible long run relationships suggested by arbitrage in financial and goods markets, and uses the global vector...

Persistent link: https://www.econbiz.de/10010276204

Country-Specific Oil Supply Shocks and the Global Economy: A Counterfactual Analysis

Mohaddes, Kamiar; Pesaran, M. Hashem - 2015

This paper investigates the global macroeconomic consequences of country-specific oil-supply shocks. Our contribution is both theoretical and empirical. On the theoretical side, we develop a model for the global oil market and integrate this within a compact quarterly model of the global economy...

Persistent link: https://www.econbiz.de/10010531839

Oil Prices and the Global Economy: Is it Different this Time Around?

Mohaddes, Kamiar; Pesaran, M. Hashem - 2016

The recent plunge in oil prices has brought into question the generally accepted view that lower oil prices are good for the US and the global economy. In this paper, using a quarterly multi-country econometric model, we first show that a fall in oil prices tends relatively quickly to lower...

Persistent link: https://www.econbiz.de/10011522492

A Bias-Corrected CD Test for Error Cross-Sectional Dependence in Panel Data Models with Latent Factors

Pesaran, M. Hashem; Xie, Yimeng - 2021

In a recent paper Juodis and Reese (2021) (JR) show that the application of the CD test proposed by Pesaran (2004) to residuals from panels with latent factors results in over-rejection and propose a randomized test statistic to correct for over-rejection, and add a screening component to...

Persistent link: https://www.econbiz.de/10013215800

Testing for convergence in stock markets : a non-linear factor approach

Caporale, Guglielmo Maria; Erdogan, Burcu; Kuzin, … - 2009

This paper applies the Phillips and Sul (2007) method to test for convergence in stock returns to an extensive dataset including monthly stock price indices for five EU countries (Germany, France, the Netherlands, Ireland and the UK) as well as the US over the period 1973-2008. We carry out the...

Persistent link: https://www.econbiz.de/10010274514