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US volatility cycles of output and inflation, 1919 - 2004 : a money and banking approach to a puzzle

Benk, Szilárd (contributor); Gillman, Max (contributor); … - 2008

The post-1983 moderation coincided with an ahistorical divergence in the money aggregate growth and velocity volatilities away from the downward trending GDP and inflation volatilities. Using an endogenous growth monetary DSGE model, with micro-based banking production, enables a contrasting...

Persistent link: https://www.econbiz.de/10003785301

A banking explanation of the US velocity of money : 1919 - 2004

Benk, Szilárd; Gillman, Max; Kejak, Michal - 2009

The paper shows that US GDP velocity of M1 money has exhibited long cycles around a 1.25% per year upward trend, during the 1919-2004 period. It explains the velocity cycles through shocks constructed from a DSGE model and annual time series data (Ingram et al., 1994). Model velocity is stable...

Persistent link: https://www.econbiz.de/10003898790

Monetarism rides again? : US monetary policy in a world of quantitative easing

Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - 2014

policy can affect the risk-premium on bank lending to firms by varying the supply of M0, so at the zero bound monetary policy …

Persistent link: https://www.econbiz.de/10010429162

Parental altruism, missing credit markets and growth

Hatcher, Michael; Pourpourides, Panayiotis M. - 2018

Parental transfers towards the education of children are non-trivial, especially in countries, characterized by both imperfect credit markets and high economic growth rates. In this paper, we analyze the role of parental altruism on economic growth and dynamic efficiency, especially when credit...

Persistent link: https://www.econbiz.de/10011961994

US financial shocks and the distribution of income and consumption in the UK

Mumtaz, Haroon; Theodoridis, Konstantinos - 2017

We show that US financial shocks have an impact on the distribution of UK income and consumption. Households with higher income and higher levels of consumption are affected more by this shock than households located towards the lower end of these distributions. An estimated multiple agent DSGE...

Persistent link: https://www.econbiz.de/10011867783

Nonlinear ACD model and informed trading : evidence from Shanghai Stock Exchange

Wong, Woon K. (contributor); Tan, Dijun (contributor); … - 2008

Dufour and Engle (J. Finance (2000) 2467) find evidence of an increased presence of informed traders when the NYSE markets are most active. No such evidence, however, can be found by Manganelli (J. Financial Markets (2005) 377) for the infrequently traded stocks. In this paper, we fit a...

Persistent link: https://www.econbiz.de/10003739554

The other side of the trading story : evidence from NYSE

Wong, Woon K. (contributor); … - 2008

We analyse the well-known TORQ dataset of trades on the NYSE over a 3-month period, breaking down transactions depending on whether the active or passive side was institutional or private. This allows us to compare the returns on the different trade categories. We find that, however we analyse...

Persistent link: https://www.econbiz.de/10003739617

X-efficiency versus rent seeking in Chinese banks : 1997 - 2006

Matthews, Kent (contributor); Guo, Jianguang (contributor); … - 2008

reduced cost inefficiency and reduced X-inefficiency at a faster rate than rent-seeking inefficiency. -- Bank Efficiency …

Persistent link: https://www.econbiz.de/10003785299

Measuring bank efficiency : tradition or sophistication? ; a note

Daley, Jenifer; Matthews, Kent - 2009

The recent literature on measuring bank performance indicates a preference for sophisticated techniques over simple … accounting ratios. We explore the results and relationships between bank efficiency estimates using accounting ratios and Data … the traditional accounting ratios and the sophisticated DEA methodology in the measurement of bank efficiency. GLS random …

Persistent link: https://www.econbiz.de/10003898782

Bank efficiency in China, rent seeking versus X-inefficiency : a non-parametric bootstrapping approach

Matthews, Kent; Guo, Jianguang; Zhang, Nina; Wang, Lina - 2007

Persistent link: https://www.econbiz.de/10003428147