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Bounded rational expectation : how it can affect the effectiveness of monetary rules in the open economy

Dong, Xue; Minford, Patrick; Meenagh, David; Yang, Xiaoliang - 2023

Since the channel for agents' expectations matters for the effectiveness of monetary policies, it is crucial for policy-makers to assess the degree to which economic agents are boundedly rational and understand how the bounded rationality affects the monetary rules in stabilising the economy. We...

Persistent link: https://www.econbiz.de/10014434702

Anti-dumping regulations : anti-competitive and anti-export

Collie, David R. (contributor); … - 2008

In a Bertrand duopoly model, it is shown that an anti-dumping regulation can be strategically exploited by the domestic firm to reduce the degree of competition in the domestic market. The domestic firm commits not to export to the foreign market which gives the foreign firm a monopoly in its...

Persistent link: https://www.econbiz.de/10003785300

Assessing the institutions-innovation channel within the inequality-growth nexus

Sun, Yang; Easaw, Joshy Z.; Logothetis, Vassilis - 2023

The present paper assesses the interactions between innovation and economic institutions within the context of the inequality-growth nexus. By carrying out fixed effects estimations on a cross-country panel, we find that both institutional quality and innovations improve economic growth at the...

Persistent link: https://www.econbiz.de/10014434530

Finance and growth : the unpleasant burden of evidence

Luintel, Kul Bahadur; Li, Guangjie; Khan, Mosahid - 2023

A growing body of post-global financial crisis (2007-2008) literature documents several undesirable effects of enlarged financial sectors. One of these effects is the 'growth cost' of excessive finance, which reports that the finance-growth relationship is non-monotonic, and that a credit...

Persistent link: https://www.econbiz.de/10014434822

Asymmetric volatility spillover between crude oil and other asset markets

Guan, Bo; Mazouz, Khelifa; Xu, Yongdeng - 2023

This study uses the Multiplicative Error Model (MEM) to explore asymmetric volatility spillovers between crude oil and other major asset markets. We have extended the MEM of Engle et al. (2012) and ddd to include asymmetric volatility spillovers and developed the spillover balance as well as...

Persistent link: https://www.econbiz.de/10014433363

Understanding UK trade agreements with the EU and other countries

Minford, Patrick - 2016

customs union for unilateral free trade, as a small country within the world market, it will therefore make gains according to …

Persistent link: https://www.econbiz.de/10011471738

Fighting collusion : an implementation theory approach

Azacis, Helmuts; Vida, Péter - 2021

A competition authority has an objective, which specifies what output profile firms need to produce as a function of production costs. These costs change over time and are only known by the firms. The objective is implementable if inequilibrium, the firms cannot collude on their reports to the...

Persistent link: https://www.econbiz.de/10012602309

Free Trade under Brexit : why its benefits have been widely underestimated

Minford, Patrick - 2021

Persistent link: https://www.econbiz.de/10012602305

Testing competing world trade models against the facts of world trade

Minford, Patrick; Xu, Yongdeng; Dong, Xue - 2021

We carry out an indirect inference test of two versions of a computable general equilibrium (CGE) model of world trade …. One of these, the ‘classical’ model,is well-known as the Heckscher-Ohlin-Samuelson model of world trade, in which … countries trade homogeneous products in world markets and produce according to their comparative advantage as determined by …

Persistent link: https://www.econbiz.de/10012602338

The rise of a new anchor currency in RCEP? : a tale of three currencies

Guo, Dong; Zhou, Peng - 2021

We propose a flow-based criterion (intensity of use) and a stock-based criterion (stability of value) for choosing an anchor currency. This conceptual framework is applied to analyzing the RCEP region. According to the estimated TVP-VAR model, the influence of the US dollar in the region was...

Persistent link: https://www.econbiz.de/10012632084