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Macroeconomic transitions and the transmission mechanism: Evidence from Turkey
Çatık, A. Nazif; Martin, Christopher - In: Economic Modelling 29 (2012) 4, pp. 1440-1449
This paper investigates changes to the macroeconomic transmission mechanism in Turkey following a major reform of monetary policy in the early 2000s. We use a Threshold VAR (TVAR) framework to test for and then estimate a model with endogenous transitions between regimes. We detect two regimes,...
Persistent link: https://www.econbiz.de/10011048778
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The efficiency of government promotion of inbound tourism: The case of Australia
Shi, Hui - In: Economic Modelling 29 (2012) 6, pp. 2711-2718
This paper examines the effect of tax-funded promotion of inbound tourism on domestic welfare in an open economy setting with increasing returns in the tourism industry. As inbound tourism is a way of extending the market and getting more demand to realize the implication of increasing returns,...
Persistent link: https://www.econbiz.de/10010588225
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You can't have a CGE recession without excess capacity
Dixon, Peter B.; Rimmer, Maureen T. - In: Economic Modelling 28 (2011) 1, pp. 602-613
Simulations with dynamic, single country, CGE models typically imply that reductions in domestic demand, e.g. a cut in investment, generate increases in exports and reductions in imports facilitated by real depreciation. However, currently in the U.S. a large reduction in investment is occurring...
Persistent link: https://www.econbiz.de/10010573394
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Why Don't Banks Lend to Egypt's Private Sector?
Herrera, Santiago; Hurlin, Christophe; Zaki, Chahir - 2013
Bank credit to Egypt's private sector decreased over the last decade, despite a recapitalized banking system and high … the trough of the global crisis, capital flowed back into Egypt and deposit growth stopped being a drag on the supply side … uprising that ousted President Hosni Mubarak added an Egypt-specific shock that accentuated the outflow. Lending capacity …
Persistent link: https://www.econbiz.de/10012562896
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Durable goods, access to services and the derivation of an asset index: Comparing two methodologies and three countries
Bérenger, Valérie; Deutsch, Joseph; Silber, Jacques - In: Economic Modelling 35 (2013) C, pp. 881-891
conditions. The empirical investigation covers three countries, Egypt, Morocco and Turkey, and is based on the Demographic and …
Persistent link: https://www.econbiz.de/10010719394
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Macroeconomic equilibrium and welfare under simple monetary and switching fiscal policy rules
Danciulescu, Cristina - In: Economic Modelling 36 (2014) C, pp. 58-68
Using a standard forward-looking New Keynesian model, this paper investigates rational expectation equilibrium determinacy and macroeconomic performance of simple monetary policy rules under exogenous versus endogenous tax policies when there is tax uncertainty. Under the endogenous tax...
Persistent link: https://www.econbiz.de/10010729810
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Inflation contract, central bank transparency and model uncertainty
Dai, Meixing; Spyromitros, Eleftherios - In: Economic Modelling 29 (2012) 6, pp. 2371-2381
Using a New-Keynesian model subject to misspecifications, we examine how the robust monetary policy could be modified by a linear inflation contract when a central bank is opaque about its preference for model robustness. It is shown that a central bank must limit this preference and opacity...
Persistent link: https://www.econbiz.de/10010588237
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Regulation and the market for checks
Tumen, Semih - In: Economic Modelling 29 (2012) 3, pp. 858-867
This paper presents an analysis of the market for checks using the monopoly problem as an approximation. The need for such an analysis arises due to the following policy proposal: from time to time, the Turkish government considers increasing the lump-sum amount that drawee banks are legally...
Persistent link: https://www.econbiz.de/10010573257
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The effects of the monetary policy regime shift to inflation targeting on the real interest rate in the United Kingdom
Reschreiter, Andreas - In: Economic Modelling 28 (2011) 1, pp. 754-759
This paper studies the effects of the monetary policy regime shift to inflation targeting on the stochastic properties of the real interest rate in the U.K. The empirical analysis suggests a constant mean of the real interest rate that shifts with the monetary policy regime change to inflation...
Persistent link: https://www.econbiz.de/10010573265
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Optimal versus realized policy rules in a regime-switching framework
Pardo, S.; Rautureau, N.; Vallée, T. - In: Economic Modelling 28 (2011) 6, pp. 2761-2775
In this paper we compare a deterministic model and a Markov switching model to analyze the behavior of the US economy and the Federal Reserve. We examine both optimal and empirical monetary policies for the US Federal Reserve between 1960 and 2008. We compare the optimal monetary policy to the...
Persistent link: https://www.econbiz.de/10010577130