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A nonlinear investigation of the twin deficits hypothesis over the business cycle: Evidence from Turkey
Çatık, Abdurrahman Nazif; Gök, Barış; Akseki, Utku - In: Economic Systems 39 (2015) 1, pp. 181-196
In this paper, we analyze the twin deficits hypothesis covering the period from 1994 to 2012 in Turkey. In contrast to previous studies on Turkey, the existence of twin deficits is investigated by regime-dependent impulse response functions and forecast error variance decompositions based on a...
Persistent link: https://www.econbiz.de/10011263214
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Three Revolutions in Macroeconomics: Their Nature and Influence
Laidler, David - University of Western Ontario, Economic Policy Research … - 2013
Harry Johnson’s 1971 ideas about the factors affecting the success of the Keynesian Revolution and the Monetarist Counter-revolution are summarised and extended to the analysis of the Rational Expectations - New Classical (RE-NC) Revolution. It is then argued that, whereas Monetarism brought...
Persistent link: https://www.econbiz.de/10010835365
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A Re-examination of the Fragility of Evidence from Cointegration- Based Tests of Foreign Exchange Market Efficiency
Barkoulas, John; Baum, Christopher F. - Department of Economics, Boston College - 1996
We re-examine Sephton and Larsen's (1991) conclusion that cointegration-based tests for market efficiency suffer from … the model over longer data sets. We show that instability of the Johansen cointegration tests mostly disappears after … accounting for these two factors. The evidence is even more stable in favor of no cointegration when we apply our analysis to …
Persistent link: https://www.econbiz.de/10004968805
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The Role of the Business Cycle in Exchange Rate Pass-Through: The Case of Finland
Cheikh, Nidhaleddine Ben; Rault, Christophe - William Davidson Institute, University of Michigan - 2014
in ERPT to CPI inflation for the Finnish economy. Within a logistic smooth transition framework, our investigations …
Persistent link: https://www.econbiz.de/10010936534
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What does futures market interest tell us about the macroeconomy and asset prices?
Hong, Harrison; Yogo, Motohiro - In: Journal of Financial Economics 105 (2012) 3, pp. 473-490
Economists have traditionally viewed futures prices as fully informative about future economic activity and asset prices. We argue that open interest could be more informative than futures prices in the presence of hedging demand and limited risk absorption capacity in futures markets. We find...
Persistent link: https://www.econbiz.de/10010617611
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Domestic Versus International Determinants Of European Business Cycles: A GVAR Approach
Boschi, Melisso; Marzo, Massimiliano; Salotti, Simone - Crawford School of Public Policy, Australian National … - 2013
We investigate the sources of macroeconomic (output and inflation) variability in selected European countries within … currently members of the European Monetary Union and non-members. As for inflation, on the contrary, regional factors are more …
Persistent link: https://www.econbiz.de/10011185978
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Oil price shocks in a data-rich environment
Aastveit, Knut Are - In: Energy Economics 45 (2014) C, pp. 268-279
This paper examines the impact of different types of oil price shocks on the U.S. economy, using a factor-augmented VAR (FAVAR) approach. The results indicate that when examining the effects of oil price shocks, it is important to account for the interaction between the oil market and the...
Persistent link: https://www.econbiz.de/10010939446
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Search in the product market and the real business cycle
Mathä, Thomas Y.; Pierrard, Olivier - Central Bank of Luxembourg - 2008
This paper develops a search-matching model, where producers provide effort to find customers (e.g. in form of advertising and marketing expenditures). Firms form long-term contractual relationships and bargain over prices. The price bargain results in mark up pricing above marginal cost. The...
Persistent link: https://www.econbiz.de/10009276987
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The role of real and nominal variables in defining business cycles: dynamic properties of a hybrid model - an alternative view
Chirwa, Themba G. - Volkswirtschaftliche Fakultät, … - 2009
(inflation) is introduced in the production function and is used to control the severity, persistence and magnitude of a given …
Persistent link: https://www.econbiz.de/10008514891
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Understanding the Effects of Technology Shocks
Wang, Pengfei; Wen, Yi - In: Review of Economic Dynamics 14 (2011) 4, pp. 705-724
The research led by Gali (AER 1999) and Basu, Fernald, and Kimball (AER 2006) raises two important questions regarding the validity of the RBC theory: (i) How important are technology shocks in explaining the business cycle? (ii) Do impulse responses to technology shocks found in the data reject...
Persistent link: https://www.econbiz.de/10008515784