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Fiscal spending multiplier calculations based on input-output tables – with an application to EU members
Pusch, Toralf; Rannenberg, Ansgar - 2011
Fiscal spending multiplier calculations have been revived in the aftermath of the global financial crisis. Much of the current literature is based on VAR estimation methods and DSGE models. The aim of this paper is not a further deepening of this literature but rather to implement a calculation...
Persistent link: https://www.econbiz.de/10009126063
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Solow’s Harrod : transforming cyclical dynamics into a model of long-run growth
Halsmayer, Verena; Hoover, Kevin D. - 2013
Modern growth theory derives mostly from Robert Solow's "A Contribution to the Theory of Economic Growth" (1956). Solow's own interpretation locates the origins of his "Contribution" in his view that the growth model of Roy Harrod implied a tendency toward progressive collapse of the economy. He...
Persistent link: https://www.econbiz.de/10011707818
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The quantity theory of money is valid : the new Keynesians are wrong!
Hillinger, Claude; Süssmuth, Bernd - 2008
We test the quantity theory of money (QTM) using a novel approach and a large new sample. We do not follow the usual approach of first differentiating the logarithm of the Cambridge equation to obtain an equation relating the growth rate of real GDP, the growth rate of money and inflation. These...
Persistent link: https://www.econbiz.de/10003951666
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Nonlinear adjustment effects in the purchasing power parity
Phiri, Andrew - 2017
This study examines nonlinear adjustment effects in the purchasing power parity (PPP) between South Africa and her main currency trading partners; namely, the US, the UK, the Euro area, China and Japan. We use monthly data of the nominal exchange rates and domestic price level data collected...
Persistent link: https://www.econbiz.de/10011785059
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Less-cash or more-cash? : determinants and trends of currency in circulation in a panel of 17 economies
Chandrakamal, Kumar; Kumar, Pramod - 2023
Digital payments are growing rapidly, and the use of cash seems to be declining, at least in advanced economies in Europe and the U.S. However, the literature on payment systems provides an interesting perspective- cash, or currency, when measured as a percentage of the gross domestic product,...
Persistent link: https://www.econbiz.de/10014424236
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Real and nominal rigidities in price setting : a bayesian analysis using aggregate data
Yao, Fang - 2009
This paper uses the Bayesian approach to solve and estimate a New Keynesian model augmented by a generalized Phillips curve, in which the shape of the price reset hazards can be identified using aggregate data. My empirical result shows that a constant hazard function is easily rejected by the...
Persistent link: https://www.econbiz.de/10003905589
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Can the New Keynesian Phillips Curve explain inflation gap persistence?
Yao, Fang - 2010
Whelan (2007) found that the generalized Calvo-sticky-price model fails to replicate a typical feature of the empirical reduced-form Phillips curve - the positive dependence of inflation on its own lags. In this paper, I show hat it is the 4-period-Taylor-contract hazard function he chose that...
Persistent link: https://www.econbiz.de/10003973639
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Aggregate hazard function in price-setting : a bayesian analysis using macro data
Yao, Fang - 2010
past reset prices and that the composition depends on the price reset hazard function. The derivation of the generalized … about the price reset hazard function. The empirical hazard function is generally increasing with the age of prices, but … decision is characterized by both time- and state-dependent aspects. -- Sticky prices ; Aggregate hazard function ; Bayesian …
Persistent link: https://www.econbiz.de/10003953033
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The Turkish Phillips Curve Experience and the New Keynesian Phillips Curve : A Conceptualization and Application of a Novel Measure for Marginal Costs
Saz, Gökhan - 2011
This paper analyzes an application of a novel measure for marginal costs within the framework of the new Keynesian Phillips curve (NKPC) for Turkey. We show that the commonly used labor income share is a weak proxy variable for marginal costs in the Turkish economy and propose a marginal cost...
Persistent link: https://www.econbiz.de/10013124984
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Time-Dependent Pricing and New Keynesian Phillips Curve
Yao, Fang - 2016
This paper explores what can be lost when assuming price adjustment is a time - independent (memoryless) process.I derive a generalized NKPC in an optinizing model with the non- constant hazard function and trend inflation. Memory emerges in the resulting Phillips curve through the presence of...
Persistent link: https://www.econbiz.de/10012991059