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This paper presents an empirically testable two-sector dynamic general equilibrium model for the United States economy that admits technology and non-technology shocks. Long-run identification restrictions further distinguish the impact of each shocks over the originating sector (i.e. as a...
Persistent link: https://www.econbiz.de/10005439945
By considering yearly production growth rates for several manufacturing industries in more than one hundred countries during (roughly) the last forty years, we show that industries that are more dependent on external finance are hit harder during recessions. The observed difference in the...
Persistent link: https://www.econbiz.de/10005561668
Analyzed are the essence and forms of the economic crisis in Turkey in 1999 – 2000, as well as the factors, determining this crisis. Studied are the three anti-crisis programs, focusing especially on the second one, since it has the biggest contribution for getting the country out of the...
Persistent link: https://www.econbiz.de/10005570003
We employ a special adaptive form of the Strongly Typed Genetic Programming (STGP)-based learning algorithm to develop trading rules based on a survival of the fittest principle. Employing returns data for the Russell 1000, Russell 2000 and Russell 3000 indices the STGP method produces greater...
Persistent link: https://www.econbiz.de/10011189482
We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions interacting with the zero lower bound. We reach this conclusion looking through the lens of a New Keynesian model in which firms face moderate degrees of price...
Persistent link: https://www.econbiz.de/10011193597
We evaluate possible explanations for the absence of a persistent decline in inflation during the Great Recession and find commonly suggested explanations to be insufficient. We propose a new explanation for this puzzle within the context of a standard Phillips curve. If firms' inflation...
Persistent link: https://www.econbiz.de/10011193601
For over five decades, diffusion indexes have been widely used by statistical and economic agencies as an instrument to summarize the dynamics of a group of disaggregated time-series economic data. In this note we revise the methods for constructing diffusion indexes, propose a novel generalized...
Persistent link: https://www.econbiz.de/10011194204
This article’s objective is to create the Composite Coincident Indicator – CCI for the Czech economy, which is useful for monitoring of the Czech business cycle and its comparison with the GDP and the Index of Industrial Production. In the theoretical part of this article, we describe three...
Persistent link: https://www.econbiz.de/10011195131
The main goal of this paper is to create composite leading indicator for Czech economy and its comparison with composite leading indicators created by OECD and Eurostat. The theoretical part of the paper consists of the methods that are employed for creation composite leading indicator in the...
Persistent link: https://www.econbiz.de/10011195201
The liberalization of Swiss agricultural markets will not only decrease crop price levels but is also expected to increase the volatility of prices. Even though these potential increases in price volatilities for Swiss producers are acknowledged as an important fact, no empirical estimates are...
Persistent link: https://www.econbiz.de/10011240698