Showing papers in "Economic Modelling in 2009"

TL;DR: In this paper, a DSGE model for an open economy and estimates it on euro area data using Bayesian estimation techniques was developed, which can be used to analyse the effectiveness of stabilisation policies.

TL;DR: In this paper, the authors investigate how oil price shocks affect the growth rate of output of a subset of developed countries by comparing alternative regime switching models and find that the role of oil shocks in explaining recessionary episodes has changed over time.

TL;DR: In this article, the causal relationship between financial development and economic growth in Kenya for the period 1966-2005 within a quadvariate vector autoregressive (VAR) framework by including exports and imports as additional variables to the finance-economic growth nexus was examined.

TL;DR: In this article, a simple unit root test against the alternative of symmetric or asymmetric ESTAR nonlinearity is proposed and the asymptotic distributions of the test statistics are straightforward to establish and finite-sample performance is studied with Monte Carlo simulations.

TL;DR: The authors acknowledge support from the New Zealand Treasury and ARC Discovery Grant (DP0664024) for their work on New Zealand Geographic Information System (NGIS) and New Zealand Tourism Board (NTB).

TL;DR: This article examined the impact of the Athens 2004 Olympic Games on the Greek economy using a small aggregate macroeconometric model and found evidence to support the view that the Olympics is an event that could successfully boost the economy of the host city by generating benefits that outweigh the preparation cost.

TL;DR: In this article, the authors investigate the impact of global financial conditions, U.S. macroeconomic news and domestic fundamentals on the evolution of EMBI spreads for a panel of 18 emerging market (EM) countries using daily data.

TL;DR: In this article, the authors adopted a three-stage approach to estimate bank efficiency based on information obtained from 29 banks in Taiwan for the period from 2002 to 2004, and found that the mean efficiency score of public-owned banks is higher than that in mixed banks and private owned banks under the first and third stages.

TL;DR: In this article, the authors apply an innovative panel data stationarity testing procedure developed by Carrion-i-Silvestre et al. which has the advantage of recognizing multiple structural breaks and the presence of cross-section dependence in order to re-investigate the hypothesis that per capita carbon dioxide (CO 2 ) emissions stochastically converge for 21 OECD countries from 1950 to 2002.

TL;DR: In this article, trade and trade sanctions are introduced into a model of coalition stability to assess the potential of trade sanctions to support an IEA, and the model suggests that there is indeed a significant potential to raise participation through trade sanctions, even when goods from different countries are nearly perfect substitutes.

TL;DR: In this paper, the role of banks within the cost channel of monetary policy transmission for shaping the interest rate pass-through from money market rates to loan rates is explored, showing that financial costs are an important factor for price changes.

TL;DR: In this article, the impact of information and communication technology use on the efficiency of the Tunisian manufacturing sector at the firm level within a simple theoretical framework is investigated using a firm-level panel data for the manufacturing sector in Tunisia to investigate whether adoption of ICT influences efficiency in factor use.

TL;DR: In this paper, the authors examined the time-varying policy neutral interest rate in real-time for the Czech Republic in 2001:1-2006:09, estimating various specifications of simple Taylor-type monetary policy rules.

TL;DR: In this paper, the authors developed a multi-regional general equilibrium model for climate policy analysis based on the latest version of the MIT Emissions Prediction and Policy Analysis (EPPA) model.

TL;DR: In this paper, the authors illustrate which measures of credibility and reputation are most useful in predicting variations of interest rates and show that higher credibility implies lower variations in the interest rate for controlling inflation.

TL;DR: Jahanshahloo and Khodabakhshi as mentioned in this paper studied most productive scale size in stochastic data envelopment analysis (DEA), where the values for all inputs and outputs are not exactly known.

TL;DR: The authors investigated the evolving pattern of the interdependence among selected Asian emerging markets and three major stock markets (Japan, UK and US) using rolling cointegration methods and the recently developed algorithms of inductive causation.

TL;DR: In this paper, a recursive dynamic computable general equilibrium (DCGE) model was developed to evaluate sources of accelerated growth and structural transformation for Ghana to reach middle income country (MIC) status.

TL;DR: In this article, three panel data estimation methods are used to estimate the cointegrating equations for the demand for money (M1) in 14 developing Asian countries and test for the effects of financial reforms are made with estimates for two sub-samples of 1970-1985 and 1986-2005.

TL;DR: The authors examined the validity of the monetary exchange rate model during the post-Bretton Woods era for 18 OECD countries and found that the monetary model emerges only when the presence of structural breaks and cross-country dependence has been taken into account.

TL;DR: In this paper, the authors investigated the relationship between industrial production and sectoral credit defaults by wavelet network analysis in Turkey over the period January 2001-November 2007, and they used feed-forward neural network based wavelet decomposition.

TL;DR: This article revisited Fama's hypothesis for India in the post-liberalized period from a developing country perspective and examined the relationship between real stock return and inflation on the time-scale decomposition from a wavelet multi-resolution analysis.

TL;DR: In this paper, the impact of the strict patent regime on patenting activity of Indian pharmaceutical firms was studied and it was found that patent activity of these firms has increased after the signing of TRIPs.

TL;DR: In this article, the authors examined the impact of the interest rate volatility on the interest rates of the U.S. and nine Asian countries and found that the complete pass-through only exists in the U.,S. deposit rate.

TL;DR: In this article, the authors explored the long-term impact of population ageing on labour supply and human capital investment in Canada, as well as the induced effects on productive capacity, concluding that the recent increase in the participation rate of older workers might be the beginning of a new trend that will amplify over the next decades.

TL;DR: In this paper, the predictive ability of financial variables for euro area growth through bivariate and multivariate nonparametric Granger causality tests was investigated, and it was shown that financial variables are useful leading indicators for Euro area growth at a joint level, albeit at different horizons, ranging from one to six quarters.

TL;DR: This article investigated the effect of inflation uncertainty innovations on inflation over time by considering the monthly United States data for the time period 1976-2006 and found that innovations in inflation volatility increases inflation persistently.

TL;DR: This paper analyzed how changes in trade openness are related to induced technological innovations that are not only GDP increasing but also pollution saving, and found that increased trade openness correlates to increased pollution, while trade-induced technological changes, however, are GDP reducing and pollution increasing.

TL;DR: In this article, a model of endogenous economic growth with special consideration to the role of productive public expenditure and environmental pollution was developed, and the properties of optimal fiscal policy in the steady state growth equilibrium were analyzed.

TL;DR: In this paper, the authors present a two-country model linking Poland and the euro area and apply it for assessment of heterogeneity across these two regions, finding strong evidence for heterogeneity in terms of volatility and synchronization of shocks hitting both economies.