Download or read book Granger causality and Policy Ineffectiveness written by Willem H. Buiter and published by . This book was released on 1986 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an earlier paper,"Granger-causality and Policy Effectiveness," Economica [1984], I showed that for a policy instrument x to Granger-cause some target variable y is not necessary for x to be useful in controlling y. (The argument that it is not sufficient was already familiar, e.g. from the work of Sargenti. Using a linear rational expectations model I showed that x would fail to Granger-cause y (while Y did, in some cases, Granger-cause x) if x were set by a variety of optimal, time-consistent or ad hoc policy feedback rules. Yet in all the examples, x was an effective policy instrument. In response to some comments by Professor Granger, I now show that my earlier results are unaffected when the following 3 concessions to "realism" are made: I. Controllers do not have perfect control of the instruments (this was already allowed for in my earlier paper). 2. Governments may use a different information set to determine instruments than that used by the public. 3. The controller may not have perfect specifications and estimates of models of the economy. The analysis confirms that Granger-causality tests are uninformative about the presence, absence, degree or kind of policy (in)effectiveness.
Download or read book Granger causality and Stabilization Policy written by Willem H. Buiter and published by . This book was released on 1982 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims to provide a stochastic, rational expectations extension of Tobin's "Money and Income; Post Hoc Ergo Proper Hoc?". It is well-known that money may Granger-cause real variables even though the joint density function of the real variables is invariant under changes in the deterministic components of the monetary feedback rule. The paper shows that failure of money to Granger-cause real variables does not preclude a stabilization role of money. In a number of examples the conditional second moment of real output is a function of the deterministic components of the monetary feedback rule. Yet money fails to Granger-cause output ("in mean" and "in variance"). In all these models money is a pure stabilization instrument: superneutrality is assumed. If the analysis is extended to "structural" or "al1ocative" instruments such as fiscal instruments, the conclusion is even stronger. Failure of these policy instruments to Granger-cause real variables is consistent with changes in the deterministic parts of the policy feedback rules being associated with changes in the conditional means of the real variables. Granger-causality tests are tests of "incremental predictive content". They convey no information about the invariance of the joint density function of real variables under changes in the deterministic components of policy feedback rules.
Download or read book Macroeconomic Theory and Stabilization Policy written by Willem H. Buiter and published by University of Michigan Press. This book was released on 1989 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brings together Buiter's major papers on macroeconomic theory and policy
Download or read book Introduction to Modern Time Series Analysis written by Gebhard Kirchgässner and published by Springer Science & Business Media. This book was released on 2008-08-27 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents modern developments in time series econometrics that are applied to macroeconomic and financial time series. It contains the most important approaches to analyze time series which may be stationary or nonstationary.
Download or read book A Very British Affair written by T. Mills and published by Springer. This book was released on 2012-11-27 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book develops the major themes of time series analysis from its formal beginnings in the early part of the 20th century to the present day through the research of six distinguished British statisticians, all of whose work is characterised by the British traits of pragmatism and the desire to solve practical problems of importance.
Download or read book A Rational Expectations Approach to Macroeconometrics written by Frederic S. Mishkin and published by University of Chicago Press. This book was released on 2007-11-01 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Rational Expectations Approach to Macroeconometrics pursues a rational expectations approach to the estimation of a class of models widely discussed in the macroeconomics and finance literature: those which emphasize the effects from unanticipated, rather than anticipated, movements in variables. In this volume, Fredrick S. Mishkin first theoretically develops and discusses a unified econometric treatment of these models and then shows how to estimate them with an annotated computer program.
Download or read book Choice Free Rationality written by Robert Grafstein and published by University of Michigan Press. This book was released on 1999-10-25 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: DIVOffers an alternative to the definition of 'rationality' for rational choice theory /div
Download or read book New Paradigm in Macroeconomics written by R. Werner and published by Springer. This book was released on 2005-03-21 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern mainstream economics is attracting an increasing number of critics of its high degree of abstraction and lack of relevance to economic reality. Economists are calling for a better reflection of the reality of imperfect information, the role of banks and credit markets, the mechanisms of economic growth, the role of institutions and the possibility that markets may not clear. While it is one thing to find flaws in current mainstream economics, it is another to offer an alternative paradigm which, can explain as much as the old, but can also account for the many 'anomalies'. That is what this book attempts. Since one of the biggest empirical challenges to the 'old' paradigm has been raised by the second largest economy in the world - Japan - this book puts the proposed 'new paradigm' to the severe test of the Japanese macroeconomic reality.
Download or read book Italy in a European Context written by Donatella Strangio and published by Springer. This book was released on 2016-02-03 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited collection investigates the role of Italy in pursuing the EU five targets by 2020: R&D/innovation expenditures; the energetic measures for climate change; migration; the counter actions against poverty and social exclusion. This ambitious book uses a multidisciplinary approach and original field studies to tackle this important topic.
Download or read book Macroeconomic Policy and Public Choice written by David Kiefer and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book considers the connections between macroeconomics and government politics. The central idea is the existence of a political economic equilibrium in which the government acts to dampen the business cycle. Special attention is given to relevant data and to the possibility of hypothesis testing. This is a revised and extended study edition that is updated to include topics such as political business cycles, government debt, and deficit and social security.
Download or read book International Policy Coordination in Interdependent Monetary Economies written by Frederick van der Ploeg and published by . This book was released on 1987 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Republic of Croatia written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-08-12 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues and Statistical Appendix paper analyzes monetary transmission in Croatia. The evidence analyzed in this paper supports the view that monetary policy in Croatia is not an effective tool for aggregate demand management. One of the main conclusions is that financial conditions in the economy are only weakly correlated with the monetary policy stance. Monetary policy can exercise some control over money-market interest rates, but its influence on lending rates is uncertain and comes with long lags. The paper also examines determinants of lending rates and domestic spreads in Croatia.
Download or read book Monetary and Fiscal Policy in an Optimizing Model with Capital Accumulation and Finite Lives written by Giancarlo Marini and published by . This book was released on 1987 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Money Demand and Monetary Policy written by Douglas Fisher and published by University of Michigan Press. This book was released on 1989 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the literature dealing with the demand for money
Download or read book International Trade Policy and the Pacific Rim written by Alan Woolan d and published by Springer. This book was released on 2016-07-27 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: International trade and investment have flourished globally but nowhere so spectacularly as in the Asia-Pacific region. This volume brings together some of the most eminent economists in the field to analyse this vital region from both theoretical and empirical perspectives. The volume focuses especially on trade policy and welfare, game theory analysis of trade policy and the linkages between trade policy and endogenous growth.
Download or read book Institutional Change in Southeast Asia written by Fredrik Sjöholm and published by Psychology Press. This book was released on 2005 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Institutional Change in Southeast Asiaexamines the institutional changes taking place in, and challenges facing, the region since 1997. The book focuses on determinants to the adjustments and on implementations of the reforms. It also describes various differences in the reform process between countries in the region. Southeast Asia's economic development over the last decades has been impressive. Most of the region achieved consistently high growth rates accompanied by significant structural transformation and industrialization, poverty alleviation and improvements in their overall standard of living as indicated by such social indicators as greater longevity, more widespread delivery of basic education and lower infant mortality rates. However, the crisis that struck Southeast Asia in 1997 had severe economic, social and political consequences in the region. It also threw into doubt the future economic prosperity of the countries in Southeast Asia and raised intriguing questions about the quality of their institutions and their approach to economic development. Sjöholm and Tongzon argue that the economies of Southeast Asia need to reform their institutions if the previous rapid development is to continue. The institutional weaknesses have been addressed to different degrees and with different success in the affected countries. Against the backdrop of Southeast Asia's importance in the world economy, it is hardly possible to overestimate the need to understand this process of change.
Download or read book Geo Informatics in Resource Management and Sustainable Ecosystem written by Fuling Bian and published by Springer. This book was released on 2016-01-12 with total page 999 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume constitutes the refereed proceedings of the Third International Conference on Geo-Informatics in Resource Management and Sustainable Ecosystem, GRMSE 2015, held in Wuhan, China, in October 2015. The 101 papers presented were carefully reviewed and selected from 321 submissions. The papers are divided into topical sections on Smart City in Resource Management and Sustainable Ecosystem; Spatial Data Acquisition Through RS and GIS in Resource Management and Sustainable Ecosystem; Ecological and Environmental Data Processing and Management; Advanced Geospatial Model and Analysis for Understanding Ecological and Environmental Process; Applications of Geo-Informatics in Resource Management and Sustainable Ecosystem.
