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Abstract : Common Stochastic Volatility in International Real Estate Market
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Abstract: This study examined the real estate markets of Europe, North America, and Asia using daily continental real estate indices. It applied a multivariate stochastic volatility model to analyze the behavior of volatility trends in these markets. The results showed comovements in volatilities, especially between Europe and North America, as indicated by high degrees of correlation of their respective stochastic trend components. However, the impact of this common trend varies in these markets, especially for the early period of the sample. For the later period of the sample, the derived volatility trend indicated volatility convergence among them. It might imply that the role of emerging market such as Asia in diversifying real estate investment risk was not as significant as showed in early studies and is diminishing overtime. Keywords: Real Estate Investment, Volatility, Stochastic Variance. |
Abstract : An Empirical Study of Sectoral-Level Investments in New Zealand
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Abstract: We extend the Glick and Rogoff (1995) aggregate time-series, empirical, intertemporal model of country-investment to a sectoral-level, and estimate it for New Zealand. We fit the model to panel data of eleven industries from 1988-2009. The sectoral-level investment growth is a function of lagged investment level, sector-specific total factor productivity shocks (TFP), country-specific TFP shocks, and global TFP shocks. The estimates seem robust to government spending shocks and Terms of Trade shocks. Keywords: Investments, total factor productivity, panel data. |
Abstract : Money In Modern Macro Models: A Review of the Arguments
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Abstract: This paper provides an overview of the role of money in modern macro models. In particular, we are focussing on New Keynesian and New Monetarist models to investigate their main findings and most significant shortcomings in considering money properly. As a further step, we ask about the role of financial intermediaries in this respect. In dealing with these issues, we distinguish between narrow and broad monetary aggregates. We conclude that for theoretical as well as practical reasons a periodic review of the definition of monetary aggregates is advisable. Despite the criticism brought forward by the recent New Keynesian literature, we argue that keeping an eye on money is important to monetary policy decision-makers in order to safeguard price stability as well as, as a side-benefit, ensure financial market stability. In a nutshell: money still matters. Keywords: Money, New Keynesian model, New Monetarist model, financial intermediaries. |
Abstract : The Future Role of Renewable Energy Sources for the Generation of Electricity in the European Region
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Abstract: The development and use of renewable energy sources for electricity generation, particularly energy from wind, hydro, solar, biomass and geothermal, is a central aim of the European Commission’s Energy Policy. For this reason, it is important to know what could be the role that renewable could play within the EU energy mix during the coming years, based on the role that this type of energy sources is now playing. The use of renewable energy sources for the generation of electricity is expected to be economically competitive in comparison with the use of conventional energy sources with the same purpose, will reduce the negative impact on the environment and the population as a result of the burn of fossil fuels, and will reduce the cost of the energy bill in the medium to long-term. Keywords: Renewable, hydrology, solar, wind, geothermal power.Download Full Article |
