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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 |
Abstract : Socio-Economic Determinants of China’s Recent Economic Growth
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Abstract: This paper analyzes various socio-economic aspects of China and Japan in order to identify the major determinants for China’s recent ascendancy over Japan as the world’s second largest economy. Those aspects considered include China’s aggressive policies for promoting exports, including high tech, capital formation, foreign direct investments, research and development, and tertiary education. China’s economic growth also generated several serious adverse effects, such as income inequity, import of energy resources, environmental degradation, and international tension in the South China Sea, which may become serious bottlenecks for China’s future economic growth. Keywords: China’s economic growth, Japan’s economy, exports, capital formation, foreign direct investments, research and development, tertiary education, environment, regression analysis.Download Full Article |
Abstract : The Effectiveness of Foreign Exchange Market Intervention: A Review of Post-2001 Studies on Japan
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Abstract: Post-2001 studies on Japanese official intervention, though divergent in results, generally support the effectiveness of daily intervention in influencing yen–dollar exchange rate returns. Studies are less conclusive about the impact on volatility. Any impact of intervention appears to be short-lived and a reversal of the initial impact to occur on subsequent days, suggesting market microstructure as the primary channel: intervention acts like any other information and works through order flows. The overriding message of the literature is that the impact of intervention depends on the conditions under which it takes place. Each intervention is thus a unique event. This explains why econometric tests of the average impact of intervention yield mixed results. Keywords: Foreign exchange market intervention, Japanese foreign exchange rate policy, great intervention, quantitative easing monetary policy.Download Full Article |