Search results for " price"
showing 10 items of 290 documents
Essays On European Natural Gas Market
2018
La presente tesis ha cubierto diferentes aspectos de los mercados europeos del gas natural y la electricidad, en particular algunas propiedades que afectan a la efectividad de la cobertura, como la estacionalidad en varianza y en precios. Asimismo, se ha realizado un estudio de la prima de riesgo del gas natural, su relación con las variables de riesgo y su descomposición en una prima de riesgo de reinversión o ‘rollover’ y una prima de ‘preferencia por liquidez’ relacionada con el plazo. La tesis se compone de tres capítulos: el Capítulo I estudia la estacionalidad en los precios y la volatilidad y cómo mejora la efectividad de la cobertura teniendo en cuenta dicha estacionalidad; el Capít…
Investment and growth in Europe during the Golden Age
2009
During the ‘Golden Age’, the high investment rates reached by the European countries have been considered crucial in explaining growth. The literature about the Golden Age has emphasized supply-side explanations based on structural change, the reconstruction effort and the catch-up hypothesis, but also demand-side explanations focused on the effects of demand stability for promoting high rates of investment. In this article we have focused our attention on the evolution of the user cost of capital for explaining the high rates of investment. Our hypothesis is that the increase in investment rates was propelled by the decline in the user cost of capital, the consequence largely of the drop i…
Does the Spatial Weight Configuration Matter in the Determination of the Effects of Environmental Externalities on Housing Prices?
2012
This paper highlights, from both a theoretical and an empirical point of view, how the choice of neighborhood and spatial weight affects the direct and indirect effects of environmental housing attributes on house price in environmental hedonic models.An original empirical investigation is herein undertaken for the area of the lower Loire estuary (France), in order to illustrate and complement our theoretical analysis. The first thing it shows is that as the radius of the neighborhood increases, the spatial specification changes from the Spatial Durbin to the SLAG model, which could modify the MWTP of the environmental attribute and therefore affect welfare analysis. It shows also that the …
Energy inflation and consumption inequality
2023
This paper examines the effects of higher energy prices on consumption inequality for a large panel of 129 advanced and developing economies during the period 1970–2013. The results suggest that energy inflation increases the Gini measure of consumption inequality and reduces (increases) the share of consumption of lower (higher) income deciles. These effects are larger in developing economies, in countries with limited access to finance, in those with weaker monetary policy frameworks, during periods of economic slack and in cases where government transfers do not compensate the poorer deciles during times of adverse income shocks.
Housing Affordability and Income-threshold in Social Housing Policy
2016
Abstract The issue of affordable housing has again become crucial in ensuring a greater social equity, increasing social cohesion and reducing inequalities within metropolitan or regional systems which, in the current climate of severe economic crisis, have to respond to global challenges of development, innovation and sustainability. This study aims at building a system of knowledge about the housing affordability on the territorial scale, by which to identify the local characteristics of housing problems that could be solved through traditional planning tools or new practices of social housing, which involves private stakeholders and/or public administrations. This system of knowledge sho…
Multilevel Methodology Approach for the Construction of Real Estate Monthly Index Numbers
2015
AbstractIn this paper, we evaluate price indices and hedonic price indices for Italian real estate data using multilevel models. The methodology is based on a random coefficient panel data model. We propose a Laspeyres-type price index and hedonic prices indexes based on some characteristics of the sold properties. The multilevel hierarchical analysis has the advantage of allowing the appraisal analysis for groups, and identified in the same sample data the hierarchical structures of market segmentation according to the parameters of the real estate segment. It allows getting a lot of regression functions as the number of groups identified. Obviously, this depends on the sample size and the…
Oil prices and inflation dynamics: Evidence from advanced and developing economies
2018
Abstract We study the impact of fluctuations in global oil prices on domestic inflation using an unbalanced panel of 72 advanced and developing economies over the period from 1970 to 2015. We find that a 10% increase in global oil inflation increases, on average, domestic inflation by about 0.4 percentage points on impact, with the effect vanishing after two years and being similar between advanced and developing economies. We also find that the effect is asymmetric, with positive oil price shocks having a larger effect than negative ones. The impact of oil price shocks, however, has declined over time due in large part to a more credible monetary policy and less reliance on energy imports.…
Global factors, uncertainty, weather conditions and energy prices: On the drivers of the duration of commodity price cycle phases
2020
We investigate the role of global factors in explaining the length of commodity price cycle phases, using a continuous-time Weibull duration model and data for a panel of 33 countries over the period 1980Q1-2015Q4. We find evidence of increasing (constant) positive duration dependence for commodity price booms and busts (normal time spells). Global macroeconomic conditions - in particular, inflation, economic policy uncertainty and monetary policy actions - significantly affect the duration of all commodity price cycle phases. Global environmental conditions also impact the duration of commodity price booms, with a rise in average temperature (rainfall) increasing (reducing) their length. A…
Unconventional monetary policy reaction functions: evidence from the US
2020
Abstract We specify unconventional monetary policy reaction functions for the Fed using linear and nonlinear econometric frameworks. We find that nonstandard policy measures are largely driven by the dynamics of inflation and the output gap, with the effect being particularly strong during QE rounds. Moreover, we uncover the presence of asymmetry and regime dependence in central bank’s actions since the global financial crisis, especially concerning the response of the term spread and the shadow short rate to the growth rate of central bank reserves. From a policy perspective and given the lack of a systematic response of monetary policy to asset price growth in nonstandard times, our findi…
Global Food Prices and Domestic Inflation: Some Cross-Country Evidence
2015
We study the impact of global food price shocks on domestic inflation in a large group of countries. For advanced economies, a 10% increase in global food inflation raises domestic inflation by about 0.5 percentage point after a year; however, the impact has declined over time and become less persistent. The global food price shocks of the 2000s had a much bigger impact on domestic inflation in emerging and developing economies than in advanced economies. This could reflect the smaller share of food in the consumption baskets in advanced economies. We also provide evidence that inflation expectations are more anchored in advanced than in emerging economies, which could also explain the smal…