Search results for "Econometric"
showing 10 items of 3780 documents
From 2009 to 1929
2010
The current and still unfolding crisis of our economic system shows disturbing resemblances to the Great Depression in terms of magnitude, triggering mechanisms, and curative public interventions. This paper compares the experience, mechanisms, and consequences of these two crises in light of the analysis of Fisher, Keynes, and Minsky. This analysis proves very useful for understanding the triggering mechanisms of the current crisis, as well as its propagation mechanisms. It also addresses two dilemmas within the debate about the curative as well as preventive measures for getting out of the crisis and avoiding a new disaster: the dilemma of monetary activism and that of liquidity.
Durable Rural Development Through the 2014 - 2020 National Rural Development Program
2018
Abstract Rural Development Policy is a priority for the E.U., as half of the Union’s population lives in rural areas. This policy is focused on society’s durable development, under all its aspects: economic, social, cultural, and so on. The challenges which rural areas of member states face must be addressed, while at the same time applying European norms and standards for rural development. After Romania became a part of the E.U., rural areas here were supported through several national rural development programs, so as to create a durable and sustainable rural economy. Major changes are required to achieve this kind of development, such as replacing old agricultural structures, modernizin…
Factores determinantes de la intención de cambio estratégico: el papel de los equipos directivos
2010
ResumenLa capacidad de una empresa para adaptarse y responder a las oportunidades y presiones del entorno es uno de los aspectos más importantes en la búsqueda de la competitividad y de la supervivencia. Este trabajo pretende mejorar la comprensión de los factores que influyen en la intención de impulsar cambios en el contenido de la estrategia, analizando los factores motivadores y de resistencia tradicionalmente considerados, así como el papel facilitador de las características de los equipos directivos. Nuestros resultados resaltan que la heterogeneidad de los equipos directivos facilita la predisposición a impulsar cambios en las estrategias competitivas y corporativas, y que los cambio…
Optimal Population Growth as an Endogenous Discounting Problem: The Ramsey Case
2018
International audience; This paper revisits the optimal population size problem in a continuous time Ramsey setting with costly child rearing and both intergenerational and intertemporal altruism. The social welfare functions considered range from the Millian to the Benthamite. When population growth is endogenized, the associated optimal control problem involves an endogenous effective discount rate depending on past and current population growth rates, which makes preferences intertemporally dependent. We tackle this problem by using an appropriate maximum principle. Then we study the stationary solutions (balanced growth paths) and show the existence of two admissible solutions except in…
A Pedagogical Proof of Arrow's Impossibility Theorem
1999
In this note I consider a simple proof of Arrow's Impossibility Theorem (Arrow 1963). I start with the case of three individuals who have preferences on three alternatives. In this special case there are 133=2197 possible combinations of the three individuals' rational preferences. However, by considering the subset of linear preferences, and employing the full strength of the IIA axiom, I reduce the number of cases necessary to completely describe the SWF to a small number, allowing an elementary proof suitable for most undergraduate students. This special case conveys the nature of Arrow's result. It is well known that the restriction to three options is not really limiting (any larger se…
The Asynchronous Leontief Model
1992
International audience; The traditional dynamic Leontief model is synchronous: every vertex acts simultaneously. A model with delays of action has been proposed, but it still remains synchronous. In this paper we propose an asynchronous version of the model that allows realistic computations. We fiurnish an algorithm and a program.
DECLINE IN US OUTPUT GROWTH VOLATILITY: A WAVELET ANALYSIS*
2012
The aim of the paper is to determine (endogenously) whether the volatility of the US output growth rate has changed since the late 1940s. By applying the discrete wavelet transform to the annualized quarter-to-quarter output growth series, we test the homogeneity of the variance on a scale-by-scale basis. A version of the Normalized and Centered Cumulative Sum of Squares test, adapted to wavelets, leads us to reject the null of constant variance in the two levels of decomposition of the highest resolution and to locate a single break in 1982. The economic implications are explored.
High Order Compact Finite Difference Schemes for A Nonlinear Black-Scholes Equation
2001
A nonlinear Black-Scholes equation which models transaction costs arising in the hedging of portfolios is discretized semi-implicitly using high order compact finite difference schemes. A new compact scheme, generalizing the compact schemes of Rigal [29], is derived and proved to be unconditionally stable and non-oscillatory. The numerical results are compared to standard finite difference schemes. It turns out that the compact schemes have very satisfying stability and non-oscillatory properties and are generally more efficient than the considered classical schemes.
U.S. stock prices and macroeconomic fundamentals: Fresh evidence using the quantile ARDL approach
2020
This paper explores the long‐run relationship and the associated short‐run dynamics between the U.S. stock market and three major macroeconomic fundamentals, namely the U.S. industrial production index, the U.S. 10‐year Treasury bond yield and the West Texas Intermediate oil price, for the time period covering 1985–2015. The quantile autoregressive distributed lag (QARDL) model presented by Cho et al. (2015) Journal of Econometrics, 188, 281–300, which combines the autoregressive distributed lag model of Pesaran and Shin (1998), Cambridge University Press, and Pesaran et al. (2001) Journal of Applied Econometrics, 16, 289–326, and the quantile regression methodology of Koenker and Bassett (…
RELATIONSHIP BETWEEN CITIZENS’ TRUST IN LOCAL GOVERNMENT AND PARTICIPATION IN LOCAL GOVERNANCE
2021
The article analyses the relationship between citizens’ trust in local government institutions and participation in local governance. The research results have revealed that citizens’ trust in local government is still low and participation lacks activeness. Civic participation is more active than political participation. According to the research results, the main reasons of absence of participation in local governance are lack of information and knowledge about public participation, lack of information about participation opportunities, lack of communication and response to expressed opinion and suggestions. The results of quantitative research showed that participation and trust dimensio…