Search results for "interest"

Inflation dynamics in a model with firm entry and (some) heterogeneity

2014

We analyse the incidence of endogenous entry and firm TFP-heterogeneity on the response of aggregate inflation to exogenous shocks. We build up an otherwise standard DSGE model in which the number of firms is endogenously determined and firms differ in their steady state level of productivity. This splits the industry structure into firms of different sizes. Calibrating the different transition rates, across firm sizes and out of the market we reproduce the main features of the distribution of firms in Spain. We then compare the inflation response to technology, interest rate and entry cost shocks, among others. We find that structures in which large (more productive) firms predominate tend…

Effects of Fiscal Stimulus in Structural Models

2010

The paper assesses, using seven structural models used heavily by policymaking institutions, the effectiveness of temporary fiscal stimulus. Models can, more easily than empirical studies, account for differences between fiscal instruments, for differences between structural characteristics of the economy, and for monetary-fiscal policy interactions. Findings are: (i) There is substantial agreement across models on the sizes of fiscal multipliers. (ii) The sizes of spending and targeted transfers multipliers are large. (iii) Fiscal policy is most effective if it has some persistence and if monetary policy accommodates it. (iv) The perception of permanent fiscal stimulus leads to significant…

A Small Forward-Looking Macroeconomic Model for EMU

2001

In this paper we estimate a small forward-looking macroeconomic model for EMU which allows us to analyze the transmission mechanism of the monetary policy implemented by the European Central Bank through an interest rate rule that stabilizes inflation and output. The estimation of this model, which comprises forward-looking versions of the IS and the Phillips curves as well as the interest rate rule, is conducted by GMM using quarterly data from 1986 to 2000. We find that this simple model matches the dynamic properties of the output gap, inflation and the interest rate in EMU quite accurately. We also perform several exercises that show the response of output, inflation and interest rates …

A NSGA Based Approach for Content Based Image Retrieval

2013

The purpose of CBIR Content Based Image Retrieval systems is to allow users to retrieve pictures related to a semantic concept of their interest, when no other information but the images themselves is available. Commonly, a series of images are presented to the user, who judges on their relevance. Several different models have been proposed to help the construction of interactive systems based on relevance feedback. Some of these models consider that an optimal query point exists, and focus on adapting the similarity measure and moving the query point so that it appears close to the relevant results and far from those which are non-relevant. This implies a strong causality between the low l…

The CFO’s Information Challenge in Managing Macroeconomic Risk

2010

In this paper we examine the role of the CFO in setting risk management strategy with respect to macroeconomic risk, in particular, and we consider the information requirements for setting a strategy that is consistent with corporate objectives. We argue that macroeconomic risk management requires a broad approach encompassing financial, operational and strategic considerations. Furthermore, several interdependent sources of risk in the macroeconomic environment must be taken into account. Once this interdependence among, for example, exchange rates, interest rates and inflation are taken into account macroeconomic risk management can be considered a relatively self-contained aspect of Inte…

Interests Or Expectations?: A Political Economy Model Of The Credibility Of Exchange Rate Agreements

2008

Interest rate co-movements, global factors and the long end of the term spread

2010

Domestic vs. International correlations of interest rate maturities

2010

The association between long and short interest rates is traditionally envisaged from a purely domestic perspective, where it is believed an empirical regularity. Hence, the weakening of this relationship in the first half of the 2000s has represented a conundrum, calling for a reassessment of the term structure and the conduct of monetary policy. Some commentators have called for investigations into the international dimension of this puzzle. Hence, in this paper we employ recent advances in panel data econometrics to investigate the co-movement of interest rate maturities both at the domestic and international levels for a sample of industrial countries. Specifically, we use the Ng (2006)…

ES līmeņa lauksaimniecības lobiju ietekme uz ES-Mercosur asociācijas līguma sarunu procesu.

2017

2016. gadā ES dienas kārtības augšā bija divi līgumi – TTIP un CETA. Sarunu gaitā bija redzams, ka interešu grupām ir zināma ietekme tiem. Šajā darbā autore analizē kāda loma ir interešu grupām uz lēmumu pieņemšanas procesu ES. Šīs darba priekšmeti ir ES un Mercosur asociācijas nolīguma sarunas, kas ietver brīvās tirdzniecības līgumu. Brīvās tirdzniecības nolīgums nozīmē samazinātas tirdzniecības barjeras, tostarp lauksaimniecības produktu importam. ES līmeņa lauksaimniecības interešu grupas ir ieinteresētas lauksaimniecības nozares aizsardzībā, tādējādi, šajā darbā tiek pārbaudīts tas, kā identificēt interešu grupu ietekmi. Konkrētāk, tiek analizēta ES līmeņa lauksaimniecības interešu grup…

Exchange Rate and Interest-Rate Driven Competitive Advantages in the EMU

2002

Real exchange and interest rates may still fluctuate inside the EMU and give rise to changes in competitiveness. We find, in contrast to what is generally expected, no convergence in these variables after the introduction of the euro. On the contrary, a divergence is found that is extraordinary when compared to the preceding 40 years. The magnitude of the divergence should urge on a wave of restructuring in the EMU, conditioned upon adequate policy responses. The worst-case scenario involves a flight to structural support and protectionism, challenging the whole idea of the EMU.