MONETARY NEUTRALITY

2017 ◽  
Vol 23 (06) ◽  
pp. 2133-2149 ◽  
Author(s):  
Apostolos Serletis ◽  
Zisimos Koustas
Keyword(s):  
United States ◽  
Financial Stability ◽  
The United States ◽  
Macroeconomic Theory ◽  
Quarterly Data ◽  
Significant Evidence ◽  
Monetary Aggregates ◽  
Divisia Monetary Aggregates ◽  
Long Run ◽  
Monetary Neutrality

We test the long-run neutrality of money proposition for the United States paying attention to the integration and cointegration properties of the variables. We use quarterly data (over the period from 1967:1 to 2014:1) and the new Center for Financial Stability Divisia monetary aggregates. We make a comparison among the narrower monetary aggregates, M1, M2M, MZM, M2, and ALL, and the broad monetary aggregates, M4+, M4-, and M3, and show that there is no statistically significant evidence against long-run monetary neutrality, consistent with both monetarist and Keynesian macroeconomic theory.

The Impact of Monetary and Fiscal Policies on the Stock Market in the United States (U.S); Evidence from Linear ARDL Framework

2020 ◽  
Vol 11 (1) ◽  
pp. 132-132
Author(s):  
Aref Emamian
Keyword(s):  
United States ◽  
Stock Market ◽  
The United States ◽  
Real Effective Exchange Rate ◽  
Annual Data ◽  
Fiscal Policies ◽  
Long Run ◽  
The Us ◽  
Short Run ◽  
The Impact

This study examines the impact of monetary and fiscal policies on the stock market in the United States (US), were used. By employing the method of Autoregressive Distributed Lags (ARDL) developed by Pesaran et al. (2001). Annual data from the Federal Reserve, World Bank, and International Monetary Fund, from 1986 to 2017 pertaining to the American economy, the results show that both policies play a significant role in the stock market. We find a significant positive effect of real Gross Domestic Product and the interest rate on the US stock market in the long run and significant negative relationship effect of Consumer Price Index (CPI) and broad money on the US stock market both in the short run and long run. On the other hand, this study only could support the significant positive impact of tax revenue and significant negative impact of real effective exchange rate on the US stock market in the short run while in the long run are insignificant. Keywords: ARDL, monetary policy, fiscal policy, stock market, United States

scholarly journals The world market for soybeans: price transmission into Brazil and effects from the timing of crop and trade

Nova Economia ◽  
2007 ◽  
Vol 17 (2) ◽  
pp. 241-270 ◽  
Author(s):  
Mario A. Margarido ◽  
Frederico A. Turolla ◽  
Carlos R. F. Bueno
Keyword(s):  
United States ◽  
Forecast Error ◽  
The United States ◽  
World Market ◽  
Price Transmission ◽  
Long Run ◽  
Cointegration Tests ◽  
The World ◽  
The Law ◽  
The One

This paper investigates the price transmission in the world market for soybeans using time series econometrics models. The theoretical model developed by Mundlack and Larson (1992) is based on the Law of the One Price, which assumes price equalization across all local markets in the long run and allows for deviations in the short run. The international market was characterized by three relevant soybean prices: Rotterdam Port, Argentina and the United States. The paper estimates the elasticity of transmission of these prices into soybean prices in Brazil. There were carried causality and cointegration tests in order to identify whether there is significant long-term relationship among these variables. There was also calculated the impulse-response function and forecast error variance decomposition to analyze the transmission of variations in the international prices over Brazilian prices. An exogeneity test was also carried out so as to check whether the variables respond to short term deviations from equilibrium values. Results validated the Law of the One Price in the long run. In line with many studies, this paper showed that Brazil and Argentina can be seen as price takers as long as the speed of their adjustment to shocks is faster than in the United States, the latter being a price maker.

United States Strategic Interests in Latin America: An Assessment

1997 ◽  
Vol 39 (1) ◽  
pp. 45-57 ◽  
Author(s):  
Albert R. Coll
Keyword(s):  
United States ◽  
Latin America ◽  
The United States ◽  
Second World War ◽  
Economic Prosperity ◽  
World War ◽  
Long Run ◽  
The Us ◽  
Areas Of Concern ◽  
Second World

As of 1997, the United States faces an unprecedented degree of security, stability, and economic prosperity in its relations with Latin America. Never before have US strategic interests in Latin America been as well-protected or have its prospects seemed, at least on the surface, so promising. Yet while the US strategic interests are in better shape — militarily, politically, and economically — this decade than at any time since the end of the Second World War, some problems remain. Over the long run, there is also the risk that old problems, which today seem to have ebbed away, will return. Thus, the positive tone of any contemporary assessment must be tempered with an awareness of remaining areas of concern as well as of possible future crises.

scholarly journals INTERVENSI KEBIJAKAN MONETER TERHADAP INVESTASI PORTOFOLIO: KASUS INDONESIA DAN AMERIKA SERIKAT

2020 ◽  
Vol 2 (1) ◽  
pp. 1
Author(s):  
Nanda Alfarina ◽  
Hasdi Aimon
Keyword(s):  
United States ◽  
Interest Rate ◽  
Secondary Data ◽  
The United States ◽  
Portfolio Investment ◽  
Mechanism Analysis ◽  
Long Run ◽  
Negative Effect ◽  
The Difference ◽  
Effect Of Monetary Policy

This study aims to determine the effect of monetary policy measured by the central bank’s policy rate (X1) on portfolio investment (Y) in Indonesia and United States in the long run. The data used are secondary data seouced from SEKI BI, FRED The FEd, coinmarketcap.com, and investing.com, with the VECM (Vector Error Correction Mechanism) analysis methode. The study show The study shows the differences between the results that occur in Indonesia and the United States. The policy interest rate has a significant positive effect on portfolio investment in the long run in Indonesia, while in the United States the interest rate in the long run has a significant negative effect on portfolio investment. The difference in research results between the two countries shows the need for different treatment for monetary authorities in encouraging portfolio investment 

Chapter III. The World Overseas

1963 ◽  
Vol 23 ◽  
pp. 33-42
Keyword(s):  
United States ◽  
Industrial Production ◽  
World Trade ◽  
The United States ◽  
Fourth Quarter ◽  
Long Run ◽  
United States Economy ◽  
The World ◽  
Second Year

The outlook for world industrial production—and consequently in the long run for world trade-is, if anything, a little more cheerful than it was in November. The prospect is still that the rise in both will be slower than in recent years; but the risk that there might be no rise at all is much smaller than it was. First, the fears of any appreciable dip in the United States economy this year have largely evaporated. Then, for the second year running, industrial production in EEC countries, after apparently flattening off in the middle of the year, rose in the fourth quarter; this adds some confirmation to the forecast of a reasonable rise in EEC output next year.

Altar Call in Europe

2021 ◽  
Author(s):  
Uta A. Balbier
Keyword(s):  
United States ◽  
New York ◽  
United Kingdom ◽  
Cold War ◽  
The United States ◽  
The United Kingdom ◽  
Long Run ◽  
Altar Call ◽  
The 1950S ◽  
International Ministry

This book provides a transnational history of Billy Graham’s revival work in the 1950s, zooming in on his revival meetings in London (1954), Berlin (1954/1960), and New York (1957). It shows how Graham’s international ministry took shape in the context of transatlantic debates about the place and future of religion in public life after the experiences of war and at the onset of the Cold War, and through a constant exchange of people, ideas, and practices. It explores the transnational nature of debates about the religious underpinnings of the “Free World” and sheds new light on the contested relationship between business, consumerism, and religion. In the context of Graham’s revival meetings, ordinary Christians, theologians, ministers, and church leaders in the United States, Germany, and the United Kingdom discussed, experienced, and came to terms with religious modernization and secular anxieties, Cold War culture, and the rise of consumerism. The transnational connectedness of their political, economic, and spiritual hopes and fears brings a narrative to life that complicates our understanding of the different secularization paths the United States, the United Kingdom, and Germany embarked on in the 1950s. During Graham’s altar call in Europe, the contours of a transatlantic revival become visible, even if in the long run it was unable to develop a dynamism that could have sustained this moment in these different national and religious contexts.

Rebuilding a Profession: A Bibliometric Analysis of the Linguistic Culture of Comparative Literature in the United States and Spain

2021 ◽  
Vol 73 (3) ◽  
pp. 270-288
Author(s):  
César Domínguez
Keyword(s):  
United States ◽  
Comparative Literature ◽  
Bibliometric Analysis ◽  
Power Relations ◽  
The United States ◽  
The Other ◽  
National Literature ◽  
Significant Evidence ◽  
The One ◽  
Geographical Context

Abstract This article discusses why it is necessary to rebuild comparative literature in terms of a geopolitics of comparison. “Geopolitics” is understood here, following Gearóid Ó Tuathail, to mean a distinctive genre of geo-power which brought about the systemic closure of the surface of the globe. Comparative literature has been part and parcel of this process by extending a Eurocentric concept of “(national) literature” worldwide. A rebuilt comparative literature has, on the one hand, to bring to light significant evidence of the discipline’s history within the historical and geographical context of power relations and, on the other hand, confront the coloniality of knowledge on three levels—locutionary, illocutionary, and perlocutionary. Here only the locutionary level is addressed by examining two journals—Comparative Literature and 1616: Anuario de la Sociedad Española de Literatura General y Comparada / Anuario de Literatura Comparada—from a bibliometric-analysis perspective.

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