scholarly journals Phillips and Wage Curves: Empirical Evidence from Bosnia and Herzegovina

2014 ◽  
Vol 2014 ◽  
pp. 1-7
Author(s):  
Edo Omerčević ◽  
Elif Nuroğlu
Keyword(s):  
Empirical Evidence ◽  
Bosnia And Herzegovina ◽  
Phillips Curve ◽  
Short Term ◽  
Empirical Examination ◽  
Wage Curve

This study is an empirical examination of the existence and characteristics of the Phillips curve and the wage curve in Bosnia and Herzegovina. The findings indicate that there is no evidence of the existence of the short-term Phillips curve. Instead, the data suggests that in the short-term an increase in inflation leads to an increase in unemployment. The estimated wage curves indicate that only increases in real payment increase employment. The conclusion of this study is that increases in inflation might have a negative short-term impact on the level of employment in Bosnia and Herzegovina.

scholarly journals BANK PROFITABILITY AND MACROECONOMY: EVIDENCE FROM LITHUANIA

2017 ◽  
Vol 24 (2) ◽  
pp. 383-405 ◽  
Author(s):  
Laurynas NARUŠEVIČIUS
Keyword(s):  
Banking Sector ◽  
Short Term ◽  
Empirical Examination ◽  
Bank Profitability ◽  
Pooled Mean Group ◽  
Real Gdp ◽  
Income Statement ◽  
Main Determinants ◽  
The Relationship

The purpose of this paper is to investigate the relationship between profitability of the Lithuanian banking sector and its internal and external determinants. We use the panel error correc­tion model to assess long-term and short-term determinants of items from bank income statements (net interest income, net fee and commission income and operating expenses). The results of the pooled mean group estimator show that bank size and real GDP are the main determinants in the long-term. Meanwhile, empirical examination suggests various variables as short-term determinants of income statement items. The pooled mean group estimation technique and the analysis of sepa­rate income statement items enable us to have a better insight into the Lithuanian banking sector and determinants of its revenue and expenses.

scholarly journals Alternative Sanctions in the Gap Between the Law and Reality / Alternativne sankcije u raskoraku između normativnog i stvarnog

2015 ◽  
Vol 5 (5) ◽  
pp. 124
Author(s):  
Veljko Ikanović
Keyword(s):  
Bosnia And Herzegovina ◽  
Common Good ◽  
Prison Sentence ◽  
Electronic Surveillance ◽  
Short Term ◽  
House Arrest ◽  
International Obligations ◽  
The Common ◽  
Criminal Legislation ◽  
Alternative Sanctions

This paper deals with some alternative sanctions of the criminal legislation in Bosnia and Herzegovina. Author pays attention to, first of all, replacing short-term imprisonment with the common good in freedom and house arrest with electronic surveillance, which was recently introduced in the Federation of Bosnia and Herzegovina, and the replacement of short-term prison sentence with a fine. Pointing out the scientific understanding of the need for the development and introduction of alternative sanctions and binding international documents, he examines the limitations of the existing legal desicions, the legislator notes inertia and resistance to general and political public for the legal solutions to be implemented in life. Finally,  in the conclusion he says that there is a gap between law and reality that threatens the goal and purpose of alternative sanctions and also the fulfillment of international obligations which Bosnia and Herzegovina has taken in this area.

The Market for Corporate Control: Value, Stakeholders, and Governance

2016 ◽  
Author(s):  
David Kershaw
Keyword(s):  
Empirical Evidence ◽  
Corporate Control ◽  
Short Term ◽  
The Public ◽  
Analysis And Evaluation ◽  
Control Value ◽  
Clear Cut ◽  
Market For Corporate Control ◽  
Empirical Context ◽  
The Uk

This Chapter introduces the market for corporate control and provides theoretical and empirical context about the functioning and effects of the market for corporate control. Ideally such context should inform the analysis and evaluation of the Takeover Code’s regulation of the UK market for corporate control. However, as the Chapter shows, neither our understanding of the likely effects of the market for corporate control on companies, boards, shareholders and stakeholders, nor the state of empirical evidence provide clear cut guidance on how to regulate the market for corporate control. The Chapter considers evidence on the value effects of takeovers and shows that evidence from the short term market response to announced takeovers supports claims that takeovers in aggregate generate value, but the longer term evidence is more mixed and inconclusive. It also considers the methodological limitations of both the short term and long term evidence. The Chapter then proceeds to consider the effect of the market for corporate control on stakeholders. It explores the commonly held view that takeovers are detrimental for employees but finds again that the empirical evidence is inconclusive, although the theoretical case that takeover activity may undermine employee investment in the business remains compelling. The Chapter then explores the role of the market for corporate control as a governance device. It is often assumed that the market for corporate control acts as a disciplinary device holding managers to account, but as the Chapter shows the disciplinary effects work differently and less precisely than regulators and the public debate commonly assume. The Chapter also shows that such indirect effects may also mould management and board behaviour in economically suboptimal ways, which the Chapter considers in the context of the debate about the possible short term orientation of UK boards.

MODELING THE PHILLIPS CURVE IN CHINA: A NONLINEAR PERSPECTIVE

2016 ◽  
Vol 21 (2) ◽  
pp. 439-461 ◽  
Author(s):  
Lingxiang Zhang
Keyword(s):  
Regression Model ◽  
Inflation Rate ◽  
Phillips Curve ◽  
Smooth Transition ◽  
Short Term ◽  
Smooth Transition Regression ◽  
Using Data ◽  
Smooth Transition Regression Model ◽  
Economic Growth Rates ◽  
The Relationship

This paper investigates the nonlinear dynamics of the inflation–output type of Phillips curve based on a multiple-regime smooth transition regression model using data from China. The empirical results indicate significant nonlinearities in China's Phillips curve. The relationship between inflation and output can be modeled by a four-regime smooth transition regression model in which the responses of inflation to output depend on both inflation and economic growth rates. The inflation–output type Phillips curve may be positively sloped, negatively sloped, or even vertical in the short term, depending on different business cycles. Furthermore, we analyze business cycle fluctuations based on the nonlinear Phillips curve, indicating a coexisting zone of stable inflation rate and rapid growth rate.

PARAMETER UNCERTAINTY AND NONLINEAR MONETARY POLICY RULES

2010 ◽  
Vol 15 (2) ◽  
pp. 184-200 ◽  
Author(s):  
Peter Tillmann
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Central Bank ◽  
Empirical Evidence ◽  
Parameter Uncertainty ◽  
Phillips Curve ◽  
Optimal Monetary Policy ◽  
Worst Case ◽  
Rate Adjustment ◽  
The Interest Rate

Empirical evidence suggests that the instrument rule describing the interest rate–setting behavior of the Federal Reserve is nonlinear. This paper shows that optimal monetary policy under parameter uncertainty can motivate this pattern. If the central bank is uncertain about the slope of the Phillips curve and follows a min–max strategy to formulate policy, the interest rate reacts more strongly to inflation when inflation is further away from target. The reason is that the worst case the central bank takes into account is endogenous and depends on the inflation rate and the output gap. As inflation increases, the worst-case perception of the Phillips curve slope becomes larger, thus requiring a stronger interest rate adjustment. Empirical evidence supports this form of nonlinearity for post-1982 U.S. data.

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