Forecasting the Real Price of Oil - Time-Variation and Forecast Combination

2017 ◽  
Author(s):  
Christoph Funk
2018 ◽  
Vol 10 (6) ◽  
pp. 261
Author(s):  
Romaine Patrick ◽  
Phocenah Nyatanga

This study examined the effect exchange rates have on import and export volumes under alternative exchange rate policies adopted in South Africa over the period 1960 to 2017. Using quarterly time series data for the stated period, a log-linear error correction model is employed to estimate the country’s export and import elasticities, taking into account Gross Domestic Product (GDP), the real price of exports, the real price of imports and real exchange rates. Using the freely floating exchange rate regime as the base period, the study concluded that both export and import volumes are lower under a system of fixed exchange rates. Export and import volumes were also found to be lower under the dual exchange rate regime, relative to the freely floating exchange rate regime. In accordance with export-led growth strategies, exports were found to be higher and imports lower under a managed floating exchange rate regime. It is therefore recommended that South Africa revert to a more managed exchange rate regime, until the South African economy is developed to accommodate a freely floating exchange rate regime.


1998 ◽  
Vol 9 (5) ◽  
pp. 549-568
Author(s):  
Noel D. Uri

The impact of energy on the adoption of conservation tillage is of special importance in addressing concerns about the effect of agricultural production on the environment in the United States. It is the subject of this paper. After establishing that a relationship exists between the price of energy and the adoption of conservation tillage via cointegration techniques, the relationship is quantified. It is shown that while the real price of crude oil, the proxy used for the price of energy, does not affect the rate of adoption of conservation tillage, it does impact the extent to which it is used. Finally, there is no structural instability in the relationship between the relative use of conservation tillage and the real price of crude oil over the period 1963 to 1997.


2018 ◽  
Vol 28 (4) ◽  
pp. 409-413 ◽  
Author(s):  
Mark Goodchild ◽  
Rong Zheng

BackgroundThe Healthy China 2030 strategy sets ambitious targets for China’s policy-makers, including a decrease in the smoking rate from 27.7% in 2015 to 20% by 2030. China has made progress on tobacco control in recent years, but many key measures remain underused. This study explores the potential for full implementation of these measures to achieve the targeted reduction in smoking by 2030.MethodsFirst, a ‘business as usual’ scenario for China’s cigarette market was developed based only on underlying economic parameters. Second, non-price tobacco control measures were then added assuming they are fully implemented by 2030. Third, excise per pack was raised to a level that would increase the real price of cigarettes by 50% in 2030.FindingsUnder the business as usual scenario, the rate of smoking falls to around 26.6% in 2030. When non-price measures are included, the rate of smoking falls to 22.0% (20.9%~23.1%). Thus, non-price measures alone are unlikely to achieve the Healthy China target. Under the third scenario, excise per pack was roughly doubled in 2030 in order to increase real cigarette prices by 50%. The rate of smoking then falls to 19.7% (18.2%~21.3%), reflecting 78 million (59~97 million) fewer smokers compared with 2016. In addition, real excise revenue from cigarettes increases by 21% (−3%~47%) compared with 2016.ConclusionSignificantly higher tobacco taxes will be needed to achieve Healthy China 2030 target for reduced smoking even after the implementation of other tobacco control measures.


2019 ◽  
pp. 357-361
Author(s):  
Silas Kpanan’Ayoung Siakor
Keyword(s):  
The Real ◽  

Author(s):  
Hans Manner

AbstractThis paper treats the problem of modeling and forecasting the outcomes of NBA basketball games. First, it is shown how the benchmark model in the literature can be extended to allow for heteroscedasticity and estimation and testing in this framework is treated. Second, time-variation is introduced into the model by introducing a dynamic state space model for team strengths. The in-sample results based on eight seasons of NBA data provide weak evidence for heteroscedasticity, which can lead to notable differences in estimated win probabilities. However, persistent time variation is only found when combining the data of several seasons, but not when looking at individual seasons. The models are used for forecasting a large number of regular season and playoff games and the common finding in the literature that it is difficult to outperform the betting market is confirmed. Nevertheless, a forecast combination of model based forecasts with betting odds can lead to some slight improvements.


2013 ◽  
Vol 63 (1) ◽  
pp. 43-60 ◽  
Author(s):  
Ivan Kotliarov

It is demonstrated that models of royalty rate calculations developed for licensing should not be applied to franchising because the benefits received by a licensee and a franchisee are different. It is proposed that the risk reduction generated by the franchisor’s effective technologies and the managerial support given to a franchisee also be included in the model of royalty calculation. It is demonstrated that a franchisee may wish to acquire the franchise even if the franchisor takes the full amount of additional income or if this additional income is negative.


2006 ◽  
Vol 34 (3) ◽  
pp. 501-519 ◽  
Author(s):  
Peter Svedberg ◽  
John E. Tilton

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