장단기 금리스프레드의 경기 설명력에 관한 연구: 미국과 한국을 중심으로 (Predictive Power of the Term Spread on Real Output Growth: Empirical Evidence from U.S and S. Korea)

2021 ◽  
Author(s):  
Na Kyeong Lee
Keyword(s):  
Empirical Evidence ◽  
Predictive Power ◽  
Output Growth ◽  
Real Output ◽  
Term Spread

scholarly journals The Long-Run Superneutrality of Money Revised: the Extended European Evidence

2016 ◽  
Vol 16 (3) ◽  
pp. 187-203 ◽  
Author(s):  
Oleg Deev ◽  
Martin Hodula
Keyword(s):  
Endogenous Growth ◽  
Output Growth ◽  
Real Output ◽  
Vector Autoregressive ◽  
Additional Hypothesis ◽  
Long Run ◽  
Large Panel ◽  
European Economies ◽  
Structural Vector

Abstract This article investigates the validity of the money superneutrality concept for the large panel of European economies. While focusing exclusively on endogenous growth theories including the Mundell-Tobin effect, we examine the long-run response of real output to a permanent inflation shock in every studied country using a structural vector autoregressive framework. For the majority of countries in our sample, the longrun superneutrality concept is confirmed since the original increase/decrease in output growth fades in time. We also test the additional hypothesis of whether the group of countries with smaller in-sample inflation mean forms the exception to the long-run money superneutrality. As the result, modern economies might be better described from the viewpoint of Sidrauski.

Late Nineteenth-Century American Retardation: A Neoclassical Analysis

1973 ◽  
Vol 33 (3) ◽  
pp. 581-607 ◽  
Author(s):  
Jeffrey G. Williamson
Keyword(s):  
Nineteenth Century ◽  
Interest Rates ◽  
Output Growth ◽  
Historical Research ◽  
Late Nineteenth Century ◽  
Real Output ◽  
The Past ◽  
The Great Depression ◽  
Nominal Interest Rates ◽  
Late Nineteenth

English growth experience from the 1860's to the 1890's has been the source of continued research and debate. Judged by the recent contributions of McCloskey, the intensity of the debate has diminished little over the past seventy-five years. The period has long been identified in the literature as the “Great Depression.” It has been well established that the decades up to 1896 were characterized by declining general price levels, declining nominal interest rates, and serious retardation in aggregate real output growth. These are not merely figments of historical research since they were subjects of contemporary observation as well.

Budget Deficits: A Major Cause of Inflation?

1978 ◽  
Vol 6 (1) ◽  
pp. 115-127 ◽  
Author(s):  
Ansel M. Sharp ◽  
Phyllis Smith Flenniken
Keyword(s):  
Economic Theory ◽  
Empirical Evidence ◽  
Money Supply ◽  
The Other ◽  
Real Output ◽  
Budget Deficits ◽  
Single Variable ◽  
Other Hand

This paper examines the proposition that budget deficits are a major cause of inflation. Economic theory does not unconditionally support the proposition, and available empirical evidence does not support the proposition. During periods of expansion, 1949–1973, the increases in the money supply that can be directly traced to budget deficits are often a contributing but not necessarily a major cause of inflations. On the other hand, the fiscal effects of the budget, because of the automatic growth in federal receipts, are usually checking the growth in both prices and real output. Based on the discussion and data presented in this paper, the deficit hypothesis cannot be accepted. Inflations are too complicated phenomena to be explained by a single variable such as budget deficits.

scholarly journals Le taux de croissance de l’offre de monnaie et arbitrage entre le taux d’inflation et le taux de chômage au Canada

2009 ◽  
Vol 55 (3) ◽  
pp. 397-410
Author(s):  
Maurice N. Marchon
Keyword(s):  
Growth Rate ◽  
International Trade ◽  
Exchange Rate ◽  
Money Supply ◽  
Unemployment Rate ◽  
Output Growth ◽  
Real Output ◽  
Short Term ◽  
Trade Off ◽  
The Exchange Rate

This paper presents simulations results using a "Modified St. Louis Model" for Canada. These simulations identify opportunities of trade-off between inflation and unemployment rate. They reveal very slim opportunities of trade-off and demonstrate that any short-term gain in real output caused by monetary stimulus will have to be paid in term of compensating slower output growth to reduce inflationary expectations. This situation of no real trade-off shows up even if the model does not fully endogenize the exchange rate and international trade feedback of changes in money supply growth rate.

scholarly journals Trade openness and economic growth: empirical evidence from Pakistan

2017 ◽  
Vol 4 (1) ◽  
pp. 1-3
Author(s):  
Waqas Ahmad ◽  
Sadia Mir ◽  
Maria Siddique ◽  
Hafiz Ur Rehman
Keyword(s):  
Economic Growth ◽  
Empirical Evidence ◽  
Empirical Studies ◽  
Aggregate Demand ◽  
Trade Openness ◽  
Output Growth ◽  
Least Square ◽  
Ordinary Least Square ◽  
Model Sample ◽  
Data Period

This study examines the effects of increasing trade openness on Pakistan’s economic growth. A four variable macro model based on the textbook type familiar aggregate demand – aggregate supply framework is specified. And a simple ordinary least square (OLS) technique is used for the estimation. For Pakistan, shocks to trade openness have negative (but insignificant) effects on output growth. The significance of the results depends on the specification of the model, sample size and the length of the data period. The results seem to be consistent with the findings of some empirical studies in which a country may suffer a loss due to increase openness of an economy.

Sign in / Sign up

Export Citation Format

Share Document