The impact of low-cost economies on UK import prices
|
|
- Trevor Stevens
- 6 years ago
- Views:
Transcription
1 58 Quarerly Bullein 28 Q1 The imac of low-cos economies on UK imor rices By Conall Mac Coille of he Bank s Srucural Economic Analysis Division. The share of UK imors from develoing counries has increased sharly in recen years. Using measures of bilaeral rade rices, his aricle suggess ha increased sourcing from low-cos economies has u significan downward ressure on he relaive rice of UK goods imors. However, his effec may have dissiaed over ime as he rices of UK imors from low-cos economies have risen more raidly han in he as and develoing economies increasing demand for raw maerials has conribued o higher oil and commodiies rices. Inroducion The shar exansion of exors from China and oher develoing economies in recen years (Char 1) has been aribued o: reducions in legal barriers o rade; ransiions owards marke-orienaed olicies; and relaively low coss of roducion. The increasing imorance of develoing economies wihin world rade has been idenified as one facor ha may have ushed down on global and UK rade rices. This aricle examines how imoran hese effecs may have been for he Unied Kingdom. Char 1 Share of world rade (a) G7 China Develoing Asia Source: IMF Direcion of Trade Saisics. Develoing Euroe Res of he world 6 (a) The shares are calculaed from nominal US dollar values. Develoing Asia excludes China. A key oin in considering hese channels is ha aggregae UK consumer rice inflaion is deermined by UK moneary olicy in he medium o long run. And even in he shor run here is a wide range of oher, oenially offseing, effecs on aggregae inflaion. Hence, increased sourcing of imors from develoing economies has robably been associaed wih movemens in he relaive rices of some raded goods raher han any susained effec on aggregae inflaion. Neverheless, i is imoran for cenral banks o undersand movemens in relaive rices o assess heir oenial influence on aggregae inflaion in he shor run. (1) In he as, analysis of UK rade rices has been hamered by he lack of available daa. Price measures for goods imored ino he Unied Kingdom from secific rading arners are no ublished. So i has no been ossible o decomose aggregae imor rices, in an accouning sense, ino conribuions from differen rading arners. This aricle describes new measures of bilaeral rade rices which allow such an accouning decomosiion. The second secion discusses he many channels hrough which globalisaion may have affeced he UK economy and rade rices. The hird secion describes how a rising roorion of imors from low-cos economies may have reduced UK imor rices. The fourh secion measures he imac using bilaeral rade rice measures. The fifh secion considers disaggregaed daa o analyse which caegories of goods imors may have exerienced he larges relaive rice falls. The sixh secion concludes. Channels hrough which globalisaion may have affeced he Unied Kingdom One exlanaion for he shar exansion of develoing economy exors is he reducion in legal barriers o rade. Over he as wo decades he rocess of global rade liberalisaion has been faciliaed by ransiions owards (1) For examle, see Kamin, S, Marazzi, M and Schindler, J W (24), Is China exoring deflaion?.
2 Research and analysis The imac of low-cos economies on UK imor rices 59 marke-orienaed olicies in many develoing economies. Oher key develomens in inernaional rade relaions include he Euroean Single Marke rogramme, he accession of new EU member saes, China s enry o he World Trade Organisaion in 21 and he comleion of he Agreemen on Texiles and Clohing (ATC) in 25. Char 2 Conribuions o average annual oil consumion growh (a) Oher Asian counries China Former Sovie Union OECD Res of he world World 3. The inegraion of develoing economies ino inernaional rade has been characerised as an increase in he effecive global labour force and an imrovemen in labour roduciviy in develoing economies following from he new roducion ooruniies. Many macroeconomic models sugges ha such changes should u downward ressure on he rices of radable goods and services. However, here are several channels hrough which hese changes in he global economy could affec rices in he Unied Kingdom. Increased comeiion in global markes from develoing economies may have led UK firms, and exorers in oher advanced economies, o lower heir mark-us over coss. Globalisaion ressures may also work hrough he domesic labour marke. As global rade becomes more inegraed, emloyees and comanies may ake more accoun of lower labour coss in oher counries when bargaining for wages. For examle, he oenial for UK firms o relocae roducion abroad may resrain wage demands and hence coss. Globalisaion may also affec domesic rices by raising roduciviy and hence lowering uni labour coss: increased rade allows counries o concenrae heir resources in he secors in which hey are relaively more efficien, for examle by relocaing inefficien rocesses abroad, so ha overall labour roduciviy growh increases. And increased comeiion may raise firms incenives o innovae. A full discussion of hese channels is beyond he scoe of his aricle. (1) Bu a key channel hrough which globalisaion may have affeced he UK economy is hrough lower imored goods rices as comanies have increasingly been able o access he cheaes goods on world markes. Tha said, he inegraion of develoing economies ino he global economy is likely o have u uward ressure on oher domesic rices. Increased demand for raw maerials from develoing economies as hey exand roducion has u uward ressure on he rices of oil and commodiies imored ino he Unied Kingdom. Indeed, Char 2 illusraes he increasingly imoran conribuion of develoing economies o world oil demand over he recen as. (2) Anoher oenial offse o cheaer imor rices comes from he boos o real incomes ha consumers of cheaer imors enjoy. As he rices of some imors fall, consumers have more income o send on domesically roduced goods and services. And he rices of hese goods and services are likely o rise in resonse o increased demand, offseing he imac Source: US Energy Informaion Adminisraion. of lower imor rices on aggregae inflaion. The imac of any movemen in imor rices on oher rices will also deend on households execaions abou he fuure. For examle, if eole exec he fall in imor rices o be ermanen, or ha imor rices will coninue falling, hey may bring forward consumion as hey exec heir real incomes o be ersisenly higher in he fuure. Again, his exra demand would offse any downward ressure on aggregae rices. In he medium erm, inflaion is deermined by moneary olicy. And UK moneary olicy would reac o any shock o imor rices, and he relaed execed changes in oher relaive rices, o ensure UK CPI inflaion remained close o arge in he medium erm. The imac on UK imor rices How much cheaer are goods imored from develoing economies likely o be? Char 3 illusraes ha overall rice levels are low in India, China and easern Euroean counries relaive o he rices of similar goods in develoed economies afer accouning for exchange rae differences. Differences in he rices of raded goods may be less marked: in he long run, comeiion should ensure ha he rices of similar raded goods sourced from differen counries converge, in common currency erms. Bu a shorer horizons, rice differenials beween differen counries can ersis, even for raded goods. Such rice differences are more likely where rade barriers reven firms and consumers from aking (1) See for examle IMF (26), How has globalizaion affeced inflaion? and IMF (27), The globalizaion of labor. (2) See Develomens in rimary commodiy rices, November 27 Inflaion Reor, age (a) Consumion is measured in volumes. The oher Asian counries grou excludes Jaan and Souh Korea which are members of he OECD, and China. The grou includes India, Taiwan and Hong Kong in addiion o oher Asian counries..5 1.
3 6 Quarerly Bullein 28 Q1 Char 3 Relaive rice levels in 25 (a) Index: Unied Saes = 1 12 π ( ( ) ( )) = f π, S, P P, P P MP HC LC HC LC HC LC (1) India China Slovak Re. Poland Czech Re. Unied Saes Source: World Bank Inernaional Comarison Program. advanage of lower roducion coss in develoing economies. Bu Char 4 illusraes ha over he as en years he Unied Kingdom has seen subsanial subsiuion owards goods sourced from lower-cos economies such as China and he new EU member saes. Equaion (1) describes, in an accouning sense, he oenial imac of he increasing share of low-cos imors on UK imor rices. Aggregae imor rice inflaion (π MP ) is a funcion of he inflaion rae of goods imored from high-cos counries (π HC ) he change in he share of low-cos counries in oal imors ( S LC ) he exen of he rice-level differences (P HC P LC ), and relaive rice movemens ( P HC P LC ), beween goods imored from high and low-cos counries, where P indicaes he rice level. Here, all inflaion and rice levels are in serling raher han foreign currency erms. EU3 Jaan Unied Kingdom (a) The comarisons are made using nominal exchange raes. The EU3 figure is an average of France, Germany and Ialy. The goods comared include a broad range of consumer goods and also caial and governmen exendiures. Char 4 UK goods imor shares (a) Source: ONS Pink Book (27). Res of he world (righ-hand scale) High cos (lef-hand scale) China (righ-hand scale) New EU member saes (righ-hand scale) (a) The high-cos counry grouing is defined as: Ausralia, Canada, he EU15 counries, Jaan, New Zealand, Norway, Swizerland and he Unied Saes. The new member saes include Cyrus, Czech Reublic, Esonia, Hungary, Lavia, Lihuania, Mala, Poland, Slovakia and Slovenia. The res of he world is defined as a residual relaive o oal UK imors. These same counry grous are illusraed in Chars 5 and 6 and Table A. The shares are calculaed in nominal erms The imor rice inflaion rae is deressed over ime as imors wih a low rice level relace similar goods wih a high rice level. The magniude of his share effec wihin roduc caegories deends uon he exen of rice-level differenials beween he high and low-cos counries and how quickly low-cos counries increase heir share of UK imors. The final erm in equaion (1) caures relaive rice movemens beween goods imored from low and high-cos counries. For examle, if he rices of goods imored from low-cos counries are rising faser han hose from he high-cos counries, his rice effec will ush u on UK imor rices. (1) The magniude and sign of hese effecs may change over ime and oenially offse each oher. For examle, if he rising share of goods from develoing economies in UK imors has acceleraed over ime he share effec may become more ronounced. Tha is, here migh be greaer downward ressure on UK imor rices over ime from subsiuion owards cheaer goods wihin roduc caegories. In conras, if inflaionary ressure in develoing economies has icked u in recen years he rice effec may have increasingly ushed u on UK imor rice inflaion. Of course, movemens in serling exchange raes have he oenial o offse such ressures. Hence, his aricle analyses he serling rices of manufacured goods imored from differen counries. Assessing he magniude of hese effecs has been he focus of several recen sudies. Nickell (25) calculaed ha he share effec accouned on average for a.5 ercenage oin reducion in a UK-weighed measure of annual world rade rice inflaion over he eriod 2 5. Pain e al (26) argued ha develoing economy imors reduced US inflaion (measured by he domesic demand deflaor) by.1 ercenage oins on average over 21 5 and by.3 ercenage oins for he euro area over he same eriod. Using a similar mehod o his aricle, a recen Euroean Cenral Bank sudy found ha he increase in imor eneraion from low-cos counries may have damened annual euro-area imor rice inflaion for manufacured goods by 2 ercenage oins each year over he eriod (2) In he nex secion he evidence on share and rice effecs from low-cos counries on UK imor rices is discussed. (1) A more formal descriion of hese effecs is rovided in he aendix o his aricle. (2) Globalisaion, rade and he euro area macroeconomy, ECB Monhly Bullein, January 28.
4 Research and analysis The imac of low-cos economies on UK imor rices 61 Measuring he imac of low-cos economies on UK imor rices Char 5 A measure of rice levels for UK manufacured goods imors (a) Previous analysis of UK rade rices has been hamered by he lack of available daa. The Office for Naional Saisics (ONS) measures aggregae rade rices bu does no ublish measures disaggregaed by individual rading arners. (1) Furhermore, due o measuremen limiaions, he ONS daa may no fully caure he imac of subsiuion owards cheaer goods and services, ie he share effec, on imor rice inflaion. (2) In his case, rue UK imor rice inflaion may have been weaker han indicaed by he official daa. Res of world Weighed uni value, 2 High cos New EU member saes 8 6 China 4 In he absence of direc survey daa on bilaeral rade rices, roxies for he rice of imored goods can be consruced from uni values daa colleced by Her Majesy s Revenue and Cusoms (HMRC). (3) Uni values are derived by dividing he serling value of imored goods by heir quaniy or weigh. There are several caveas o using uni values as a roxy for rade rices. Firs, unlike he consumer rices index, uni values are no derived from direc surveys of rices and are herefore less reliable. Second, uni values should only be comared for narrowly defined roduc caegories as comaring uni values a an aggregaed level risks confusing rice changes wih changes in he comosiion of imored goods. This is a drawback o his mehod, as arguably many erhas mos caegories of goods do no have idenical comosiions beween counries. Clearly, he more deailed he level of disaggregaion, he less of a roblem his is; alhough even he lowes caegories may well differ beween counries. A relaed, hird, oin is ha no adjusmen for qualiy imrovemens is made. The roxy measure for he UK imor rice of manufacured goods discussed in his aricle is derived from nearly 2,2 disinc roduc caegories in 35 caegories for each of 32 of he Unied Kingdom s rading arners. (4) Char 5 illusraes he rice levels (uni values) of UK manufacured goods imors sourced from differen counries. The high-cos counries accoun for around hree quarers of UK manufacured goods imors. The roxy measure of manufacured goods imors from he new EU member saes and China were 42% and 3% resecively of he high-cos rice in 26. This suggess ha, in an accouning sense, he increasing imor share of low-cos economies may have deressed UK imor rice inflaion. Tha is, he share effec may have been negaive in recen years. Char 6 illusraes he inflaion raes of UK imor rices for high and low-cos counries using he same daa as Char 5. Imor rice inflaion from all economies icked u beween 24 and 26. The imor rice inflaion rae for manufacured goods from China rose o close o 5% in 26. Noiceably, imor rice inflaion from low-cos counries was Sources: HMRC and Bank calculaions. (a) The counry grouings are he same as hose used in Char 4. Char 6 Manufacured goods imor rice inflaion (a) New EU member saes China Percenage changes on a year earlier Sources: HMRC and Bank calculaions. High cos Res of world below ha of high-cos economies during 2 3, bu was higher in This suggess ha he rice effec has ushed u on UK imor rices in recen years. One ossibiliy is ha hese aaren differences across counries may o some exen reflec he comosiion of rade. Tha is, if he Unied Kingdom ends o imor more exensive iems (eg moor cars) wih a common rice on world markes from high-cos counries and cheaer goods (eg clohing and foowear) from develoing economies. Hence, he nex secion of he aricle discusses evidence ha even for similar caegories of secific manufacured goods, imors from China end o be cheaer. (1) The ONS do rovide a decomosiion of aggregae goods imors ino hose goods from EU and non-eu counries. (2) This is because i is difficul o measure he imac on aggregae imor rices when goods imored from one counry are relaced by similar cheaer goods from anoher counry. See Box 3, An examle of measuremen challenges exacerbaed by globalisaion: he case of hanom GDP, ONS Economic and Labour Marke Review, Seember 27. (3) The daa are available from he HMRC websie a (4) See he aendix for deails of he consrucion of hese aggregae measures
5 62 Quarerly Bullein 28 Q1 Table A rovides an accouning decomosiion of UK manufacured goods imor rice inflaion. The figures here are he average accouning conribuions across 35 manufacured goods secors, weighed according o heir aggregae nominal shares of UK manufacured goods imors. Togeher he share and rice effecs from he new EU member saes, China and res of he world are esimaed using his echnique, o have ushed down on imor rice inflaion for manufacured goods by.7 ercenage oins on average across secors and over 2 6 (row (1)). The increasing share of imors from China conribued -.5 ercenage oins on average, and ha of he new EU member saes -.2 ercenage oins on average (row (2)). Char 7 Average conribuion o UK manufacured goods imor rice inflaion China (rice effec) China (share effec) Percenage oins Table A Average conribuion across secors o UK manufacured goods annual imor rice inflaion Average Sources: HMRC and Bank calculaions (1) Aggregae low-cos effec (= 2 + 3) -.7 of which: New EU member saes -.2 China -.5 Res of he world -.1 (2) Low-cos share effec -.6 of which: New EU member saes -.2 China -.5 Res of he world.1 (3) Low-cos rice effec -.2 of which: New EU member saes. China. Res of he world -.2 Sources: HMRC and Bank calculaions. I is imoran o remember ha hese conribuions may have varied over ime. Char 7 illusraes he average conribuion of China o UK imor rice inflaion for manufacured goods over ime. The share effec has remained negaive as he share of China in UK imors has increased. In conras, he rice effec urned from negaive o osiive in 24 and hereafer. In summary, he evidence from uni values daa suggess ha increases in he share of imors from low-cos economies have ushed down on he relaive rice of UK imors, in an accouning sense, hough his has been offse a imes by more raid inflaion in imor rices from hese economies. Evidence a he disaggregaed level The revious secion described he ossible downward imac of a rising share of UK imors from low-cos economies on he aggregae rice of UK imors of manufacured goods. However, he increasing share of China has been concenraed in secific caegories of manufacured goods. And he share of China in UK services imors remains very low. (1) Hence, any downward imac on aggregae imor rices from low-cos economies is likely o have refleced declines in he relaive rice of secific yes of imored manufacured goods and increases in he relaive rice of oher goods and services. Table B shows ha China has increased is share of UK manufacured goods imors mos sharly in hose secors wih a relaively low echnological conen and high labour inensiy of roducion, such as clohing, foowear and furniure. Wih China now accouning for large shares of UK imors in hese secors, here may be less oenial for China o coninue increasing is share of UK imors in he low echnology secors raidly. However, here is evidence ha China has increased he echnological inensiy of is exors over ime. (2) As a resul, China has also increased is share in some of he secors wih a higher echnological conen such as office and daa rocessing equimen, elecommunicaions and sound recording equimen and elecrical machinery. These secors accouned for around a quarer of UK manufacured good imors in value erms in 26. Table B also shows ha in he roduc caegories where China has increased is share of UK imors mos sharly, Chinese rices end o be lower han similar caegories of goods imored from he G7 economies. This is consisen wih evidence from he World Bank and oher sources ha wages and coss are lower in common currency erms in develoing economies. Tha said, hese aaren rice differences could arially reflec differences in qualiy no caured by uni values daa. (1) In 26, he share of China in UK services imors was.8%. (2) See Globalisaion, rade and he euro area macroeconomy, ECB Monhly Bullein, January 28.
6 Research and analysis The imac of low-cos economies on UK imor rices 63 Table B Changes in China s imor share and relaive rices Change in China s Relaive rice of share of UK imors imors from China for each secor agains G7 average in 1999 Percenage oins Furniure Foowear Meal manufacures Cork and wood manufacures Texiles Office and daa rocessing equimen Clohing Prefabricaed buildings and heir manufacures Travel goods Miscellaneous manufacured aricles Elecrical machinery Leaher manufacures Rubber manufacures Telecommunicaions and sound recording equimen Sources: HMRC Trade Daabase and Bank calculaions. Alhough he imac of increases in he rade share of China has mos robably lead o changes in he relaive imor rices for secific goods caegories, here may no have necessarily been corresonding changes in relaive rices wihin he CPI baske. For examle, UK imorers could in he shor run have absorbed some or all of he lower imor rices in higher mark-us leaving heir reail rices unchanged. If UK firms have reduced heir reail rices for hose caegories of goods where China has increased is share of UK imors mos sharly, his effec may no have ushed down on he aggregae CPI inflaion rae. As noed earlier, if he rice of clohing and foowear has fallen in resonse o increased imor sourcing from China, his will have increased he roorion of income UK consumers can send on oher goods and services in he CPI baske. And hese rices may have increased in resonse o higher demand. In summary, increased sourcing of imors from low-cos economies is likely o have led o movemens in relaive rices raher han susained effecs on aggregae inflaion, which is deermined by UK moneary olicy in he medium o long run. Conclusion This aricle has discussed wheher greaer sourcing of imors from low-cos economies has reduced UK imor rices over he recen as. Deailed bilaeral measures of rade rices sugges ha goods imored from China and new EU member saes cos less han similar goods imored from radiional rading arners. So, in an accouning sense, increases in he imor share of China, oher Asian economies and new EU member saes may have reduced annual manufacured goods imor rice inflaion by.7 ercenage oins on average over he eriod 2 6. However, his effec may have dissiaed over ime as he rice inflaion rae of Chinese imors has icked u. Increased sourcing of imors from China has been concenraed in secific caegories of manufacured goods. These caegories include labour-inensive goods, such as clohing and foowear, bu also more echnology-inensive goods. This is consisen wih evidence ha China has increasingly concenraed in labour-inensive assembly rocesses for goods wih a high echnological conen. The overall UK inflaion rae is deermined by UK moneary olicy in he medium o long run. Falling imor rices may have ushed down on aggregae inflaion in he shor run bu he overall imac will have crucially deended on he moneary olicy resonse in addiion o a lehora of oher channels hrough which rade liberalisaion and globalisaion may have affeced he UK and global economy. (1) Furhermore, he exansion of exors from develoing economies has been associaed wih a range of effecs on he global economy such as increased demand for oil and commodiies. Hence, increased imor sourcing from China and oher develoing economies is likely o have led o movemens in relaive rices raher han any susained imac on aggregae inflaion. (1) For examle, see Bernanke, B (25), The global saving glu and he US curren accoun defici.
7 64 Quarerly Bullein 28 Q1 Aendix To consruc rice measures of UK manufacured goods imors on a bilaeral basis, daa were obained from he Her Majesy s Revenue and Cusoms (HMRC) Trade Daabase. (1) Bilaeral daa for serling values and volumes of UK imors for manufacured goods roduc grous were acquired over he eriod from each counry. The roduc grous are defined according o he Sandard Inernaional Trade Classificaion (SITC) definiions. In aricular, daa were acquired for each five-digi secor corresonding o he SITC grous five o eigh. Tha is, hose grous ha reresen semi-manufacured and finished manufacured roducs. In calculaing bilaeral rade rices in Chars 5 and 6, for each counry grou j he aggregae UK imor rice in he iniial year = is defined as a geomeric average = α ik, j, ik, i k for each counry i and five-digi secor k. Tha is, he weighed average of he uni values of each five-digi SITC classificaion in each counry included in he counry grou. Here α is he value share of imors in each secor from each counry in oal UK imors from he counry grou j = {China, new EU member saes, res of he world}. For subsequen years ( > ) he UK imor rice from counry grou j is defined as (1) ha secor: and HC, is he uni value of he high-cos counries. (2) For each secor he imac of low-cos economies is sli ino wo effecs. The UK imor rice inflaion rae (for each secor) is given by: = j, HC, 1 j 1 α j, + j 1 (4) The firs erm on he righ-hand side of equaion (4) is he share effec. Tha is, he downward imac on he UK imor rice from low-cos counries as hey increase heir imor share. The second erm reresens he rice effec. If he UK imor rice of counry grou j rises by less han he reference high-cos counries his has a negaive imac on he UK imor rice. The hird erm reresens he remaining ar of UK imor rice inflaion due o changes in imor rices from high-cos counries. The aggregae figures for share, rice and high-cos effecs reored in Table A are weighed arihmeic averages across he secors for each counry grou. Here, he weighs for each secor are he nominal share in he receding year of ha secor in oal UK manufacured goods imors. α j HC +,, HC, 1 1 = 1 π j, j, j, (2) where π = i i k k α ik, ik, 1 α ik, 1 ik, 1 The decomosiion illusraed in Table A of he imac of low-cos counries on UK manufacured goods imor rice inflaion is carried ou on a secoral basis for each of he 35 manufacured goods secors defined according o he wo-digi SITC classificaions. The UK imor rice for each secor is derived as a weighed average of he rices of goods imored from each counry grou. = α j j+ 1 j j α j,,, HC, (3) where α j, is he value share of counry grou j in oal UK imors and j, is he uni value for each counry grou j in (1) The underlying daa are available from he HMRC websie (2) The high-cos counry grouing is defined as: Ausralia, Canada, he EU15 counries, Jaan, New Zealand, Norway, Swizerland and he Unied Saes. The new member saes include Cyrus, Czech Reublic, Esonia, Hungary, Lavia, Lihuania, Mala, Poland, Slovakia and Slovenia. The res of he world is defined as a residual relaive o oal UK imors.
8 Research and analysis The imac of low-cos economies on UK imor rices 65 References Bank of England (27), Inflaion Reor, November. Bernanke, B (25), The global saving glu and he US curren accoun defici, Aril, remarks a he Homer Jones Lecure, S Louis, Missouri. ECB (28), Globalisaion, rade and he euro area macroeconomy, Monhly Bullein, January. IMF (26), How has globalizaion affeced inflaion?, Chaer III, IMF World Economic Oulook, Aril. IMF (27), The globalizaion of labor, Chaer 5, IMF World Economic Oulook, Aril. Nickell, S (25), Why has inflaion been so low since 1999?, df. Office for Naional Saisics (27), Economic and Labour Marke Review, Seember. Office for Naional Saisics (27), Unied Kingdom, Balance of Paymens, The Pink Book. Pain, N, Koske, I and Sollie, M (26), Globalisaion and inflaion in OECD economies, OECD Economics Dearmen Working Paers No Kamin, S, Marazzi, M and Schindler, J W (24), Is China exoring deflaion?, Board of Governors of he Federal Reserve Sysem Inernaional Finance Discussion Paer No. 791.
Estimating subregional and regional growth for developing Asia
Esimaing subregional and regional growh for develoing Asia In esimaing subregional (e.g., Eas Asia) and regional (i.e., develoing Asia) gross domesic roduc (GDP) growh, i is necessary o use weighs o roerly
More informationINDUSTRIAL PRODUCTION INDEX INDUSTRIAL TURNOVER INDEX
NDUSTRA RODUCTON NDEX NDUSTRA TURNOVER NDEX 1. urose, naure and use The ndusrial roducion ndex is а rincial shor-erm economic business indicaor, which aims o measure a a monhly frequency he us and downs
More information2. Quantity and price measures in macroeconomic statistics 2.1. Long-run deflation? As typical price indexes, Figure 2-1 depicts the GDP deflator,
1 2. Quaniy and price measures in macroeconomic saisics 2.1. Long-run deflaion? As ypical price indexes, Figure 2-1 depics he GD deflaor, he Consumer rice ndex (C), and he Corporae Goods rice ndex (CG)
More informationProblem Set 1 Answers. a. The computer is a final good produced and sold in Hence, 2006 GDP increases by $2,000.
Social Analysis 10 Spring 2006 Problem Se 1 Answers Quesion 1 a. The compuer is a final good produced and sold in 2006. Hence, 2006 GDP increases by $2,000. b. The bread is a final good sold in 2006. 2006
More informationCHAPTER CHAPTER18. Openness in Goods. and Financial Markets. Openness in Goods, and Financial Markets. Openness in Goods,
Openness in Goods and Financial Markes CHAPTER CHAPTER18 Openness in Goods, and Openness has hree disinc dimensions: 1. Openness in goods markes. Free rade resricions include ariffs and quoas. 2. Openness
More information(1 + Nominal Yield) = (1 + Real Yield) (1 + Expected Inflation Rate) (1 + Inflation Risk Premium)
5. Inflaion-linked bonds Inflaion is an economic erm ha describes he general rise in prices of goods and services. As prices rise, a uni of money can buy less goods and services. Hence, inflaion is an
More informationCausality between Money and Prices:Evidence from Pakistan
MPRA Munich Personal RePEc Archive Causaliy beween Money and Prices:Evidence from Pakisan Fazal Husain and Tariq Mahmood Pakisan Insiue of Develomen Economics 1998 Online a h://mra.ub.uni-muenchen.de/2720/
More informationPortfolio investments accounted for the largest outflow of SEK 77.5 billion in the financial account, which gave a net outflow of SEK billion.
BALANCE OF PAYMENTS DATE: 27-11-27 PUBLISHER: Saisics Sweden Balance of Paymens and Financial Markes (BFM) Maria Falk +46 8 6 94 72, maria.falk@scb.se Camilla Bergeling +46 8 6 942 6, camilla.bergeling@scb.se
More informationANSWER ALL QUESTIONS. CHAPTERS 6-9; (Blanchard)
ANSWER ALL QUESTIONS CHAPTERS 6-9; 18-20 (Blanchard) Quesion 1 Discuss in deail he following: a) The sacrifice raio b) Okun s law c) The neuraliy of money d) Bargaining power e) NAIRU f) Wage indexaion
More informationFinal Exam Answers Exchange Rate Economics
Kiel Insiu für Welwirhschaf Advanced Sudies in Inernaional Economic Policy Research Spring 2005 Menzie D. Chinn Final Exam Answers Exchange Rae Economics This exam is 1 ½ hours long. Answer all quesions.
More informationSection 4 The Exchange Rate in the Long Run
Secion 4 he Exchange Rae in he Long Run 1 Conen Objecives Purchasing Power Pariy A Long-Run PPP Model he Real Exchange Rae Summary 2 Objecives o undersand he law of one price and purchasing power pariy
More informationDocumentation: Philadelphia Fed's Real-Time Data Set for Macroeconomists First-, Second-, and Third-Release Values
Documenaion: Philadelphia Fed's Real-Time Daa Se for Macroeconomiss Firs-, Second-, and Third-Release Values Las Updaed: December 16, 2013 1. Inroducion We documen our compuaional mehods for consrucing
More informationFirms Exchange Rate Exposure under Various Exchange Rate Regimes
Firms Exchange Rae Exosure under Various Exchange Rae Regimes Luke Lin, Naional Sun Ya-sen Universiy, Taiwan David So-De Shyu, Naional Sun Ya-sen Universiy, Taiwan Chau-Jung Kuo, Naional Sun Ya-sen Universiy,
More informationa. If Y is 1,000, M is 100, and the growth rate of nominal money is 1 percent, what must i and P be?
Problem Se 4 ECN 101 Inermediae Macroeconomics SOLUTIONS Numerical Quesions 1. Assume ha he demand for real money balance (M/P) is M/P = 0.6-100i, where is naional income and i is he nominal ineres rae.
More informationSession 4.2: Price and Volume Measures
Session 4.2: Price and Volume Measures Regional Course on Inegraed Economic Saisics o Suppor 28 SNA Implemenaion Leonidas Akriidis Office for Naional Saisics Unied Kingdom Conen 1. Inroducion 2. Price
More informationSupplement to Chapter 3
Supplemen o Chaper 3 I. Measuring Real GD and Inflaion If here were only one good in he world, anchovies, hen daa and prices would deermine real oupu and inflaion perfecly: GD Q ; GD Q. + + + Then, he
More informationMONETARY POLICY IN MEXICO. Monetary Policy in Emerging Markets OECD and CCBS/Bank of England February 28, 2007
MONETARY POLICY IN MEXICO Moneary Policy in Emerging Markes OECD and CCBS/Bank of England February 8, 7 Manuel Ramos-Francia Head of Economic Research INDEX I. INTRODUCTION II. MONETARY POLICY STRATEGY
More informationFactors of the Current Account Sustainability in the Central and Eastern European Countries
Facors of he Curren Accoun Susainabiliy in he Cenral and Easern Euroean Counries by Teiana Rodionova Submied o Cenral Euroean Universiy Dearmen of Economics In arial fulfilmen of he requiremens for he
More informationCHAPTER CHAPTER26. Fiscal Policy: A Summing Up. Prepared by: Fernando Quijano and Yvonn Quijano
Fiscal Policy: A Summing Up Prepared by: Fernando Quijano and vonn Quijano CHAPTER CHAPTER26 2006 Prenice Hall usiness Publishing Macroeconomics, 4/e Olivier lanchard Chaper 26: Fiscal Policy: A Summing
More informationReconciling Gross Output TFP Growth with Value Added TFP Growth
Reconciling Gross Oupu TP Growh wih Value Added TP Growh Erwin Diewer Universiy of Briish Columbia and Universiy of New Souh Wales ABSTRACT This aricle obains relaively simple exac expressions ha relae
More informationBalance of Payments. Second quarter 2012
Balance of Paymens Second quarer 2012 Balance of Paymens Second quarer 2012 Saisics Sweden 2012 Balance of Paymens. Second quarer 2012 Saisics Sweden 2012 Producer Saisics Sweden, Balance of Paymens and
More informationPrice and Volume Measures
8 Price and Volume Measures Price and volume measures in he QNA should be derived from observed price and volume daa and be consisen wih corresponding annual measures. This chaper examines specific aspecs
More informationPRESS RELEASE EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR - FIRST QUARTER August 2012
1 Augus 212 PRESS RELEASE EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR - FIRST QUARTER 212 In he firs quarer of 212, he annual growh rae 1 of households gross disposable income
More informationCo-Integration Relationship between Interest Rates and Inflation Rate (Case on Algeria)
Inernaional Journal of Humaniies and Alied Sciences (IJHAS) Vol., No. 5, 013 ISSN 77 4386 Co-Inegraion Relaionshi beween Ineres Raes and Inflaion Rae (Case on Algeria) Mebarek Benzair, and Zouaoui Chikr-el-Mezouar.
More informationThis specification describes the models that are used to forecast
PCE and CPI Inflaion Differenials: Convering Inflaion Forecass Model Specificaion By Craig S. Hakkio This specificaion describes he models ha are used o forecas he inflaion differenial. The 14 forecass
More informationMacroeconomics. Typical macro questions (I) Typical macro questions (II) Methodology of macroeconomics. Tasks carried out by macroeconomists
Macroeconomics Macroeconomics is he area of economics ha sudies he overall economic aciviy in a counry or region by means of indicaors of ha aciviy. There is no essenial divide beween micro and macroeconomics,
More informationIntroduction. Enterprises and background. chapter
NACE: High-Growh Inroducion Enerprises and background 18 chaper High-Growh Enerprises 8 8.1 Definiion A variey of approaches can be considered as providing he basis for defining high-growh enerprises.
More informationThe Relationship between Money Demand and Interest Rates: An Empirical Investigation in Sri Lanka
The Relaionship beween Money Demand and Ineres Raes: An Empirical Invesigaion in Sri Lanka R. C. P. Padmasiri 1 and O. G. Dayarana Banda 2 1 Economic Research Uni, Deparmen of Expor Agriculure 2 Deparmen
More informationLabour market participation rate in the euro area: performance and outlook, a long-term view
ECONOMIC BULLETIN 1/218 ANALYTICAL ARTICLES Labour marke paricipaion rae in he euro area: performance and oulook, a long-erm view Crisina Fernández and David Marínez Turégano 11 January 218 This aricle
More informationBUDGET ECONOMIC AND FISCAL POSITION REPORT
BUDGET ECONOMIC AND FISCAL POSITION REPORT - 2004 Issued by he Hon. Miniser of Finance in Terms of Secion 7 of he Fiscal Managemen (Responsibiliy) Ac No. 3 of 1. Inroducion Secion 7 of he Fiscal Managemen
More informationSubdivided Research on the Inflation-hedging Ability of Residential Property: A Case of Hong Kong
Subdivided Research on he -hedging Abiliy of Residenial Propery: A Case of Hong Kong Guohua Huang 1, Haili Tu 2, Boyu Liu 3,* 1 Economics and Managemen School of Wuhan Universiy,Economics and Managemen
More informationMEASURING EXPORT COMPETITIVENESS (MEC) DATABASE:
MEASURING EXPORT COMPETITIVENESS (MEC) DATABASE: WHAT CAN WE LEARN ABOUT FRENCH COMPETITIVENESS AND THE GLOBAL CONTEXT? From a collaboraion beween Banquede France, World Bank Group, and Inernaional Trade
More informationThe macroeconomic effects of fiscal policy in Greece
The macroeconomic effecs of fiscal policy in Greece Dimiris Papageorgiou Economic Research Deparmen, Bank of Greece Naional and Kapodisrian Universiy of Ahens May 22, 23 Email: dpapag@aueb.gr, and DPapageorgiou@bankofgreece.gr.
More informationNational saving and Fiscal Policy in South Africa: an Empirical Analysis. by Lumengo Bonga-Bonga University of Johannesburg
Naional saving and Fiscal Policy in Souh Africa: an Empirical Analysis by Lumengo Bonga-Bonga Universiy of Johannesburg Inroducion A paricularly imporan issue in Souh Africa is he exen o which fiscal policy
More informationWhat is Driving Exchange Rates? New Evidence from a Panel of U.S. Dollar Bilateral Exchange Rates
Wha is Driving Exchange Raes? New Evidence from a Panel of U.S. Dollar Bilaeral Exchange Raes Jean-Philippe Cayen Rene Lalonde Don Colei Philipp Maier Bank of Canada The views expressed are he auhors and
More informationInternational Business And Economics Research Journal Volume 2, Number 10
Inernaional Business And Economics Research Journal Volume 2, Number 10 he Real Exchange Rae Flucuaions Puzzle: Evidence For Advanced And ransiion Economies Amalia Morales-Zumauero, (E-mail: amalia@uma.es),
More informationThe impact of the Chinese renminbi on the exports of Korea and Japan to the U.S. SaangJoon Baak Waseda University. June, 2006
The imac of he Chinese renminbi on he exors of Korea and Jaan o he U.S. SaangJoon Baak Waseda Universiy June, 2006 This aer examines he imacs of he real exchange raes of he Chinese renminbi agains he US
More informationResearch School of Pacific and Asian Studies 98/1
economics Research School of Pacific and Asian Sudies Division Working Paers Souh Pacific A general equilibrium model of Paua New Guinea Par II Aendices Theodore Levanis 98/ Naional Cenre for Develomen
More informationVolume 31, Issue 1. Pitfall of simple permanent income hypothesis model
Volume 31, Issue 1 ifall of simple permanen income hypohesis model Kazuo Masuda Bank of Japan Absrac ermanen Income Hypohesis (hereafer, IH) is one of he cenral conceps in macroeconomics. Single equaion
More informationInternational transmission of shocks:
Inernaional ransmission of shocks: A ime-varying FAVAR approach o he Open Economy Philip Liu Haroon Mumaz Moneary Analysis Cener for Cenral Banking Sudies Bank of England Bank of England CEF 9 (Sydney)
More informationMacroeconomics II A dynamic approach to short run economic fluctuations. The DAD/DAS model.
Macroeconomics II A dynamic approach o shor run economic flucuaions. The DAD/DAS model. Par 2. The demand side of he model he dynamic aggregae demand (DAD) Inflaion and dynamics in he shor run So far,
More informationMeasuring the Effects of Exchange Rate Changes on Investment in Australian Manufacturing Industry
Measuring he Effecs of Exchange Rae Changes on Invesmen in Ausralian Manufacuring Indusry Auhor Swif, Robyn Published 2006 Journal Tile The Economic Record DOI hps://doi.org/10.1111/j.1475-4932.2006.00329.x
More informationAurelija Proškutė* Vilnius University, Lithuania
ISSN 39-58. ekonomika 0 Vol. 9() CAUSES AND CHARACTERISTICS OF USINESS CYCLE IN LITHUANIA: A STRUCTURAL var APPROACH Aurelija Proškuė* Vilnius Universiy, Lihuania Absrac. We invesigae he srucural disurbances
More informationMultiple Choice Questions Solutions are provided directly when you do the online tests.
SOLUTIONS Muliple Choice Quesions Soluions are provided direcly when you do he online ess. Numerical Quesions 1. Nominal and Real GDP Suppose han an economy consiss of only 2 ypes of producs: compuers
More informationECONOMIC GROWTH. Student Assessment. Macroeconomics II. Class 1
Suden Assessmen You will be graded on he basis of In-class aciviies (quizzes worh 30 poins) which can be replaced wih he number of marks from he regular uorial IF i is >=30 (capped a 30, i.e. marks from
More informationA Canadian Business Sector Data Base and New Estimates of Canadian TFP Growth November 24, 2012
1 A Canadian Business Secor Daa Base and New Esimaes of Canadian TFP Growh November 24, 2012 W. Erwin Diewer 1 and Emily Yu, 2 Discussion Paper 12-04, Deparmen of Economics, Universiy of Briish Columbia,
More informationProposed changes to the compilation of zone aggregates for monetary aggregates and other variables in the OECD Main Economic Indicators publication
Proposed changes o he compilaion of zone aggregaes for moneary aggregaes and oher variables in he OECD Main Economic Indicaors publicaion Summary The Main Economic Indicaors (MEI) has radiionally published
More informationThe relation between U.S. money growth and inflation: evidence from a band pass filter. Abstract
The relaion beween U.S. money growh and inflaion: evidence from a band pass filer Gary Shelley Dep. of Economics Finance; Eas Tennessee Sae Universiy Frederick Wallace Dep. of Managemen Markeing; Prairie
More informationEmpirical analysis on China money multiplier
Aug. 2009, Volume 8, No.8 (Serial No.74) Chinese Business Review, ISSN 1537-1506, USA Empirical analysis on China money muliplier SHANG Hua-juan (Financial School, Shanghai Universiy of Finance and Economics,
More informationOutput Growth and Inflation Across Space and Time
Oupu Growh and Inflaion Across Space and Time by Erwin Diewer Universiy of Briish Columbia and Universiy of New Souh Wales and Kevin Fox Universiy of New Souh Wales EMG Workshop 2015 Universiy of New Souh
More informationChanges in the Terms of Trade and Canada s Productivity Performance Revised April 14, 2008
1 Changes in he Terms of Trade and Canada s Produciviy Performance Revised April 14, 2008 W. Erwin Diewer 1 Discussion Paper 08-05 Deparmen of Economics Universiy of Briish Columbia Vancouver, Canada,
More informationOutput: The Demand for Goods and Services
IN CHAPTER 15 how o incorporae dynamics ino he AD-AS model we previously sudied how o use he dynamic AD-AS model o illusrae long-run economic growh how o use he dynamic AD-AS model o race ou he effecs
More informationMacroeconomics II THE AD-AS MODEL. A Road Map
Macroeconomics II Class 4 THE AD-AS MODEL Class 8 A Road Map THE AD-AS MODEL: MICROFOUNDATIONS 1. Aggregae Supply 1.1 The Long-Run AS Curve 1.2 rice and Wage Sickiness 2.1 Aggregae Demand 2.2 Equilibrium
More informationCh. 10 Measuring FX Exposure. Is Exchange Rate Risk Relevant? MNCs Take on FX Risk
Ch. 10 Measuring FX Exposure Topics Exchange Rae Risk: Relevan? Types of Exposure Transacion Exposure Economic Exposure Translaion Exposure Is Exchange Rae Risk Relevan?? Purchasing Power Pariy: Exchange
More informationAn Introduction to PAM Based Project Appraisal
Slide 1 An Inroducion o PAM Based Projec Appraisal Sco Pearson Sanford Universiy Sco Pearson is Professor of Agriculural Economics a he Food Research Insiue, Sanford Universiy. He has paricipaed in projecs
More information(ii) Deriving constant price estimates of GDP: An illustration of chain-linking
Case Sudies (ii) Derivin consan price esimaes of GDP: An illusraion of chain-linkin 1. Inroducion The Office for Naional Saisics 1 esimaes ha for 2006 he oal expendiure on oods and services produced by
More informationBank of Japan Review. Performance of Core Indicators of Japan s Consumer Price Index. November Introduction 2015-E-7
Bank of Japan Review 5-E-7 Performance of Core Indicaors of Japan s Consumer Price Index Moneary Affairs Deparmen Shigenori Shirasuka November 5 The Bank of Japan (BOJ), in conducing moneary policy, employs
More informationDescription of the CBOE S&P 500 2% OTM BuyWrite Index (BXY SM )
Descripion of he CBOE S&P 500 2% OTM BuyWrie Index (BXY SM ) Inroducion. The CBOE S&P 500 2% OTM BuyWrie Index (BXY SM ) is a benchmark index designed o rack he performance of a hypoheical 2% ou-of-he-money
More informationThe Death of the Phillips Curve?
The Deah of he Phillips Curve? Anhony Murphy Federal Reserve Bank of Dallas Research Deparmen Working Paper 1801 hps://doi.org/10.19/wp1801 The Deah of he Phillips Curve? 1 Anhony Murphy, Federal Reserve
More informationThe Relationship between Wage and Inflation: Case of Slovenia and Selected Central and Eastern European Countries
The Relaionship beween Wage and Inflaion: Case of Slovenia and Seleced Cenral and Easern European Counries Simona Bovha Padilla, Helios Padilla Mayer January, Absrac: In he paper we es he new Phillips
More informationMATERIA Y I STUDIA. Paper No. 37. Consumer inflation expectations. Survey questions and quantification methods the case of Poland
MATERIA Y I STUDIA Paer No. 37 Consumer inflaion execaions Survey quesions and quanificaion mehods he case of Poland Tomasz yziak Ewa Sanis awska Warsaw, March 2006 Tomasz yziak Naional Bank of Poland,
More informationAnalysis and Comparison of ARCH Effects for Shanghai Composite Index and NYSE Composite Index
Vol. 3, No. Inernaional Journal of Business and Managemen Analysis and Comarison of ARCH Effecs for Shanghai Comosie Index and NYSE Comosie Index Xinghao Liao, Guangdong Qi School of Finance, Shanghai
More informationThe Dynamics of the Supply Chain. The Dynamics of the Supply Chain. What are the Causes. Lecture 4. The bullwhip effect. Order Size.
ecure 4 The Dynamics of he Suly Chain The bullwhi effec Order Size Disribuor Orders Reailer Orders Cusomer Demand Producion Plan Time Source: Tom Mc Guffry, Elecronic Commerce and Value Chain Managemen,
More informationResearch Proposal. Earnings Surprises, Industry Effects, and Regulation Fair Disclosure. JEL Classification Codes: G14, G18
Research Proosal Earnings Surrises, Indusry Effecs, and Regulaion Fair Disclosure JEL Classificaion Codes: G14, G18 Keywords: Reg FD, Earnings Announcemens, Earnings Surrises, Indusry Conagion, Indusry
More informationBalance of Payments. Third quarter 2009
Balance of Paymens Third quarer 2009 Balance of Paymens Third quarer 2009 Saisics Sweden 2009 Balance of Paymens. Third quarer 2009 Saisics Sweden 2009 Producer Saisics Sweden, Balance of Paymens and
More informationExam 1. Econ520. Spring 2017
Exam 1. Econ520. Spring 2017 Professor Luz Hendricks UNC Insrucions: Answer all quesions. Clearly number your answers. Wrie legibly. Do no wrie your answers on he quesion shees. Explain your answers do
More informationFINAL EXAM EC26102: MONEY, BANKING AND FINANCIAL MARKETS MAY 11, 2004
FINAL EXAM EC26102: MONEY, BANKING AND FINANCIAL MARKETS MAY 11, 2004 This exam has 50 quesions on 14 pages. Before you begin, please check o make sure ha your copy has all 50 quesions and all 14 pages.
More informationExplaining the Slowdown in Global Trade
Explaining he Slowdown in Global Trade Jarkko Jääskelä and Thomas Mahews* Following he global financial crisis, global rade conraced sharply and, afer an iniial recovery, grew a an unusually slow pace
More informationAn Analysis of Trend and Sources of Deficit Financing in Nepal
Economic Lieraure, Vol. XII (8-16), December 014 An Analysis of Trend and Sources of Defici Financing in Nepal Deo Narayan Suihar ABSTRACT Defici financing has emerged as an imporan ool of financing governmen
More informationMonthly monetary statistics (excluding banking interest rates)
Monhly moneary saisics (excluding banking ineres raes) 3 March 207 The moneary saisics mehodology applies o all counries of he euro area. As par of he Eurosysem s saisical sysem, he Banque de France collecs
More informationIndo-Nepal Trade Relation: The Phenomenon of Black Hole Effect
2013 Neal Rasra Bank NRB Working Paer No. 19 Ocober 2013 Indo-Neal Trade Relaion: The Phenomenon of Black Hole Effec Mahesh K. Chaulagai, Ph.D. * ABSTRACT In he field of inernaional rade, an economy is
More informationEuropean Export Performance
European Expor Performance Angela Chepea Lionel Fonagné Soledad Zignago Absrac Using an economeric shif-share decomposiion, we explain he redisribuion of world marke shares a he level of he produc variey
More informationServices producer price indices for Market research and public opinion polling
Services producer price indices for Marke research and public opinion polling Indusry descripion for SNI group 74.13 SPPI repor no 24 Ulf Johansson Services producer price indices, Price Saisics Uni, Saisics
More informationUNSW Business School Working Paper
UNSW Business School Working Paper UNSW Business School Research Paper No. 2015 ECON 4 Oupu Growh and Inflaion across Space and Time W.Erwin Diewer Kevin J. Fox This paper can be downloaded wihou charge
More informationCh. 1 Multinational Financial Mgmt: Overview. International Financial Environment. How Business Disciplines Are Used to Manage the MNC
Ch. Mulinaional Financial Mgm: Overview Topics Goal of he MNC Theories of Inernaional Business Inernaional Business Mehods Inernaional Opporuniies Exposure o Inernaional Risk MNC's Cash Flows & Valuaion
More informationECO 301 MACROECONOMIC THEORY UNIVERSITY OF MIAMI DEPARTMENT OF ECONOMICS PRACTICE FINAL EXAM Instructor: Dr. S. Nuray Akin
ECO 301 MACROECONOMIC THEORY UNIVERSITY OF MIAMI DEPARTMENT OF ECONOMICS PRACTICE FINAL EXAM Insrucor: Dr. S. Nuray Akin Name: ID: Insrucions: This exam consiss of 12 pages; please check your examinaion
More informationMoney, Income, Prices, and Causality in Pakistan: A Trivariate Analysis. Fazal Husain & Kalbe Abbas
Money, Income, Prices, and Causaliy in Pakisan: A Trivariae Analysis Fazal Husain & Kalbe Abbas I. INTRODUCTION There has been a long debae in economics regarding he role of money in an economy paricularly
More informationAppendix B: DETAILS ABOUT THE SIMULATION MODEL. contained in lookup tables that are all calculated on an auxiliary spreadsheet.
Appendix B: DETAILS ABOUT THE SIMULATION MODEL The simulaion model is carried ou on one spreadshee and has five modules, four of which are conained in lookup ables ha are all calculaed on an auxiliary
More informationThe Japanese System of National Accounts (JSNA) and Related Challenges
The Japanese Sysem of Naional Accouns (JSNA) and Relaed Challenges (For ESRI meeing on he JSNA, March 24, 2005) Deparmen of Naional Accouns Economic and Social Research Insiue, Cabine Office of Japan 1.
More informationOrigins of currency swaps
Origins of currency swaps Currency swaps originally were developed by banks in he UK o help large cliens circumven UK exchange conrols in he 1970s. UK companies were required o pay an exchange equalizaion
More informationThe Impact of Yen Fluctuation on the Trade between. Taiwan and Japan
The Impac of Yen Flucuaion on he Trade beween Taiwan and Japan Bao-bao Wang Chih-Ching Yang Pei-Chun Kao Ting-Yu Hsu Yi-Ting Liu Deparmen of Inernaional Business, Naional Chengchi Universiy Advisor Prof.
More informationSuggested Template for Rolling Schemes for inclusion in the future price regulation of Dublin Airport
Suggesed Templae for Rolling Schemes for inclusion in he fuure price regulaion of Dublin Airpor. In line wih sandard inernaional regulaory pracice, he regime operaed since 00 by he Commission fixes in
More information1. FIXED ASSETS - DEFINITION AND CHARACTERISTICS
1. FIXED ASSETS - DEFINITION AND CHARACTERISTICS Fixed asses represen a par of he business asses of he company and is long-erm propery, which canno be easily liquidaed (convered ino cash). Their characerisics
More informationA Study on the Relationship between Exchange Rate and Consumer Prices Based on ECM
Send Orders for Reprins o reprins@benhamscience.ae 3 The Open Cyberneics & Sysemics Journal, 25, 9, 3-36 Open Access A Sudy on he Relaionship beween Exchange Rae and Consumer Prices Based on ECM Jun Liu
More informationForecasting and Monetary Policy Analysis in Emerging Economies: The case of India (preliminary)
Forecasing and Moneary Policy Analysis in Emerging Economies: The case of India (preliminary) Rudrani Bhaacharya, Pranav Gupa, Ila Panaik, Rafael Porillo New Delhi 19 h November This presenaion should
More informationA Vector Autoregression Framework for the Modeling of Commodity Spreads
A Vecor Auoregression Framework for he Modeling of Commodiy Sreads Ted Kury The Energy Auhoriy ICDSA 007 June, 007 Rule # of Pricing Models Pricing models can offer valuable insigh ino he behavior of simle
More informationRevisiting exchange rate puzzles
Revisiing exchange rae puzzles Charles Engel and Feng Zhu Absrac Engel and Zhu (207) revisi a number of major exchange rae puzzles and conduc empirical ess o compare he behaviour of real exchange raes
More informationOPTIMUM FISCAL AND MONETARY POLICY USING THE MONETARY OVERLAPPING GENERATION MODELS
Kuwai Chaper of Arabian Journal of Business and Managemen Review Vol. 3, No.6; Feb. 2014 OPTIMUM FISCAL AND MONETARY POLICY USING THE MONETARY OVERLAPPING GENERATION MODELS Ayoub Faramarzi 1, Dr.Rahim
More informationI nflation in the United States has been
Michael Dueker is a research officer a he Federal Reserve Bank of S. Louis. Nick H. Meggos and homas A. Pollmann rovided research assisance. Measuring Moneary Policy Ineria in arge Fed Funds Rae Changes
More informationUnemployment and Phillips curve
Unemploymen and Phillips curve 2 of The Naural Rae of Unemploymen and he Phillips Curve Figure 1 Inflaion versus Unemploymen in he Unied Saes, 1900 o 1960 During he period 1900 o 1960 in he Unied Saes,
More informationThe Global Factor in Neutral Policy Rates
The Global acor in Neural Policy Raes Some Implicaions for Exchange Raes Moneary Policy and Policy Coordinaion Richard Clarida Lowell Harriss Professor of Economics Columbia Universiy Global Sraegic Advisor
More informationThe Concept of Generational Accounts (GA) in Comparison with National Transfer Accounts (NTA)
The Concep of Generaional Accouns (GA) in Comparison wih Naional Transfer Accouns (NTA) The GA is defined as he presen value of ne ax paymen (=ax paid minus benefi received from he governmen) for he remaining
More informationInflation Tax and Economic Growth in Iran
J. Basic. Appl. Sci. Res., ( 7-6,, TexRoad Publicaion ISSN 9- Journal of Basic and Applied Scienific Research www.exroad.com Inflaion Tax and Economic Growh in Iran Ahmad Jafari Samimi; Reza Moghadassi;
More informationAssessing the adequacy of measures of Australia s price competitiveness and structural change
MPRA Munich Personal RePEc Archive Assessing he adequacy of measures of Ausralia s price compeiiveness and srucural change Don Harding Universiy of Melbourne Sepember 21 Online a hp://mpra.ub.uni-muenchen.de/3383/
More informationProcess of convergence dr Joanna Wolszczak-Derlacz. Lecture 4 and 5 Solow growth model (a)
Process of convergence dr Joanna Wolszczak-Derlacz ecure 4 and 5 Solow growh model a Solow growh model Rober Solow "A Conribuion o he Theory of Economic Growh." Quarerly Journal of Economics 70 February
More informationCapital Strength and Bank Profitability
Capial Srengh and Bank Profiabiliy Seok Weon Lee 1 Asian Social Science; Vol. 11, No. 10; 2015 ISSN 1911-2017 E-ISSN 1911-2025 Published by Canadian Cener of Science and Educaion 1 Division of Inernaional
More informationDescription of the CBOE Russell 2000 BuyWrite Index (BXR SM )
Descripion of he CBOE Russell 2000 BuyWrie Index (BXR SM ) Inroducion. The CBOE Russell 2000 BuyWrie Index (BXR SM ) is a benchmark index designed o rack he performance of a hypoheical a-he-money buy-wrie
More informationExponential Functions Last update: February 2008
Eponenial Funcions Las updae: February 2008 Secion 1: Percen Growh and Decay Any quaniy ha increases or decreases by a consan percenage is said o change eponenially. Le's look a a few eamples o undersand
More informationJemena Electricity Networks (Vic) Ltd
Jemena Elecriciy Neworks (Vic) Ld 2016-20 Elecriciy Disribuion Price Review Regulaory Proposal Price conrol mechanisms Public 30 April 2015 TABLE OF CONTENTS TABLE OF CONTENTS ii Public 30 April 2015 Jemena
More informationProducing historical for STS-statistics Theory with an application turnover in the Netherlands ( )8
8 e8 Producing hisorical for STS-saisics Theory wih an alicaion urnover in he Neherlands (1995 28)8 i ime series sics in NACE Rev.2 in indusrial Ger Buien, Jarl Kamen en Sidney Vergouw Discussion aer (91)
More information