1.4 Show the steps necessary to obtain relative PPP in growth rates.
|
|
- Horace Reynolds
- 6 years ago
- Views:
Transcription
1 Kiel Institut für Weltwirthschaft Advanced Studies in International Economic Policy Research Spring 2005 Menzie D. Chinn Problem Set 1 Answers Exchange Rate Economics 1. Purchasing power parity. 1.1 Write out the expression absolute PPP. S = P/P* or in logs s = p p* 1.2 Explain why one cannot typically test for absolute PPP. One does not typically have data on prices for identical bundles of goods. Instead, one has access to price indices, which typically refer to differing bundles of goods, and are based on different base years. 1.3 For what data series can one test for absolute PPP? Penn World Tables data (the price level variable. Big Macs Starbucks coffee (Ikea goods really a test for Law of One Price. 1.4 Show the steps necessary to obtain relative PPP in growth rates. Take first differences of the answer to 1.1. s = p p* 1.5 If relative PPP holds, is this a necessary and/or sufficient condition for absolute PPP to hold? It is a necessary, but not sufficient, condition. Relative PPP in growth rates implies relative PPP in levels, in a deterministic setting. [Extension: But in a stochastic setting, if there are errors in the growth rate version of the relative PPP expression, then integrating up to the levels, even relative PPP may not hold (i.e., if log spot rates and log price levels are not cointegrated, then the real exchange rate may drift. ] 1.6 Show why mean reversion in the real exchange rate is consistent with relative PPP holding. If qt = α + ϕqt 1 + ut, 1< ϕ < 1 then the real exchange rate reverts to mean α /( 1 ϕ. But the real * exchange rate is merely qt st pt + pt, so in the steady state s= p p + α /( 1 ϕ which is relative PPP in levels.
2 2. Covered and uncovered interest parity. 2.1 Assume that covered interest parity holds, so (1+i = (F/S(1+i*. Fill in the following grid (carry your answer out to three decimal places, for (a and (b. 2.2 Assume that uncovered interest parity holds, so (1+i = (S e /S(1+i*. Fill in the following grid (carry your answer out to three decimal places, for (c and (d. i i* F S a b i i* S e S c d Using real data to evaluate PPP and UIP. Consider the tables drawn from the Economist, April 10 th, 2004 edition, on the attached pages. Answer these questions using equations. (You can use the most recent edition (March 5-11 th, 2005 if you have access to a copy. 3.1 Using the 3 month interest rates, and assuming UIP holds, calculate the expected change in the dollar/euro exchange rate over the next three months. Be sure to state what the rate will be, in annualized terms, and what will be the actual percentage change in the dollar/euro exchange rate. The interest rates are expressed in annual terms, so the differential that one obtains is for the annualized depreciation. e US St + 1 ( 1+ it = EU S ( 1+ i t e S t + 1 t ( = 121. ( S t e+ 1 = which is consistent with -096 or about 1 percent appreciation. Notice that this is for one year. The actual change over three months is given by: 312 / = or 0.25 percent Given the empirical evidence on the relationship between exchange rate changes and interest differentials provided in the table in the handout on CIP and UIP, what do you expect to happen to the dollar/euro rate. Explain. Inspection of the regression results in the table indicate that at the 3 month horizon, a one percentage point interest differential causes a 0.65 percentage point appreciation, on an annualized basis. So, instead of the ¼ percentage point appreciation over three months, on average, one would see a 1/6 (= 1/ percentage point depreciation.
3 3.3 Using 10 year bonds, calculate what the implied change in the dollar/pound exchange rate is, over the next ten years. Using the approximation: e US UK st + 1 = ( it it = ( or 0.91 percentage point appreciation. This is the depreciation over one year; over ten years, multiply this amount by 10 to obtain the total depreciation expected over ten years. This figure is 9.1 percentage points. 3.4 Given the inflation rates over the past year, what should have been the rate of change in the US dollar/canadian dollar exchange rate if relative purchasing power parity held? Relative PPP is: US Can s t = ( π t π t = ( so the US dollar should have depreciated by 1 percent against the Canadian dollar over the past year. 3.5 Interpret the Economist poll of expected inflation rate for 2004 as the expected change from December 2003 to December What is the expected change in the US dollar/australian dollar? (If you use the March 5-11, 2005 edition of the Economist, answer the question, using the measure of expected inflation for 2005 to answer the question. e US, e Aus, e s t + 1 = ( πt + 1 π t = ( or a percentage point appreciation of the US dollar against the Australian dollar is implied by the expected rates of inflation. 4. [Optional] Using real world data to test for uncovered interest parity. Download the data available at: If the software you are using can do it, plot the forward premium (assuming covered interest parity holds and ex post depreciation USD/DEM ex post depreciation GRDEP3M GR3MDIF(-1
4 4.2 Estimate the Fama regression for all the USD/DEM and USD/JPY, and the DEM/JPY, at the three months horizon. Dependent Variable: GRDEP3M Date: 03/10/05 Time: 13:31 Sample (adjusted: 1979:2 2000:4 Included observations: 87 after adjustments C GR3MDIF( R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood F-statistic Durbin-Watson stat Prob(F-statistic Dependent Variable: JADEP3M Date: 03/10/05 Time: 13:32 Sample (adjusted: 1979:2 2000:4 Included observations: 87 after adjustments C JA3MDIF( R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood F-statistic Durbin-Watson stat Prob(F-statistic 13765
5 Dependent Variable: -(GRDEP3M-JADEP3M Date: 03/10/05 Time: 13:33 Sample (adjusted: 1979:2 2000:4 Included observations: 87 after adjustments C (GR3MDIF(-1-JA3MDIF( R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood F-statistic Durbin-Watson stat Prob(F-statistic What do the residuals from this regression look like? RESID RESID USD/DEM 1.2 USD/JPY - RESID
6 4.3 Estimate the Fama regression for all the USD/DEM and USD/JPY, and the DEM/JPY, at the 10 year horizon. Below is the DEM/JPY regression. The other ones are reported in Chinn & Meredith (2004. Dependent Variable: -(GRDEP10Y-JADEP10Y Date: 03/10/05 Time: 13:39 Sample (adjusted: 1980:1 2000:4 Included observations: 84 after adjustments C (GR10YDF1(-1-JA10YDF1( R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood F-statistic Durbin-Watson stat Prob(F-statistic C:\user\kiel\ps1a_s05.doc
7
Economics 442 Macroeconomic Policy (Spring 2015) 3/23/2015. Instructor: Prof. Menzie Chinn UW Madison
Economics 442 Macroeconomic Policy (Spring 2015) 3/23/2015 Instructor: Prof. Menzie Chinn UW Madison Outline Models of Investment Assessment Uncertainty http://www.bostonfed.org/economic/neer/neer2001/neer201a.pdf
More informationExport and Import Regressions on 2009Q1 preliminary release data Menzie Chinn, 23 June 2009 ( )
Export and Import Regressions on 2009Q1 preliminary release data Menzie Chinn, 23 June 2009 ( mchinn@lafollette.wisc.edu ) EXPORTS Nonagricultural real exports, regressand; Real Fed dollar broad index
More informationAppendixes Appendix 1 Data of Dependent Variables and Independent Variables Period
Appendixes Appendix 1 Data of Dependent Variables and Independent Variables Period 1-15 1 ROA INF KURS FG January 1,3,7 9 -,19 February 1,79,5 95 3,1 March 1,3,7 91,95 April 1,79,1 919,71 May 1,99,7 955
More informationFIN 533. Autocorrelations of CPI Inflation
FIN 533 Inflation & Interest Rates Fama (1975) AER: Expected real interest rates are (approximately) constant over time, so: E(r t F t-1 ) = R t E(r) where E(r t F t-1 ) is expected inflation given information
More informationFall 2004 Social Sciences 7418 University of Wisconsin-Madison Problem Set 5 Answers
Economics 310 Menzie D. Chinn Fall 2004 Social Sciences 7418 University of Wisconsin-Madison Problem Set 5 Answers This problem set is due in lecture on Wednesday, December 15th. No late problem sets will
More information1. A test of the theory is the regression, since no arbitrage implies, Under the null: a = 0, b =1, and the error e or u is unpredictable.
Aggregate Seminar Economics 37 Roger Craine revised 2/3/2007 The Forward Discount Premium Covered Interest Rate Parity says, ln( + i) = ln( + i*) + ln( F / S) i i* f s t+ the forward discount equals the
More informationHasil Common Effect Model
Hasil Common Effect Model Date: 05/11/18 Time: 06:20 C 21.16046 1.733410 12.20742 0.0000 IPM -25.74125 2.841429-9.059263 0.0000 FDI 9.11E-11 1.96E-11 4.654743 0.0000 X 0.044150 0.021606 2.043430 0.0425
More information23571 Introductory Econometrics Assignment B (Spring 2017)
23571 Introductory Econometrics Assignment B (Spring 2017) You must attach the coversheet to your answers. Read the instructions on the coversheet. Try to keep your answers short and clear. This assignment
More informationLampiran 1. Tabulasi Data
Lampiran 1. Tabulasi Data Tahun PDRB PDRBt-1 PAD BH DAU INF 2001:1 372696.65 372696.65 1005.61 2684.67 26072.42 0.87 2001:4 376433.52 372696.65 1000.96 2858.50 28795.27 1.08 2001:8 387533.83 376433.52
More informationMonetary Economics Portfolios Risk and Returns Diversification and Risk Factors Gerald P. Dwyer Fall 2015
Monetary Economics Portfolios Risk and Returns Diversification and Risk Factors Gerald P. Dwyer Fall 2015 Reading Chapters 11 13, not Appendices Chapter 11 Skip 11.2 Mean variance optimization in practice
More informationSupplementary Materials for
www.sciencemag.org/content/344/6186/851/suppl/dc1 Supplementary Materials for Income Inequality in the Developing World Martin Ravallion This PDF file includes: Fig. S1 Tables S1 to S4 E-mail: mr1185@georgetown.edu
More informationLampiran 1. Data PDB, Pengeluaran Pemerintah, jumlah uang beredar, pajak, dan tingkat suku bunga
Lampiran 1. Data PDB, Pengeluaran Pemerintah, jumlah uang beredar, pajak, dan tingkat suku bunga obs PDB(milyar) GOV(milyar) M1(milyar) Tax(milyar) R(%) 1980 45446,00 5800,00 5214,00 289,70 6,00 1981 58127,00
More informationBrief Sketch of Solutions: Tutorial 2. 2) graphs. 3) unit root tests
Brief Sketch of Solutions: Tutorial 2 2) graphs LJAPAN DJAPAN 5.2.12 5.0.08 4.8.04 4.6.00 4.4 -.04 4.2 -.08 4.0 01 02 03 04 05 06 07 08 09 -.12 01 02 03 04 05 06 07 08 09 LUSA DUSA 7.4.12 7.3 7.2.08 7.1.04
More informationBrief Sketch of Solutions: Tutorial 1. 2) descriptive statistics and correlogram. Series: LGCSI Sample 12/31/ /11/2009 Observations 2596
Brief Sketch of Solutions: Tutorial 1 2) descriptive statistics and correlogram 240 200 160 120 80 40 0 4.8 5.0 5.2 5.4 5.6 5.8 6.0 6.2 Series: LGCSI Sample 12/31/1999 12/11/2009 Observations 2596 Mean
More informationAppendix. Table A.1 (Part A) The Author(s) 2015 G. Chakrabarti and C. Sen, Green Investing, SpringerBriefs in Finance, DOI /
Appendix Table A.1 (Part A) Dependent variable: probability of crisis (own) Method: ML binary probit (quadratic hill climbing) Included observations: 47 after adjustments Convergence achieved after 6 iterations
More informationDATA VARIABEL PENELITIAN
68 LAMPIRAN 1 DATA VARIABEL PENELITIAN TAHUN FDI SBI PDRB UNEMP. EXPORT 1983 1834,40 12,74 5915,37 821257 10649,82 1984 1507,08 13,45 6372,17 878380 12455,86 1985 2263,20 13,82 6884,81 857564 10719,35
More informationBusiness Survey and Short-Term Projection
JOINT EUROPEAN COMMISSION OECD WORKSHOP ON INTERNATIONAL DEVELOPMENT OF BUSINESS AND CONSUMER TENDENCY SURVEYS BRUSSELS 14 15 NOVEMBER 25 Business Survey and Short-Term Projection Edita Holickova Statistical
More informationLampiran 1 : Grafik Data HIV Asli
Lampiran 1 : Grafik Data HIV Asli 70 60 50 Penderita 40 30 20 10 2007 2008 2009 2010 2011 Tahun HIV Mean 34.15000 Median 31.50000 Maximum 60.00000 Minimum 19.00000 Std. Dev. 10.45057 Skewness 0.584866
More informationFinancial Econometrics: Problem Set # 3 Solutions
Financial Econometrics: Problem Set # 3 Solutions N Vera Chau The University of Chicago: Booth February 9, 219 1 a. You can generate the returns using the exact same strategy as given in problem 2 below.
More informationesia/perkembangan/
http://afghanaus.com/uanggiral/http://www.bi.go.id/web/id/sistem+pembayaran/sistem+pembayaran+di+indon esia/perkembangan/ http://id.shvoong.com/social-sciences/economics/2129762-jumlah-uang-beredar-diindonesia/
More informationLAMPIRAN 1. Retribusi (ribu Rp)
LAMPIRAN 1 Kabupaten Kulonprogo Bantul Gunung Kidul Tahun Retribusi (ribu Rp) Obyek Wisata Wisatawan PDRB (juta Rp) 2001 6694566 8 227250 3486573.5 2002 7779217 11 211529 3630220.3 2003 9247557 7 190333
More informationOpenness and Inflation
Openness and Inflation Based on David Romer s Paper Openness and Inflation: Theory and Evidence ECON 5341 Vinko Kaurin Introduction Link between openness and inflation explored Basic OLS model: y = β 0
More informationOn the Rand: A Note on the South African Exchange Rate.
1 st draft April 18, 2006 On the Rand: A Note on the South African Exchange Rate. Professor Jeffrey Frankel, Kennedy School of Government, Harvard University This work was done with the able research assistance
More informationLAMPIRAN PERHITUNGAN EVIEWS
LAMPIRAN PERHITUNGAN EVIEWS DESCRIPTIVE PK PDRB TP TKM Mean 12.22450 10.16048 14.02443 12.63677 Median 12.41945 10.09179 14.22736 12.61400 Maximum 13.53955 12.73508 15.62581 13.16721 Minimum 10.34509 8.579417
More informationMethods for A Time Series Approach to Estimating Excess Mortality Rates in Puerto Rico, Post Maria 1 Menzie Chinn 2 August 10, 2018 Procedure:
Methods for A Time Series Approach to Estimating Excess Mortality Rates in Puerto Rico, Post Maria 1 Menzie Chinn 2 August 10, 2018 Procedure: Estimate relationship between mortality as recorded and population
More informationLampiran 1. Data Penelitian
Lampiran 1. Data Penelitian Tahun 2008 2009 2010 Suku bunga ORI Inflasi BI Rate IHSG Bulan Deposito Rupiah % % Poin % Mei 93,00 10,38 8,25 2444,35 7,04 Jun 90,50 11,03 8,50 2349,10 7,26 Jul 90,50 11,90
More informationAn Investigation of Effective Factors on Export in Iran
J. Basic. Appl. Sci. Res., 2(4)4092-4097, 2012 2012, TextRoad Publication ISSN 2090-4304 Journal of Basic and Applied Scientific Research www.textroad.com An Investigation of Effective Factors on Export
More informationNotes on the Treasury Yield Curve Forecasts. October Kara Naccarelli
Notes on the Treasury Yield Curve Forecasts October 2017 Kara Naccarelli Moody s Analytics has updated its forecast equations for the Treasury yield curve. The revised equations are the Treasury yields
More informationDonald Trump's Random Walk Up Wall Street
Donald Trump's Random Walk Up Wall Street Research Question: Did upward stock market trend since beginning of Obama era in January 2009 increase after Donald Trump was elected President? Data: Daily data
More informationFinancial Markets and Parity Conditions
Lecture 1: Financial Markets and Parity Conditions Prof. Menzie Chinn Kiel Institute for World Economics March 7-11, 2005 Course Outline Introduction to financial markets; basic parity concepts Monetary
More informationSanti Chaisrisawatsuk 16 November 2017 Thimpu, Bhutan
Regional Capacity Building Workshop Formulating National Policies and Strategies in Preparation for Graduation from the LDC Category: Macroeconomic Modelling for SDGs in Asia and the Pacific Santi Chaisrisawatsuk
More informationLAMPIRAN. Lampiran I
67 LAMPIRAN Lampiran I Data Volume Impor Jagung Indonesia, Harga Impor Jagung, Produksi Jagung Nasional, Nilai Tukar Rupiah/USD, Produk Domestik Bruto (PDB) per kapita Tahun Y X1 X2 X3 X4 1995 969193.394
More informationLampiran I Data. PDRB (Juta Rupiah) PMA (Juta Rupiah) PMDN (Juta Rupiah) Tahun. Luas Sawit (ha)
LAMPIRAN Lampiran I Data Tahun PDRB (Juta Rupiah) PMDN (Juta Rupiah) PMA (Juta Rupiah) Luas Sawit (ha) Angkatan Kerja (Jiwa) 1986 24698580 84581 8438 19733 1237717 1987 26991625 106279 10128 22122 1243818
More informationAppendices. Appendix 1 Buy ranges for each portfolio
Appendices Appendix 1 Buy ranges for each portfolio 67 Appendix 2 Every recession declared by the NBER Source: The National Bureau of Economic Research 68 Appendix 3 Multifactor portfolio mathematics Mathematics
More informationSUSTAINABILITY PLANNING POLICY COLLECTING THE REVENUES OF THE TAX ADMINISTRATION
2007 2008 2009 2010 Year IX, No.12/2010 127 SUSTAINABILITY PLANNING POLICY COLLECTING THE REVENUES OF THE TAX ADMINISTRATION Prof. Marius HERBEI, PhD Gheorghe MOCAN, PhD West University, Timişoara I. Introduction
More informationThe Relationship Between Internet Marketing, Search Volume, and Product Sales. Honors Research Thesis
TheRelationshipBetweenInternetMarketing,SearchVolume,andProductSales HonorsResearchThesis Presentedinpartialfulfillmentoftherequirementsforgraduationwithhonors researchdistinctionineconomicsintheundergraduatecollegesoftheohiostate
More informationملحق رقم (1) بیانات الدراسة :
ملحق رقم (1) بیانات الدراسة : السنة EX G POP INF GDP UE 0.045 778.28 23079 67.4 110.1 16.4 1990 0.81 947.13 230780 122.5 192.7 15.9 1991 1.133 4388.24 24494 119.2 421.8 15.4 1992 0.216 5573.6 25222 101.2
More informationLampiran 1. Data Penelitian
LAMPIRAN Lampiran 1. Data Penelitian Tahun Impor PDB KURS DEVISA 1985 5.199,00 2.118.215,40 1.125,00 5.811,00 1986 5.825,00 2.242.661,60 1.641,00 5.841,00 1987 7.209,00 2.353.133,40 1.650,00 5.103,00 1988
More informationÜbungsblatt 4. Please examine below OLS estimation results for the log earnings of Egyptian wage workers and answer the below questions:
Universität Ulm 89069 Ulm Germany M.Sc. Zein Kasrin Institut für Wirtschaftspolitik Fakultät für Mathematik und Wirtschaftswissenschaften Ludwig-Erhard-Stiftungsprofessur Sommersemester 2016 Übung zur
More informationTRADING VOLUME REACTIONS AND THE ADOPTION OF INTERNATIONAL ACCOUNTING STANDARD (IAS 1): PRESENTATION OF FINANCIAL STATEMENTS IN INDONESIA
TRADING VOLUME REACTIONS AND THE ADOPTION OF INTERNATIONAL ACCOUNTING STANDARD (IAS 1): PRESENTATION OF FINANCIAL STATEMENTS IN INDONESIA Beatrise Sihite, University of Indonesia Aria Farah Mita, University
More informationDATA PENELITIAN. Pendapatan Nasional (PDB Perkapita atas Dasar Harga Berlaku) Produksi Bawang Merah Indonesia MB X1 X2 X3 X4 X5 X6
Lampiran 1 Tahu n Volume Impor Bawang Merah Konsums i Bawang Merah Perkapit a di Indonesi a DATA PENELITIAN Pendapatan Nasional (PDB Perkapita atas Dasar Harga Berlaku) Produksi Bawang Merah Indonesia
More informationPhotovoltaic deployment: from subsidies to a market-driven growth: A panel econometrics approach
Photovoltaic deployment: from subsidies to a market-driven growth: A panel econometrics approach Anna Créti, Léonide Michael Sinsin To cite this version: Anna Créti, Léonide Michael Sinsin. Photovoltaic
More informationBi-Variate Causality between States per Capita Income and State Public Expenditure An Experience of Gujarat State Economic System
IOSR Journal of Business and Management (IOSR-JBM) e-issn: 2278-487X.Volume 8, Issue 5 (Mar. - Apr. 2013), PP 18-22 Bi-Variate Causality between States per Capita Income and State Public Expenditure An
More informationANALYSIS OF CORRELATION BETWEEN THE EXPENSES OF SOCIAL PROTECTION AND THE ANTICIPATED OLD AGE PENSION
ANALYSIS OF CORRELATION BETWEEN THE EXPENSES OF SOCIAL PROTECTION AND THE ANTICIPATED OLD AGE PENSION Nicolae Daniel Militaru Ph. D Abstract: In this article, I have analysed two components of our social
More informationThe Study on Tax Incentive Policies of China's Photovoltaic Industry Jian Xu 1,a, Zhenji Jin 2,b,*
3rd International Conference on Science and Social Research (ICSSR 2014) The Study on Tax Incentive Policies of China's Photovoltaic Industry Jian Xu 1,a, Zhenji Jin 2,b,* 1,2 Department of Economics and
More informationPer Capita Housing Starts: Forecasting and the Effects of Interest Rate
1 David I. Goodman The University of Idaho Economics 351 Professor Ismail H. Genc March 13th, 2003 Per Capita Housing Starts: Forecasting and the Effects of Interest Rate Abstract This study examines the
More informationModel : ASI = C + MONSUP + MONSUP(-1) + INTRATE + INFLRATE. Variable Coefficient Std. Error t-statistic Prob.
REFERANCE Abdalla, I. S. A. and V. Murinde (1997), Exchange Rate and Stock Price Interactions in Emerging Financial Markets: Evidence on India, Korea, Pakistan, and Philippines, Applied Financial Economics
More informationEconometric Models for the Analysis of Financial Portfolios
Econometric Models for the Analysis of Financial Portfolios Professor Gabriela Victoria ANGHELACHE, Ph.D. Academy of Economic Studies Bucharest Professor Constantin ANGHELACHE, Ph.D. Artifex University
More informationKabupaten Langkat Suku Bunga Kredit. PDRB harga berlaku
Lampiran 1. Data Penelitian Tahun Konsumsi Masyarakat PDRB harga berlaku Kabupaten Langkat Suku Bunga Kredit Kredit Konsumsi Tabungan Masyarkat Milyar Rp. Milyar Rp. % Milyar Rp. Milyar Rp. 1990 559,61
More informationBEcon Program, Faculty of Economics, Chulalongkorn University Page 1/7
Mid-term Exam (November 25, 2005, 0900-1200hr) Instructions: a) Textbooks, lecture notes and calculators are allowed. b) Each must work alone. Cheating will not be tolerated. c) Attempt all the tests.
More informationChapter-3. Sectoral Composition of Economic Growth and its Major Trends in India
Chapter-3 Sectoral Composition of Economic Growth and its Major Trends in India This chapter deals with the first objective of the study, that is to evaluate the sectoral composition of economic growth
More informationالملحق رقم (1): یوضح متغیرات النموذج.
الملحق رقم (1): یوضح متغیرات النموذج. obs سعر الصرف (ER) الا ستھلاك (O) السكان (POP) التضخم (INF) الادخار (S) الدخل المتاح (YD) 1985 15947 0.025 46.33 20882-1459.6 14487.4 1986 19362.5 0.025 29.04 21085-604.8
More informationLAMPIRAN. Lampiran 1. Wilayah Tahun PAD JOW PDRB JH JR Yogyakarta
LAMPIRAN Lampiran 1 Data jumlah PAD sektor pariwisata, Jumlah Obyek Wisata, PDRB, Jumlah Hotel, dan Jumlah Restoran dan rumah makan di kabupaten/kota Daerah Istimewa Yogyakarta, Tahun 2010-2015 Wilayah
More informationConflict of Exchange Rates
MPRA Munich Personal RePEc Archive Conflict of Exchange Rates Rituparna Das and U R Daga 2004 Online at http://mpra.ub.uni-muenchen.de/22702/ MPRA Paper No. 22702, posted 17. May 2010 13:37 UTC Econometrics
More informationLAMPIRAN. Null Hypothesis: LO has a unit root Exogenous: Constant Lag Length: 1 (Automatic based on SIC, MAXLAG=13)
74 LAMPIRAN Lampiran 1 Analisis ARIMA 1.1. Uji Stasioneritas Variabel 1. Data Harga Minyak Riil Level Null Hypothesis: LO has a unit root Lag Length: 1 (Automatic based on SIC, MAXLAG=13) Augmented Dickey-Fuller
More informationOPTIMIZATION PROBLEM OF FOREIGN RESERVES
Advanced Math. Models & Applications Vol.2, No.3, 27, pp.259-265 OPIMIZAION PROBLEM OF FOREIGN RESERVES Ch. Ankhbayar *, R. Enkhbat, P. Oyunbileg National University of Mongolia, Ulaanbaatar, Mongolia
More informationMemo on the Determinants of Central Bank Euro Holdings by Menzie Chinn 1 UC Santa Cruz
Memo on the Determinants of Central Bank Euro Holdings by Menzie Chinn 1 UC Santa Cruz May 30, 1999 (minor revisions June 8, 2000) Summary: Results from regressions using (i) GDP ratios expressed relative
More informationLAMPIRAN. Tahun Bulan NPF (Milyar Rupiah)
LAMPIRAN Lampiran 1 Data Penelitian Non Performing Financing (NPF), Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), Biaya Operasional Pendapatan Operasional (BOPO), Ukuran Bank (Size) Tahun
More informationUJI COMMON EFFECT MODEL
UJI COMMON EFFECT MODEL Dependent Variable: LOG(TKI) Method: Panel Least Squares Date: 05/01/18 Time: 12:34 Sample: 2010 2016 Periods included: 7 Total panel (balanced) observations: 210 Variable Coefficient
More informationThe Relationship between Financial Capital and Abnormal Yield in Newly- Arrived Companies in Tehran Stock Exchange
ORIGINAL ARTICLE Received 12 Dec. 2013 Accepted 26 Feb. 2014 2014, Science-Line Publication www.science-line.com ISSN: 2322-4770 Journal of Educational and Management Studies J. Educ. Manage. Stud.,4 (2):
More informationLAMPIRAN-LAMPIRAN. A. Perhitungan Return On Asset
88 LAMPIRAN-LAMPIRAN A. Perhitungan Return On Asset Tahun Perusahaan Laba Bersih Total Aset Laba/Total Aset ROA (% ) 2011 ROA_ADRO 5006470 51315458 0,09756261 9,76 ROA_AKRA 2284080 8308244 0,274917299
More informationHOMEWORK 8 (CHAPTER 16 PRICE LEVELS AND THE EXCHANGE RATE IN THE LONG RUN) ECO41 FALL 2015 UDAYAN ROY
HOMEWORK 8 (CHAPTER 16 PRICE LEVELS AND THE EXCHANGE RATE IN THE LONG RUN) ECO41 FALL 2015 UDAYAN ROY Each correct answer is worth 1 point. The maximum score is 20 points. This homework is due in class
More informationEmpirical Analysis of Private Investments: The Case of Pakistan
2011 International Conference on Sociality and Economics Development IPEDR vol.10 (2011) (2011) IACSIT Press, Singapore Empirical Analysis of Private Investments: The Case of Pakistan Dr. Asma Salman 1
More informationLAMPIRAN LAMPIRAN. = Pengeluaran Konsumsi Masyarakat (milyar rupiah) = Jumlah Uang Beredar (milyar rupiah) = Laju Inflasi (dalam persentase)
76 LAMPIRAN LAMPIRAN 1. Data Skripsi TAHUN PK JUB INFLASI SB PDB 1995 727099.1 52677 8.64 16.8 1344994.6 1996 806170.0 64089 6.47 17.25 1450148.8 1997 850241.3 78343 11.05 20.33 1518304.1 1998 807112.0
More informationAnexos. Pruebas de estacionariedad. Null Hypothesis: TES has a unit root Exogenous: Constant Lag Length: 0 (Automatic - based on SIC, maxlag=9)
Anexos Pruebas de estacionariedad Null Hypothesis: TES has a unit root Augmented Dickey-Fuller test statistic -1.739333 0.4042 Test critical values: 1% level -3.610453 5% level -2.938987 10% level -2.607932
More informationAnalysis of the Influence of the Annualized Rate of Rentability on the Unit Value of the Net Assets of the Private Administered Pension Fund NN
Year XVIII No. 20/2018 175 Analysis of the Influence of the Annualized Rate of Rentability on the Unit Value of the Net Assets of the Private Administered Pension Fund NN Constantin DURAC 1 1 University
More informationA Small Estimated Model (SEM) for New Zealand
PLEASE DO NOT QUOTE Preliminary and incomplete 1 A Small Estimated Model (SEM) for New Zealand working paper prepared for the 2002 Australasian Macro Workshop Authors: Yuong Ha (email hay@rbnz.govt.nz)
More informationChapter 19: What Determines Exchange Rates?
Chapter 19: What Determines Exchange Rates? Introduction Exchange rates over time Long-term trends Medium-term trends Short-term variability Frameworks Asset market approach Purchasing power parity (PPP)
More informationConsumption Expenditure on Health and Education: Econometric Models and evolution of OECD countries in
University of Santiago de Compostela. Faculty of Economics. Econometrics * Working Paper Series Economic Development. nº 50 Consumption Expenditure on Health and Education: Econometric Models and evolution
More informationCOTTON: PHYSICAL PRICES BECOMING MORE RESPONSIVE TO FUTURES PRICES0F
INTERNATIONAL COTTON ADVISORY COMMITTEE 1629 K Street NW, Suite 702, Washington DC 20006 USA Telephone +1-202-463-6660 Fax +1-202-463-6950 email secretariat@icac.org COTTON: PHYSICAL PRICES BECOMING 1
More informationRESEARCH ON INFLUENCING FACTORS OF RURAL CONSUMPTION IN CHINA-TAKE SHANDONG PROVINCE AS AN EXAMPLE.
335 RESEARCH ON INFLUENCING FACTORS OF RURAL CONSUMPTION IN CHINA-TAKE SHANDONG PROVINCE AS AN EXAMPLE. Yujing Hao, Shuaizhen Wang, guohua Chen * Department of Mathematics and Finance Hunan University
More informationLAMPIRAN. A. Data. PAD (juta) INVESTASI (%) PDRB (juta) Kulon Progo. Bantul. Gunung Kidul. Sleman
82 LAMPIRAN A. Data Kabupaten Kulon Progo Bantul Gunung Kidul Sleman Tahun PDRB (juta) PAD (juta) INVESTASI (%) TINGKAT PENGANGGURAN (%) 2007 4.455.556 33.129.460 0 4.34 2008 4.665.308 36.188.575 1.82
More informationBotswana s Debt Sustainability: Tracking the Path
Botswana s Debt Sustainability: Tracking the Path March 2011 Haile Taye BIDPA The Botswana Institute for Development Policy Analysis (BIDPA) is an independent Trust, which started operations in 1995 as
More informationExchange Rate and Economic Performance - A Comparative Study of Developed and Developing Countries
IOSR Journal of Business and Management (IOSR-JBM) e-issn: 2278-487X. Volume 8, Issue 1 (Jan. - Feb. 2013), PP 116-121 Exchange Rate and Economic Performance - A Comparative Study of Developed and Developing
More informationLampiran 1 Lampiran 1 Data Keuangan Bank konvensional
Lampiran 1 Lampiran 1 Data Keuangan Bank konvensional BANK YEAR Z-Score TOTAL ASET (milyar rupiah) ROA (%) NPL (%) BI RATE (%) KURS (rupiah) BNI 1.9 5.51.9 1.9.5 919.5 11 7.71 99.5.9.17 915.7 1 7.7 333.3.9.
More informationOkun s Law - an empirical test using Brazilian data
Okun s Law - an empirical test using Brazilian data Alan Harper, Ph.D. Gwynedd Mercy University Zhenhu Jin, Ph.D. Valparaiso University ABSTRACT In this paper, we test Okun s coefficient to determine if
More informationFinancial Risk, Liquidity Risk and their Effect on the Listed Jordanian Islamic Bank's Performance
Financial Risk, Liquidity Risk and their Effect on the Listed Jordanian Islamic Bank's Performance Lina Hani Warrad Associate Professor, Accounting Department Applied Science Private University, Amman,
More informationBYLAAG: E-VIEWS RESULTATE VAN DIE MODEL VAN VOORRAADINVESTERING IN SUID-AFRIKA
BYLAAG: E-VIEWS RESULTATE VAN DIE MODEL VAN VOORRAADINVESTERING IN SUID-AFRIKA 1 Die langtermynskatting 1.1 Resultate van die skatting Dependent Variable: LOG(I) Sample: 1986:1 2002:4 Included observations:
More informationSolution to Exercise E5.
Solution to Exercise E5. The Multiple Regression Model. Estimation. Exercise E5.1. Beach umbrella rental Part I. Simple Linear Regression Model. a. Regression model: U t = β 1 + β 2 T t + u t t = 1,...,
More informationملحق رقم( 1 ): الا نحدار للدالة اللوغریثمیة للناتج المحلي الا جمالي
ملحق رقم( 1 ): الا نحدار للدالة اللوغریثمیة للناتج المحلي الا جمالي Dependent Variable: LOG(GDP) Date: 03/01/17 Time: 14:53 Sample(adjusted): 1971 2014 Included observations: 44 after adjusting endpoints
More informationPOLYTECHNIC OF NAMIBIA SCHOOL OF MANAGEMENT SCIENCES DEPARTMENT OF ACCOUNTING, ECONOMICS AND FINANCE ECONOMETRICS. Mr.
POLYTECHNIC OF NAMIBIA SCHOOL OF MANAGEMENT SCIENCES DEPARTMENT OF ACCOUNTING, ECONOMICS AND FINANCE COURSE: COURSE CODE: ECONOMETRICS ECM 312S DATE: NOVEMBER 2014 MARKS: 100 TIME: 3 HOURS NOVEMBER EXAMINATION:
More informationFBBABLLR1CBQ_US Commercial Banks: Assets - Bank Credit - Loans and Leases - Residential Real Estate (Bil, $, SA)
Notes on new forecast variables November 2018 Loc Quach Moody s Analytics added 11 new U.S. variables to its global model in November. The variables pertain mostly to bank balance sheets and delinquency
More informationFactor Affecting Yields for Treasury Bills In Pakistan?
Factor Affecting Yields for Treasury Bills In Pakistan? Masood Urahman* Department of Applied Economics, Institute of Management Sciences 1-A, Sector E-5, Phase VII, Hayatabad, Peshawar, Pakistan Muhammad
More informationBack from the Dead: the GFC and the Resurrection of Long Term Unemployment
Back from the Dead: the GFC and the Resurrection of Long Term Unemployment Bruce Chapman* Crawford School of Economics and Government School Seminar Australian National University September 22 2009 * With
More informationIMPACT OF MACROECONOMIC VARIABLE ON STOCK MARKET RETURN AND ITS VOLATILITY
7 IMPACT OF MACROECONOMIC VARIABLE ON STOCK MARKET RETURN AND ITS VOLATILITY 7.1 Introduction: In the recent past, worldwide there have been certain changes in the economic policies of a no. of countries.
More informationEconomy May Wake Up Without Consumers Prodding? Chart 1
Northern Trust Global Economic Research 0 South LaSalle Chicago, Illinois 3 northerntrust.com Paul L. Kasriel plk1@ntrs.com Economy May Wake Up Without Consumers Prodding? May 21, 27 In today s (May 21)
More informationInternational Finance
Terminology International Finance Chris Edmond NYU Stern Spring 2008 Trade balance balance on merchandise trade ( goods ) balance on goods and services ( net exports ) Current account balance current account
More informationA SEARCH FOR A STABLE LONG RUN MONEY DEMAND FUNCTION FOR THE US
A. Journal. Bis. Stus. 5(3):01-12, May 2015 An online Journal of G -Science Implementation & Publication, website: www.gscience.net A SEARCH FOR A STABLE LONG RUN MONEY DEMAND FUNCTION FOR THE US H. HUSAIN
More informationEmpirical Research on Correlation Between Internal Control and Enterprise Value
Proceedings of the 8th International Conference on Innovation & Management 645 Empirical Research on Correlation Between Control and Enterprise Value Dai Chunlan, Peng Quan, Huang Jiating School of Management,
More informationInfluence of Macroeconomic Indicators on Mutual Funds Market in India
Influence of Macroeconomic Indicators on Mutual Funds Market in India KAVITA Research Scholar, Department of Commerce, Punjabi University, Patiala (India) DR. J.S. PASRICHA Professor, Department of Commerce,
More informationThe relation between financial development and economic growth in Romania
2 nd Central European Conference in Regional Science CERS, 2007 719 The relation between financial development and economic growth in Romania GABRIELA MIHALCA Department of Statistics and Mathematics Babes-Bolyai
More informationTHE FACTORS OF THE CAPITAL STRUCTURE IN EASTERN EUROPE PAUL GABRIEL MICLĂUŞ, RADU LUPU, ŞTEFAN UNGUREANU
THE FACTORS OF THE CAPITAL STRUCTURE IN EASTERN EUROPE PAUL GABRIEL MICLĂUŞ, RADU LUPU, ŞTEFAN UNGUREANU 432 Paul Gabriel MICLĂUŞ Radu LUPU Ştefan UNGUREANU Academia de Studii Economice, Bucureşti Key
More informationReturn on Assets and Financial Soundness Analysis: Case Study of Grain Industry Companies in Uzbekistan
International Journal of Management Science and Business Adminis tration Volume 4, Issue 6, September 2018, Pages 52-56 DOI: 10.18775/ijmsba.1849-5664-5419.2014.46.1006 URL: http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.46.1006
More informationEmployment growth and Unemployment rate reduction: Historical experiences and future labour market outcomes
Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Employment Unemployment Rate Employment growth and Unemployment rate
More informationVolume-5, Issue-1, June-2018 ISSN No:
SIGNIFICANT MODEL BETWEEN EXCHANGE RATE AND INTEREST RATE EVIDENCE FROM INDONESIA Nursito Lecture at Universitas Singaperbangsa, Karawang, Jawa Barat, and Lecture at Universitas Budi luhur, Jakarta, Indonesia
More informationChapter 2 Macroeconomic Analysis and Parametric Control of Equilibrium States in National Economic Markets
Chapter 2 Macroeconomic Analysis and Parametric Control of Equilibrium States in National Economic Markets Conducting a stabilization policy on the basis of the results of macroeconomic analysis of a functioning
More informationThe Efficient Market Hypothesis Testing on the Prague Stock Exchange
The Efficient Market ypothesis Testing on the Prague Stock Exchange Miloslav Vošvrda, Jan Filacek, Marek Kapicka * Abstract: This article attempts to answer the question, to what extent can the Czech Capital
More information9. Assessing the impact of the credit guarantee fund for SMEs in the field of agriculture - The case of Hungary
Lengyel I. Vas Zs. (eds) 2016: Economics and Management of Global Value Chains. University of Szeged, Doctoral School in Economics, Szeged, pp. 143 154. 9. Assessing the impact of the credit guarantee
More informationNexus between stock exchange index and exchange rates
International Journal of Economics, Finance and Management Sciences 213; 1(6): 33-334 Published online November 1, 213 (http://www.sciencepublishinggroup.com/j/ijefm) doi: 1.11648/j.ijefm.21316.2 Nexus
More information9. Appendixes. Page 73 of 95
9. Appendixes Appendix A: Construction cost... 74 Appendix B: Cost of capital... 75 Appendix B.1: Beta... 75 Appendix B.2: Cost of equity... 77 Appendix C: Geometric Brownian motion... 78 Appendix D: Static
More information