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- Keyword
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- Openness (6)
- Sacrifice ratio (4)
- Inflation (3)
- Megachurches (3)
- Religion (3)
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- Currency Substitution (2)
- Exchange-rate pass through (2)
- Immigration Policy (2)
- Religious investment (2)
- Subsidy (2)
- Capital Mobility (1)
- Centralized Wage Setting (1)
- Currency Crises (1)
- Economic Models (1)
- Economic Theory (1)
- European Union (1)
- Fiscal policy coordination (1)
- Immigration (1)
- International Policy Preferences (1)
- Intervention (1)
- Many Countries (1)
- Monetary policy coordination (1)
- Optimal Currency Basket (1)
- Policy Preferences (1)
- Quality signaling (1)
- Regression Analysis (1)
- Reserve Requirements (1)
- Sacrifice Ratio (1)
- Seigniorage (1)
- Social trust (1)
- File Type
Articles 1 - 30 of 44
Full-Text Articles in Social and Behavioral Sciences
Openness, The Sacrifice Ratio, And Inflation: Is There A Puzzle?, Joseph P. Daniels, David D. Vanhoose
Openness, The Sacrifice Ratio, And Inflation: Is There A Puzzle?, Joseph P. Daniels, David D. Vanhoose
Joseph P Daniels
The standard time-inconsistency-based explanation for the negative correlation between openness and inflation requires an inverse relationship between the sacrifice ratio and openness, but Daniels et al. (2005, Openness, central bank independence, and the sacrifice ratio. Journal of Money, Credit, and Banking 37 (2), 371–379.) have provided evidence that controlling for central bank independence reveals a positive relationship. This paper embeds the time-inconsistency approach within a model of a multisector, imperfectly competitive, open economy. In this setting, greater openness raises the sacrifice ratio but reduces the inflation bias. Thus, failure to observe an inverse relationship between openness and the sacrifice ratio …
Currency Substitution, Seigniorage, And Currency Crises In Interdependent Economies, Joseph P. Daniels, David D. Vanhoose
Currency Substitution, Seigniorage, And Currency Crises In Interdependent Economies, Joseph P. Daniels, David D. Vanhoose
Joseph P Daniels
This paper applies a two-country framework that allows for currency substitution in an environment in which policymakers optimally vary interest rates in light of utility-based objectives, one country pegs the value of its currency to the other nation’s currency, and government revenue is generated via explicit taxes and seigniorage. The analysis illustrates the roles that currency substitution, currency preferences, and efficiency of tax systems play in contributing to the likelihood of a “run” on one nation’s currency. We explore how these factors interact to influence the probability of a currency crisis in the country that fixes its exchange rate.
Optimal Sterilization Policies In Interdependent Economies, Joseph Daniels
Optimal Sterilization Policies In Interdependent Economies, Joseph Daniels
Joseph P Daniels
In this paper, a two-country leader-follower model with imperfect asset substitution is used to derive the optimal sterilization coefficients for two-country flexible and fixed exchange rate regimes. It is found that, in general, incomplete sterilization is optimal. However, both the origin and the type of macroeconomic shocks the economies experience are important in determining the appropriate degree of sterilization. We also find that sterilization policies have spill-over effects (strategic complements) in both cases. Thus, in a competitive policy-making environment, greater sterilization by one country leads to greater sterilization by the other country. Further, the impact of increasing capital market integration …
Empirical Studies Of Foreign Direct Investment, Joseph P. Daniels
Empirical Studies Of Foreign Direct Investment, Joseph P. Daniels
Joseph P Daniels
No abstract provided.
The Relationship Between Religious Affiliation, Region, Race, And Attitudes Toward Globalization, Marc Von Der Ruhr, Joseph P. Daniels
The Relationship Between Religious Affiliation, Region, Race, And Attitudes Toward Globalization, Marc Von Der Ruhr, Joseph P. Daniels
Joseph P Daniels
No abstract provided.
The United States And Global Capital Markets, Joseph P. Daniels
The United States And Global Capital Markets, Joseph P. Daniels
Joseph P Daniels
No abstract provided.
G8 Summits And Compliance, Ella Kokotsis, Joseph Daniels
G8 Summits And Compliance, Ella Kokotsis, Joseph Daniels
Joseph P Daniels
No abstract provided.
The Role Of The G8 In The New Millennium, John J. Kirton, Joseph Daniels
The Role Of The G8 In The New Millennium, John J. Kirton, Joseph Daniels
Joseph P Daniels
No abstract provided.
Transportation Costs And U.S. Manufacturing Fdi, Joseph Daniels, Marc Ruhr
Transportation Costs And U.S. Manufacturing Fdi, Joseph Daniels, Marc Ruhr
Joseph P Daniels
In empirical models of foreign direct investment (FDI), distance is most often used to proxy for transportation costs and other pure-trade costs. Given that distance is time invariant but transportation costs are not, this approach is less than satisfactory when actual transportation costs rise and fall over time.The contribution of this work is to explicitly control for transportation costs and thereby better understand their impact on FDI. We explore the impact of shipping costs on total US FDI stocks abroad, manufacturing stocks and service stocks using measures of sea-shipping and air-shipping costs in a Hausman–Taylor model that controls for endogeneity …
Religious Affiliation And Individual International-Policy Preferences In The United States, Joseph P. Daniels
Religious Affiliation And Individual International-Policy Preferences In The United States, Joseph P. Daniels
Joseph P Daniels
Empirical examination of individual-level survey data on national identity, in general, reveals a significant relationship between religious affiliation and an individual’s international-policy preferences and that this relationship varies across Protestant denominations. Specifically, we test attitudes toward import and immigration policies, the role of international institutions, and unilateral policy actions. The empirical results indicate that individuals affiliated with conservative Protestant denominations are more likely to support positions on international issues that can be regarded as consistent with the anti-globalist right. We also find evidence of a reinforcing regional effect among conservatives in the south, and differences in the preferences of Baptist …
Testing The Fisher Effect As A Long-Run Equilibrium Relationship, Joseph Daniels, Farrokh Nourzad, Robert Toutkoushian
Testing The Fisher Effect As A Long-Run Equilibrium Relationship, Joseph Daniels, Farrokh Nourzad, Robert Toutkoushian
Joseph P Daniels
The recent advances in the econometrics of integrated time series by Johansen are applied to the much examined Fisher effect. While the existing literature is concerned with whether there is a stable long-run equilibrium relation between the nominal rate of interest and inflation, the existence of a one-to-one relation along this path is also tested. Moreover, it is found that in the long run there is a unidirectional causality from the inflation rate to the rate of interest. However, in the short-run there is a feedback (bi-directional causality) between the two variables.
Reserve Requirements, Currency Substitution, And Seigniorage In The Transition To European Monetary Union, Joseph Daniels, David Van Hoose
Reserve Requirements, Currency Substitution, And Seigniorage In The Transition To European Monetary Union, Joseph Daniels, David Van Hoose
Joseph P Daniels
This article considers a transition toward European monetary union that combines increased substitution of currencies and greater monetary, financial, and fiscal policy coordination. It explores how such a transition would affect national inflation and interest rates and required reserve ratios when governments depend in part on seigniorage funding for public expenditures. We find that greater coordination of policies would lead to lower inflation and interest rates but higher reserve-requirement ratios. Because higher reserve-requirement ratios could place European banks at a competititve disadvantage, we conclude that the interaction between reserve requirements and seigniorage concerns makes it less likely that the gradualist …
(Wp 2010-05) Exchange-Rate Pass Through, Openness, And The Sacrifice Ratio, Joseph P. Daniels, David D. Vanhoose
(Wp 2010-05) Exchange-Rate Pass Through, Openness, And The Sacrifice Ratio, Joseph P. Daniels, David D. Vanhoose
Joseph P Daniels
Considerable recent work has reached mixed conclusions about whether and how globalization affects the inflation-output trade-off and suggests that the ultimate effect of openness on the output-inflation relationship is influenced by a variety of factors. In this paper, we consider the impact of exchange-rate pass through and how pass through conditions the effect of openness on the sacrifice ratio. We develop a simple theoretical model showing how both the extent of pass through and openness can interact to influence the output-inflation relationship. Next we empirically explore the nature of these two variables and their interaction. Results indicate that greater pass …
Exchange-Rate Pass Through, Openness, And The Sacrifice Ratio, Joseph P. Daniels, David D. Vanhoose
Exchange-Rate Pass Through, Openness, And The Sacrifice Ratio, Joseph P. Daniels, David D. Vanhoose
Joseph P Daniels
Considerable recent work has reached mixed conclusions about whether and how globalization affects the inflation–output trade-off and suggests that the ultimate effect of openness on the output–inflation relationship is influenced by a variety of factors. In this paper, we consider the impact of exchange-rate pass through and examine how pass through conditions the effect of openness on the sacrifice ratio. We develop a simple theoretical model showing how the extent of both pass through and openness can interact to influence the output–inflation relationship. Next we empirically explore the nature of these two variables and their interaction. Results indicate that greater …
(Wp 2010-03) Subsidizing Religious Participation Through Groups: A Model Of The "Megachurch" Strategy For Growth, Marc Von Der Ruhr, Joseph P. Daniels
(Wp 2010-03) Subsidizing Religious Participation Through Groups: A Model Of The "Megachurch" Strategy For Growth, Marc Von Der Ruhr, Joseph P. Daniels
Joseph P Daniels
Either despite or because of their non-traditional approach, megachurches have grown significantly in the United States since 1980. This paper models religious participation as an imperfect public good which, absent intervention, yields suboptimal participation by members from the church’s perspective. Megachurches address this problem by employing secular based group activities to subsidize religious participation in an effort to increase attendees’ religious investment. This strategy not only allows megachurches to attract and retain new members when many traditional churches are losing members, but also results in higher levels of individual satisfaction thereby allowing the megachurch to raise levels of commitment and …
Global Capital Flows: Maximising Benefits, Minimising Risks, Joseph P. Daniels
Global Capital Flows: Maximising Benefits, Minimising Risks, Joseph P. Daniels
Joseph P Daniels
No abstract provided.
Shaping A New International Financial System: Challenges Of Governance In A Globalising World, Karl Kaiser, John Kirton, Joseph Daniels
Shaping A New International Financial System: Challenges Of Governance In A Globalising World, Karl Kaiser, John Kirton, Joseph Daniels
Joseph P Daniels
An examination of the professional economic merits, practical feasibility, and underlying politics of the hotly contested competing initiatives for strengthening the international financial system. Challenging much of the conventional wisdom, it offers a comprehensive account of the traditional enduring financial issues facing the G7 and the fundamental architectural elements of the new systemic design. The text contains an array of contributions from experts from all G7 countries and from emerging markets outside.
The G8’S Role In The New Millennium, Michael Hodges, John Kirton, Joseph Daniels
The G8’S Role In The New Millennium, Michael Hodges, John Kirton, Joseph Daniels
Joseph P Daniels
This collection of papers from two conferences on the role of the G8 provides a critical, scholarly assessment of the G's prospects in addressing challenges of the post Cold War world of globalization and deepening integration. The text explores and challenges the logic of contemporary critics to offer improved explanations of the circumstances under which G7/G8 is effective in addressing its traditional agenda, the new financial challenges of the modern era, and the broader once domestic issues of employability and crime that now occupy a central place on the international agenda.
Two-Country Models Of Monetary And Fiscal Policy: What Have We Learned? What More Can We Learn?, Joseph Daniels
Two-Country Models Of Monetary And Fiscal Policy: What Have We Learned? What More Can We Learn?, Joseph Daniels
Joseph P Daniels
This paper surveys the literature that uses two-country models to analyze monetary and fiscal policy issues faced in interdependent economies. We discuss sources of structural interdependence that researchers typically include in these models. We describe many of the types of policy interactions that researchers have considered and summarize the key results that they have obtained. Finally, we briefly explain the limitations of two-country models and outline directions that this literature might usefully be extended.
U.S. Corporations In Globalization, John Davis, Joseph Daniels
U.S. Corporations In Globalization, John Davis, Joseph Daniels
Joseph P Daniels
No abstract provided.
Corporations And Structural Linkages In World Commerce, Joseph P. Daniels, John B. Davis
Corporations And Structural Linkages In World Commerce, Joseph P. Daniels, John B. Davis
Joseph P Daniels
No abstract provided.
Trade Openness, Capital Mobility, And The Sacrifice Ratio, Joseph P. Daniels, David D. Vanhoose
Trade Openness, Capital Mobility, And The Sacrifice Ratio, Joseph P. Daniels, David D. Vanhoose
Joseph P Daniels
This paper develops and evaluates empirically the implications of a theoretical model of an open economy in which variations in both trade openness and capital mobility can influence the sacrifice ratio. Key predictions forthcoming from the model are that both forms of globalization can independently affect the sacrifice ratio, once the influences of the level of central bank independence and the degree of wage stickiness in nations’ economies are taken into account. Examination of cross-country data encompassing 58 disinflations for 16 countries yields evidence consistent with these essential predictions of the theoretical framework.
(Wp 2010-07) Examining Megachurch Growth: Free Riding, Fit, And Faith, Marc Von Der Ruhr, Joseph P. Daniels
(Wp 2010-07) Examining Megachurch Growth: Free Riding, Fit, And Faith, Marc Von Der Ruhr, Joseph P. Daniels
Joseph P Daniels
Megachurches are thriving in religious markets at a time when Americans are asserting their ability as consumers of religious products to engage in religious switching. The apparent success of megachurches, which often provide a low cost and low commitment path by which religious refugees may join the church, seems to challenge Iannocconne’s theory that high commitment churches will thrive while low commitment churches will atrophy. This paper employs a signaling model to illustrate the strategy and organizational forms megachurches employ to indicate a match between what the church produces and the religious refugee wishes to consume in an effort to …
The Nonstationarity Of Money And Prices In Interdependent Economies, Joseph Daniels, David Vanhoose
The Nonstationarity Of Money And Prices In Interdependent Economies, Joseph Daniels, David Vanhoose
Joseph P Daniels
In most nations, paths of monetary aggregates and prices consistently depart from stationary trends. This paper shows that this is a fundamental implication when monetary authorities of interdependent countries seek to smooth their home output and prices in the presence of incomplete world output-market integration and structural asymmetries. Using a two-country model with interdependent output supply schedules, we show that this conclusion holds whether the exchange rate floats or is fixed. It also holds if monetary policies are coordinated. Therefore, optimal monetary policy choices by central banks yield stationary paths for money and prices only under very specific conditions.
Introduction To Guiding Global Order: G8 Governance In The Twenty First Century, John J. Kirton, Joseph P. Daniels, Andreas Freytag
Introduction To Guiding Global Order: G8 Governance In The Twenty First Century, John J. Kirton, Joseph P. Daniels, Andreas Freytag
Joseph P Daniels
No abstract provided.
Openness, Centralized Wage Bargaining, And Inflation, Joseph P. Daniels, Farrokh Nourzad, David D. Vanhoose
Openness, Centralized Wage Bargaining, And Inflation, Joseph P. Daniels, Farrokh Nourzad, David D. Vanhoose
Joseph P Daniels
This paper develops a model of an open economy containing both sectors in which wages are market-determined and sectors with wage-setting arrangements. A portion of the latter group of sectors coordinate their wages, taking into account that their collective actions influence the equilibrium inflation outcome in an environment in which the central bank engages in discretionary monetary policymaking. Key predictions forthcoming from this model are (1) increased centralization of wage setting initially causes inflation to increase at low degrees of wage centralization but then, as wage centralization increases, results in an inflation drop-off; (2) a greater degree of centralized wage …
Policy Undertakings By The Seven ‘Summit’ Countries: Ascertaining The Degree Of Compliance, George Von Furstenberg, Joseph Daniels
Policy Undertakings By The Seven ‘Summit’ Countries: Ascertaining The Degree Of Compliance, George Von Furstenberg, Joseph Daniels
Joseph P Daniels
This paper sifts through the economic-summit declarations, issued annually since 1975, to determine how credible the announced government commitments would have deserved to be, judging by the degree to which they have been fulfilled. Measuring compliance with fuzzy undertakings imposing imprecise obligations was assisted by fitting nonlinear membership functions to allow partial credit. The average scores assigned to the 203 undertakings that could be evaluated through 1989 were so low that the joint null hypothesis of “no summit ambition” and “no summit effect” could barely be rejected. However, there were notable differences by summit, country, and type of issue.
Openness, Income-Tax Progressivity, And Inflation, Joseph P. Daniels, David D. Vanhoose
Openness, Income-Tax Progressivity, And Inflation, Joseph P. Daniels, David D. Vanhoose
Joseph P Daniels
This paper considers a model of an open economy in which the degree of income-tax progressivity influences the interaction among openness, central bank independence, and the inflation rate. Our model suggests that an increase in the progressivity of the tax system induces a smaller response in real output to a change in the price level. This implies that increased income-tax progressivity reduces the equilibrium inflation rate and that the effect of increased income-tax progressivity on inflation is smaller when the central bank places a higher weight on inflation or when there is greater openness. Examination of cross-country inflation data provides …
Shaping A New International Financial System: Contributions And Challenges, Karl Kaiser, John J. Kirton, Joseph P. Daniels
Shaping A New International Financial System: Contributions And Challenges, Karl Kaiser, John J. Kirton, Joseph P. Daniels
Joseph P Daniels
No abstract provided.
Openness, Central Bank Independence, And The Sacrifice Ratio, Joseph Daniels, Farrokh Nourzad, David Vanhoose
Openness, Central Bank Independence, And The Sacrifice Ratio, Joseph Daniels, Farrokh Nourzad, David Vanhoose
Joseph P Daniels
Traditional explanations of the negative correlation between openness and inflation presume that an inverse relationship between the degree of openness and the sacrifice ratio reduces the inflation bias of discretionary monetary policy. Temple (2002) concludes, however, that such a relationship fails to emerge in cross-country data. Our analysis of the same cross-country data considered by Temple indicates that once the degree of central bank independence and its interaction with greater openness is considered, there is an unambiguous positive relationship between openness and the sacrifice ratio. In addition, increased openness lessens the positive effect of central bank independence on the sacrifice …