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Articles 1 - 13 of 13
Full-Text Articles in Social and Behavioral Sciences
Relationship Between Inflation And Stock Market Returns: Evidence From Nigeria, Omotor G. Douglason
Relationship Between Inflation And Stock Market Returns: Evidence From Nigeria, Omotor G. Douglason
CBN Journal of Applied Statistics (JAS)
The linkage between stock prices and inflation has been subjected to extensive research in the past decades and has arouse the interests of academics, researchers, practitioners and policy makers globally, particularly since the 1990s. The issue has been the apparent anomaly of the negative relationship between inflation and stock market returns as most studies in the industrialized economies have shown. This paper investigates this relationship using monthly and quarterly data of Nigeria for the period 1985 to 2008. The findings of this paper seem to suggest that stock market returns may provide an effective hedge against inflation in Nigeria.
Is The Philips Curve Useful For Monetary Policy In Nigeria, Carlos J. Garcia
Is The Philips Curve Useful For Monetary Policy In Nigeria, Carlos J. Garcia
CBN Occasional Papers
The objective of this article is to determine if the Phillips curve is a relevant tool to conduct monetary policy in African countries wishing to adopt an inflation-targeting regime. I choose Nigeria as a case of study because it is in the early stage of the implementation of this regime. I estimate a medium-sized model for monetary policy analysis. The model reflects a synthesis between the New Keynesian and the Real Business Cycle (RBC) approaches. Then I estimate the model by using Bayesian econometric technique in order to overcome the shortage of data availability. The study concludes that there is …
Government’S Diminishing Benefits From Inflation, Jeffrey Rogers Hummel
Government’S Diminishing Benefits From Inflation, Jeffrey Rogers Hummel
Jeffrey Rogers Hummel
No abstract provided.
Ua37/29 Gary Ransdell - Monetary Policy In A Low-Inflation Environment, St. Louis Federal Reserve Board
Ua37/29 Gary Ransdell - Monetary Policy In A Low-Inflation Environment, St. Louis Federal Reserve Board
Faculty/Staff Personal Papers
Email sent to members of the St. Louis Federal Reserve Board of Ben Bernanke's speech, Revisiting Monetary Policy in a Low-Inflation Environment delivered at the Federal Reserve Bank of Boston Conference in Boston, Massachusetts.
Tools Of The Fed:Playing With Fire?, Lester G. Telser
Tools Of The Fed:Playing With Fire?, Lester G. Telser
Lester G Telser
How the Fed controls the Federal Funds Rate
The Dynamics Of The Hungarian Hyperinflation, 1945-6: A New Perspective, Peter Z. Grossman, János Horváth
The Dynamics Of The Hungarian Hyperinflation, 1945-6: A New Perspective, Peter Z. Grossman, János Horváth
Peter Z. Grossman
From late 1945 through the middle of 1946, Hungary experienced the most gigantic inflation of modern history. But in August 1946, the astronomical price increases stopped, and lasting price stability followed. Indeed, the contrast is so dramatic that it is viewed by some as an economic miracle surpassing even the post-war German Wirschaftswunder. On the surface, the Hungarian hyperinflation, which witnessed a depreciation of the currency unit, the pengo of about 10-27, seems a kind of madness that raises two interlinked questions: First, how could such a fantastic destruction in the value of a currency take place, and second, what …
The Impact Of Inflation Targeting Regime On The Relationship Between Stock Returns And Inflation: International Evidence, Unro Lee
Eberhardt School of Business Faculty Articles
Twenty six industrialized and emerging countries have adopted inflation targeting monetary policy since 1990 to combat persistently high inflation rate. This policy accords either the government and/or the central bank the authority to assign an explicit numerical target for inflation rate and implement an appropriate monetary policy to achieve its goal. This study investigates whether the adoption of inflation targeting strategy has affected the relationship between stock returns and inflation rate. Specifically, this study tests a hypothesis that, in an economy where inflation targeting has been adopted as a new monetary policy strategy, real stock returns should be sensitive to …
Determinants Of Housing Prices In Pittsylvania County, Jason Hall
Determinants Of Housing Prices In Pittsylvania County, Jason Hall
Undergraduate Theses and Capstone Projects
The purpose of this research is to determine the implicit factors influencing housing prices in Pittsylvania County, a rural county in Southside Virginia. Currently in Pittsylvania County there is a debate over whether or not to mine what is believed to be the largest deposit of uranium in the United States, containing approximately 119 million pounds of uranium ore at an estimated value of $7 billion to $10 billion. The Virginia Coal and Energy Commission issued its final approval for the National Academy of Sciences to study the debate from a socio-economic standpoint. The $1.2 million study is currently taking …
A Political Economy Perspective On Persistent Inequality, Inflation, And Redistribution, Radhika Lahiri, Shyama Ratnasiri
A Political Economy Perspective On Persistent Inequality, Inflation, And Redistribution, Radhika Lahiri, Shyama Ratnasiri
Radhika Lahiri
In this paper we examine the dynamics of the link between inequality and inflation from a political economy perspective. We consider a simple dynamic general equilibrium model in which agents vote over the desired inflation rate in each period, and inequality is persistent. Inflation in our model is a mechanism of redistribution, and we find that the link between inequality and inflation within any period or over time depends on institutional and preference related parameters. Furthermore, we find that differences in the initial distributions of wealth can yield a diverse set of patterns for the evolution of the inflation and …
Bolivia's Coca Headache: The Agroyungas Program, Inflation, Campesinos, Coca And Capitalism In Bolivia, John D. Roberts
Bolivia's Coca Headache: The Agroyungas Program, Inflation, Campesinos, Coca And Capitalism In Bolivia, John D. Roberts
Masters Theses 1911 - February 2014
Bolivia in the 1980s was wracked by monetary inflation approaching levels of the German Weimar Republic. Immediately following this time of great financial crisis in Bolivia, the U.N. founded a project through the U.N.D.P. to encourage peasant farmers in Bolivia to switch from growing coca (the plant used manufacture cocaine) to growing other cash crops for market. This crop substitution and development program, called the Agroyungas Project, lasted from 1985 to 1991 and is the focus of this study. While many U.N. pundits and journalists considered the program’s initial small successes promising, it has been considered since its conclusion to …
Is There A Case For Formal Inflation Targeting In Sub-Saharan Africa?, James Heintz, Léonce Ndikumana
Is There A Case For Formal Inflation Targeting In Sub-Saharan Africa?, James Heintz, Léonce Ndikumana
PERI Working Papers
This paper examines the question of whether inflation targeting monetary policy is an appropriate framework for sub-Saharan African countries. The paper presents an overview of inflation targeting, reviews the justification for the regime, and summarizes some major critiques. Monetary policy responses to inflation depend on the source of inflationary pressures. Therefore, the determinants of inflation in African countries are investigated, using dynamic panel data, and the implications for inflation targeting are discussed. These issues are examined in greater detail for the two African countries which have formally adopted inflation targeting, South Africa and Ghana. The analysis is placed in the …
Central Bank Independence: Rules, Practices, And Outcomes, Douglas Aaron Block
Central Bank Independence: Rules, Practices, And Outcomes, Douglas Aaron Block
Open Access Theses & Dissertations
In recent years interest has grown in central bank independence as research has shown that it may affect many important financial issues such as unemployment, inflation, and inflation variability, among others. However, empirical evidence regarding its effect has been inconclusive and there is low correlation among various legal central bank independence measures. In this thesis, I attempt to resolve these problems by generating a new measure of legal central bank independence that takes into account divergence between laws and practices. I then measure the impact that democracy and proportional electoral systems have on reducing this divergence and find that democracy …
Government’S Diminishing Benefits From Inflation, Jeffrey Rogers Hummel
Government’S Diminishing Benefits From Inflation, Jeffrey Rogers Hummel
Faculty Publications
No abstract provided.