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Articles 1 - 22 of 22
Full-Text Articles in Economic Theory
Bitcoin As A Currency: A Theoretical Framework Of Bitcoin’S Supply Effect On Consumption And Inflation, Begad Amr Hassan
Bitcoin As A Currency: A Theoretical Framework Of Bitcoin’S Supply Effect On Consumption And Inflation, Begad Amr Hassan
Theses and Dissertations
This thesis examines the macroeconomic effects of Bitcoin's fixed money supply within a dynamic general equilibrium context. Traditional Keynesian economics proposes that central banks regulate the money supply through interest rate manipulation and monetary interventions to promote economic stability within the market. However, cryptocurrencies, like Bitcoin, present a challenge due to their algorithmically predetermined supply, which halves every four years, removing discretionary monetary policy. By adapting Calvo's (1983) staggered-price model to a closed economy, supposing Bitcoin is the only medium of exchange, it is deduced that Bitcoin's deflationary nature causes a persistent consumption collapse and hyper deflationary spirals. Furthermore, calibrations …
Economic Anomalies Following The Handover Of Hong Kong, Nathan Martin
Economic Anomalies Following The Handover Of Hong Kong, Nathan Martin
Economics Undergraduate Honors Theses
This paper seeks to examine and provide a possible explanation for economic anomalies in Hong Kong following its handover to China. Hong Kong was on a 99-year lease to the United Kingdom from China before being handed back over July 1st, 1997. Due to the “one country, two systems” policy espoused in the handover agreement that was to be implemented for fifty years, this event marks a rare natural experiment of a peaceful regime change without a significant change in governance. This paper seeks to understand the impact of the act of regime change on selected key macroeconomic …
Inflation, Monetary Policy, And The Sacrifice Ratio, Leef H. Dierks
Inflation, Monetary Policy, And The Sacrifice Ratio, Leef H. Dierks
CBER Conference
Motivated by the 2022 uptick in headline inflation and the marked shift towards globally more restrictive monetary policies, this paper examines the sacrifice ratio, i.e., the percentage cost of actual production lost to every one percentage point decrease in (trend) inflation, for selected Southeast Asian economies. Results indicate that upon adopting a contractive monetary policy, GDP growth dropped by up to 0.5 per cent, confirming that monetary authorities’ disinflationary policies typically trigger declines in both output and employment. However, as even minor adjustments to the way of determining the sacrifice ratio lead to varying results, caution ought to be applied …
Monetary Policy And Stagflation: A Trade-Off Between Price Stability And Economic Growth?, Leef H. Dierks
Monetary Policy And Stagflation: A Trade-Off Between Price Stability And Economic Growth?, Leef H. Dierks
Journal of New Finance
Several euro area economies are likely to experience a stagflation in 2023. This situation is characterized by a combination of economic stagnation, i.e., GDP growth falling below its potential growth rate, and a pronounced increase in inflation as was last observed during the 1970s’ oil crisis. A stagflation presents the European Central Bank with a dilemma. Should it further tighten its monetary policy in an attempt to align euro area inflation (expectations) with its target of two per cent p.a. in the medium term? Or should the ECB re-adopt a more accommodative stance so as to stimulate economic growth in …
Revisiting The Exchange Rate Pass- Through To Domestic Prices In Egypt, Ahmed Abdelhamid
Revisiting The Exchange Rate Pass- Through To Domestic Prices In Egypt, Ahmed Abdelhamid
Theses and Dissertations
Exchange rate pass-through (ERPT) refers to the extent to which the movements in the exchange rate influence domestic prices. This study revisits the exchange rate pass-through in Egypt using quarter data from 2006 to 2022. The study employs a Structural Vector Autoregression (SVAR) model to estimate the degree of ERPT. The findings suggest that ERPT in Egypt is incomplete, meaning that changes in the exchange rate do not fully pass through to consumer prices. The study also investigates the role of the money supply in absorbing the shocks in the nominal exchange rate. The study has important implications for policymakers …
Food Price And Inflation Adjustments In Nigeria: Evidence From Threshold Cointegration, Usman A. Bello, Aliyu R. Sanusi
Food Price And Inflation Adjustments In Nigeria: Evidence From Threshold Cointegration, Usman A. Bello, Aliyu R. Sanusi
CBN Journal of Applied Statistics (JAS)
This paper investigates two stages of transmission through which inflation stabilization policy affects headline inflation by estimating a threshold cointegration model. The paper finds that asymmetric monetary shocks passing-through food prices exerts inflationary pressure on consumer prices, and is characterized by deep asymmetric movement, large degree of stickiness in adjusting downward, while exhibiting upward momentum in correcting food price fall. In addition, asymmetries were found in consumer price adjustment as food price shock transmits substantial inflationary pressure to consumer prices, while disinflationary effect originating from a fall in food price is inconsequential. The coefficients of adjustment were found to be …
An Inquiry Concerning Japanese Yen Interest Rate Swap Yields, Tanweer Akram, Khawaja Mamun
An Inquiry Concerning Japanese Yen Interest Rate Swap Yields, Tanweer Akram, Khawaja Mamun
WCBT Working Papers
This paper econometrically models Japanese yen (JPY)–denominated interest rate swap yields. It examines whether the short-term interest rate exerts an influence on the long-term JPY swap yield after controlling for several key macroeconomic variables, such as core inflation, the growth of industrial production, the percentage change in the equity price index, and the percentage change in the exchange rate. It also tests whether there are structural breaks in the dynamics of Japanese swap yields and related variables. The estimated econometric models show that the short-term interest rate exerts an important influence on the long-term swap yield in some periods but …
The American Dream: Living Paycheck To Paycheck, Benjamin Henwood
The American Dream: Living Paycheck To Paycheck, Benjamin Henwood
Richard T. Schellhase Essay Prize in Ethics
A debate that has gained traction due to recent economic circumstances is how the United States government should raise the federal minimum wage, and if they should raise it at all. I propose the United States government should raise the federal minimum wage by implementing a living wage or tying the federal minimum wage to inflation. Implementing a living wage would benefit workers as it would cover the cost of living in their geographic area. It would also benefit employers as their employees would be getting paid according to their needs rather than being paid a blanket wage that may …
Effects Of Central Bank Independence And Financial Stability On Inflation In Selected African Countries, Adamu Yahaya, Mohammed T. Saidu, Abdulaziz Sadi
Effects Of Central Bank Independence And Financial Stability On Inflation In Selected African Countries, Adamu Yahaya, Mohammed T. Saidu, Abdulaziz Sadi
CBN Journal of Applied Statistics (JAS)
This study examines the relationship between central bank independence (CBI), financial stability, and inflation in 14 African countries within the period 1985-2019. Initial test revealed the presence of cross-sectional dependence (CD) among the countries. Thus, the Mean Group (MG), Common Correlated Effect Mean Group (CCEMG) and Augmented Mean Group (AMG) were employed for the analysis. The CCEMG and AMG results showed a significant and negative correlation between central bank independence and inflation. On the other hand, financial stability is only significant in the MG Model. Additional results obtained using the Garriga CBI index is consistent with our main results. The …
Modern Monetary Theory: Merits, Critiques, And Contemporary Implications, Rebecca Singleton, Thomas Herndon
Modern Monetary Theory: Merits, Critiques, And Contemporary Implications, Rebecca Singleton, Thomas Herndon
Honors Thesis
The study of macroeconomics is a diverse field, with conflicting opinions and numerous camps of thought. The election of 2016 brought this to the public attention, as the appointment of Stephanie Kelton as Senator Bernie Sanders’s campaign economic advisor brought Dr. Kelton’s heterodox school of macroeconomic policy to the attention of mass media. In particular, Modern Monetary Theory became a public discussion, particularly in the wake of stimulus spending during the COVID-19 pandemic. Modern Monetary Theory (MMT), a heterodox macroeconomic theory most discussed in far-left and post-Keynesian academic circles, has faced backlash from a centrist mass media. I investigate the …
The Effect Of Fiscal Transparency On Output, Inflation, And Government Debt, Luce Menicali
The Effect Of Fiscal Transparency On Output, Inflation, And Government Debt, Luce Menicali
Gettysburg Economic Review
This theoretical paper studies the issue of fiscal transparency, which we define as asymmetry of information between the households’ perception of fiscal policy and the actual government balance sheet, in the context of a 24-hour news cycle. We model the economy using the New Keynesian three-equation model to study the effect of fiscal transparency on output, inflation, and especially government debt in order to draw conclusions that are relevant in the realm of policy-making in a sovereign debt crisis scenario. We find that a higher degree of fiscal transparency leads to greater levels of output and inflation as well as …
The Effects Of Quantitative Easing In The United States: Implications For Future Central Bank Policy Makers, Matthew Q. Rubino
The Effects Of Quantitative Easing In The United States: Implications For Future Central Bank Policy Makers, Matthew Q. Rubino
Senior Honors Projects, 2010-2019
The purpose of this thesis is to examine the effects of the Federal Reserve’s recent bond buying programs, specifically Quantitative Easing 1, Quantitative Easing 2, Operation Twist (or the Fed’s Maturity Extension Program), and Quantitative Easing 3. In this study, I provide a picture of the economic landscape leading up to the deployment of the programs, an overview of quantitative easing including each program’s respective objectives, and how and why the Fed decided to implement the programs. Using empirical analysis, I measure each program’s effectiveness by applying four models including a yield curve model, an inflation model, a money supply …
An Evaluation Of The Proposal To Implement A Chained Weighted Cpi, David Lock
An Evaluation Of The Proposal To Implement A Chained Weighted Cpi, David Lock
Applied Economics Theses
The Bureau of Labor Statistics (BLS) recently developed a way to view price changes in the economy called the chained consumer price index (C-CPI-U). There is much debate over this calculation because, if implemented, it would greatly affect government spending on programs such as Social Security and Veteran benefits. A quick overview of how the C-CPI-U is calculated does not appear to be anything to disagree with. A conclusion which can be drawn, and will be discussed in this thesis, is that the major controversy lies in what will happen to those who benefit from possible reduction of benefits in …
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 …
How Do Forecasts Respond To Changes In Monetary Policy?, Laurence Ball, Dean D. Croushore
How Do Forecasts Respond To Changes In Monetary Policy?, Laurence Ball, Dean D. Croushore
Economics Faculty Publications
Just as changes in atmospheric conditions affect weather forecasts, changes in monetary policy affect economic forecasts. When monetary policy shifts, forecasters change their predictions about growth and inflation. But does the economy change to the same extent that forecasts do? In this article, Laurence Ball and Dean Croushore examine forecasts from the Survey of Professional Forecasters to determine if forecasts and the economy respond in tandem or if there are significant differences.
A Case Of The Philips Curve In The Formation Of A Monetary Union: A Glimpse At High Inflation Countries Of The European Monetary Union, Yuet Wen Wan
University Avenue Undergraduate Journal of Economics
This paper examines how disinflation in high inflation economies affects unemployment levels. According to Keynesian macroeconomic theories, a decrease in inflation will cause an increase in unemployment in the short run. Due to high inflation over the years among countries like Italy and Ireland, their expected inflation rate is significantly high. As a result, when the government starts a process of disinflation though restrictive fiscal and monetary policies, economic activity declines, and significant short run increase in unemployment follows.
The Fundamental And Non-Fundamental Components Of Stock Prices: The Role Of Time-Varying Expected Inflation, Maosen Zhong
The Fundamental And Non-Fundamental Components Of Stock Prices: The Role Of Time-Varying Expected Inflation, Maosen Zhong
Doctoral Dissertations
I derive testable implications of fundamental and non-fundamental components of stock prices. In order to control for the role of time-varying expected inflation and to be able to perform reasonable empirical tests, I use a nominal (rather than a real) interpretation of the present-value model (PVM), whereby nominal interest rates approximate expected inflation. I conjecture that the fundamental and non-fundamental components represent the permanent and temporary components of stock prices, respectively. A series of cointegration analysis over the annual period 1871–1997 confirms my conjecture for the model with time-varying expected inflation. Various fundamental and non-fundamental exclusion tests indicate that both …
Low Inflation: The Surprise Of The 1990s, Dean D. Croushore
Low Inflation: The Surprise Of The 1990s, Dean D. Croushore
Economics Faculty Publications
For most of the 1990s, forecasters have been predicting an upturn in inflation. Yet, over that same period, the United States has experienced stable or declining inflation. Why have forecasts been at odds with reality? And why does it matter? In this article, Dean Croushore considers some answers to these questions and explains why inflation is the economic surprise of the decade.
Notes On The Effect Of Capital Gains Taxation On Non-Austrian Assets, Dan Kovenock, Michael Rothschild
Notes On The Effect Of Capital Gains Taxation On Non-Austrian Assets, Dan Kovenock, Michael Rothschild
Economics Faculty Books and Book Chapters
This paper is an attempt to assess the effect of capital gains taxation on non-Austrian assets, such as claims to profits of continuing enterprises. As compared to taxation on an accrual basis, the capital gains tax discourages sales of appreciated assets. This is the "lock-in" effect. Because assets subject to capital gains taxation are generally held a long time, conventional estimates suggest that the effective rate of capital gains taxation is low. We contend that conventional estimates could seriously underestimate the effective rate of capital gains taxation because they ignore uncertainty. We construct a model which allows us to calculate …
Capital Gains Taxation In An Economy With An ‘Austrian Sector’, Dan Kovenock, Michael Rothschild
Capital Gains Taxation In An Economy With An ‘Austrian Sector’, Dan Kovenock, Michael Rothschild
Economics Faculty Articles and Research
This paper examines the effects of a proportional capital gains in an economy with an Austrian sector (with wine and trees) and an ordinary sector. We analyze the effect of capital gains taxation (on both an accrual and a realization basis) on the efficiency with which resources are used within the Austrian sector. Since time is the only input which can be varied in the Austrian sector, this amounts to looking at the effect of capital gains taxation on the harvesting time or selling time of assets. Accrual taxation decreases the selling time of Austrian assets. Realization taxation decreases the …
Evaluation Of Price Control And Price Intelligence Agency At Work, F. U. Ezeuduji
Evaluation Of Price Control And Price Intelligence Agency At Work, F. U. Ezeuduji
Bullion
This paper evaluates the effectiveness of price regulation in Nigeria and the role played by Price Intelligence Agency. it also provides some that a new body should be given the poranr and hecessary fund not only to study the price structure and price movements an the economy but also to study the supply and demand potentials in the economy with a view to forecasting the demand and supply position to be expected in the near future.
Conference On Business And Economic Affairs, Henry De Groot
Conference On Business And Economic Affairs, Henry De Groot
Pro Rege
No abstract provided.