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Articles ( Showing 1-20 of 61 items)
Searched for: [ Keywords: "Time-to-build" ] clear all
Letter
Time to build, financial frictions, and the effectiveness of fiscal stimulus
by Zhiming Ao , Ziyue Chen  and  He Nie
Abstract
By introducing time to build, which creates a time-lag between government investment and the accumulation of productive capital, into an analysis of fiscal stimulus to the economy with financial frictions, we find that the effectiveness of fiscal policy is dampened. While the weakening effects of time to build become significantly weaker alongside with a higher fraction of gove [...] Read more

Journal Article
Online consumers build trust with online merchants through real-time interaction function
by Lifu Li
Abstract
Given the rapid development of live streaming commerce in China, this study focuses on the interactivity and sociability of live streaming shopping activities and explores online consumers’ real-time interaction intentions and trust-building behaviours with online merchants. To discover the real-time interaction between online consumers and online merchants, this study bu [...] Read more

Journal Article
Aggregate Investor Sentiment and Time-Varying Price Discovery: Evidence from the Options Market
by Yaping Zhou  and  Dayong Lv
Abstract
Previous literature shows that the price-discovery ability of options market varies substantially over time. Using data of Shanghai Stock Exchange 50 exchange-traded fund options, this paper shows that options prices contribute relatively less to price discovery during low-sentiment periods, but the price-discovery ability of options market remains unchanged during high-sentime [...] Read more

Journal Article
Pseudocode and Algorithms for Computer Simulations of Democratically Planned Economies
by Mitchell Szczepanczyk
Abstract
The claim that “there is no third way” besides the economic models of capitalism and communism has faced a challenge from a new and growing body of research into a “third way” economic paradigm known as democratic planning. In this paper, we explore one of these democratic planning models–Robin Hahnel and Michael Albert’s model of a participa [...] Read more

Letter
Time-frequency dependency between stock market volatility, and Islamic gold-backed and conventional cryptocurrencies
by Md. Mamunur Rashid  and  Md. Ruhul Amin
Abstract
We extend the Shariah-compliant digital assets and Islamic Fintech literature through exploring the time-frequency associations between the volatility index (VIX) and cryptocurrencies (both Islamic and traditional). Employing wavelet-based technique, we find that Islamic cryptocurrencies demonstrate low or no coherency with stock market volatility compared to traditional crypto [...] Read more

Journal Article
A Comparative Machine Learning Survival Models Analysis for Predicting Time to Bank Failure in the US (2001-2023)
by Diego Vallarino
Abstract
This study investigates the likelihood of time to bank failures in the US between 2001 and April 2023, based on data collected from the Federal Deposit Insurance Corporation's report on "Bank Failures in Brief - Summary 2001 through 2023". The dataset includes 564 instances of bank failures and several variables that may be related to the likelihood of such events, such as asse [...] Read more

Journal Article
Electronic Payments System and Banking Industry’s Return in Nigeria: A Time-Varying Granger Causality Approach
by Abubakar Sani Ibrahim , John Olu-Coris Aiyedogbon  and  Obumneke Ezie
Abstract
The paper is motivated by the growth of the electronic payments system and its relevance in enhancing the banking industry's earnings. Consequently, the paper examines the causal relationship between the electronic payments system and the banking industry's returns in Nigeria. The paper offers some important contributions to the literature involving the use of an approach that [...] Read more

Journal Article
Welfare fragmented information effects: The cost-benefit analysis and Trade-offs
by Emna Trabelsi
Abstract
We offer an extensive analysis of the significance of information within the realm of Gaussian quadratic economies. We build upon the seminal papers of Morris and Shin (2002, 2007) and consider a signal game of incomplete information. Particularly, we question the suitability of partial transparency portrayed by fragmented information in addition to the private signal in terms [...] Read more

Journal Article
Does the digital economy promote industrial green transformation? Evidence from spatial Durbin model
by Mingyue Du  and  Siyu Ren
Abstract
The digital economy based on digital technology is an important force for high-quality economic growth and industrial transformation, and has great potential for value creation. Based on the data of 30 provinces in China from 2007 to 2017, this paper uses entropy method to calculate the industrial green transformation (IGT), and empirically analyzes the impact of Digital econom [...] Read more

Journal Article
Machine Learning Survival Models restrictions: the case of startups time to failed with collinearity-related issues
by Diego Vallarino
Abstract
This research evaluates the efficacy of survival models in forecasting startup failures and investigates their economic implications. Several machine learning survival models, including Kernel SVM, DeepSurv, Survival Random Forest, and MTLR, are assessed using the concordance index (C-index) as a measure of prediction accuracy. The findings reveal that more sophisticated models [...] Read more

Journal Article
Budget deficit and money holding when consumers live forever in an endogenous growth model
by Yasuhito Tanaka
Abstract
In this paper I will show that budget deficit (or fiscal deficit) is necessary to achieve full employment under constant prices or inflation, using a model of endogenous growth in which consumers hold money for the reason of liquidity and live forever. Budget deficit need not be offset by future budget surpluses. I consider the continuous time case by taking the limit of the di [...] Read more

Journal Article
Qualitative Analysis of West African Economic and Monetary Union Decades’ Economic Growth
by Siriki Coulibaly  and  Pierre Guei
Abstract
The study analyses the long growth rate period contribution to human development in West African Economic and Monetary Union (WAEMU) from 1996 to 2019 introducing time and institutional indicators effects analyses. Time and institutional effects both greatly improve model's diagnostics statistics. Time effects reduce growth variable coefficient and its significance, but not ins [...] Read more

Journal Article
Regional Disparities in Inflation Persistence: Unpacking the Dynamics of Price Growth in Portugal
by Eleonora Santos
Abstract
This paper investigates the degree of inflation persistence across regions in Portugal by analyzing the Consumer Price Index (CPI) growth rates for NUTS II regions. The study employs the Augmented Dickey-Fuller (ADF) test to determine whether the CPI data for Portugal is stationary or non-stationary. The results of the ADF test reveal that the IPC data for Portugal is non-stati [...] Read more

Journal Article
Vector Error Correction Models with Stationary and Nonstationary Variables
by Pu Chen
Abstract
Vector Error Correction Models (VECM) have become a standard tool in empirical economics for analyzing nonstationary time series data because they integrate two key concepts in economics: equilibrium and dynamic adjustment in a single model. The current standard VECM procedure is limited to time series data with the same degree of integration, i.e., all I(1) variables. However, [...] Read more

Journal Article
Testing the Oswald hypothesis with Australian census data 2001-2016
by Megha Raut  and  W. Robert J. Alexander
Abstract
The Oswald hypothesis is that home ownership reduces mobility and through that channel results in poorer labor market outcomes. There has been only limited previous evidence on the Australian case. Here we use data from the first four Australian censuses of the twenty-first century, aggregated at the smallest geographical areas for which statistics are released. We propose test [...] Read more

Journal Article
Dynamics of deposit dollarization in Turkey
by A. Yasemin Yalta  and  A. Talha Yalta
Abstract
Deposit dollarization in Turkey has been on the rise, reaching record levels in 2022. This was caused by the worsening macroeconomic fundamentals along with the transition to the presidential system in 2018 and the associated deviation from the monetary policy stance afterward. The unique case of Turkey presents an excellent natural experiment to explore the dynamics of deposit [...] Read more

Letter
Housing and monetary policy: Fresh evidence from China
by Yun Liu
Abstract
We empirically address the effects of monetary policy on the housing market in China using a novel Time-Varying Parameter VARX model. We show that an expansionary monetary has positive effects on the housing market, while during COVID-19, the effects are approaching to zero or even negative. In addition, the effects of the LPR policy are strong and even larger than that of COVI [...] Read more

Journal Article
Analysis of Stock Market Information Leakage by RDD
by Jianing Zhu  and  Cunyi Yang
Abstract
Information leakage in the stock market has been widely proven. Information disclosure is sometimes uneven, and there is significant information asymmetry between ordinary investors and professional institutional investors. In this paper, Regression Discontinuity design (RDD) model is first employed to analyze the information leakage issues. Based on the daily closing stock pri [...] Read more

Letter
Money holding and budget deficit in a growing economy with consumers living forever
by Yasuhito Tanaka
Abstract
I examine the problem of budget deficit in a growing economy in which consumers hold money as a part of their savings in the case where consumers live forever. For simplicity and tractability I use a discrete time dynamic model and Lagrange multiplier method. In the appendix I briefly explain the solution using a discrete time version of the Hamiltonian method. I will show the [...] Read more

Journal Article
Discovering online Chinese consumers’ impulse buying in live streaming by the theory of planned behavior
by Lifu Li  and  Kyeong Kang
Abstract
The study explores online consumers’ impulse buying intentions and behaviors on live streaming platforms. Unlike traditional shopping modes, the development of real-time video streaming provides online consumers with a distinct approach to interacting with live streamers and browsing online products in real-time, potentially causing their impulse buying intentions. To und [...] Read more