Modelling casino hospitality business cycles
نویسندگان
چکیده
This study decomposes the casino hospitality business cycles of Las Vegas and Macao into highgrowth states (HGS) low-growth (LGS) using a Markov switching model. The gaming sector in experiences greater fluctuations than due to more volatility tourism flows; that is, has slightly higher HGS considerably lower LGS Vegas. Vegas’s cycle appears be robust Macao’s, although both are desirably asymmetric. Various factors, including external supply-side affect local cycles. In terms policy suggestions, study’s results suggest promotional marketing must strengthened Vegas, diversify its industrial base.
منابع مشابه
Modelling Volatility Asymmetry of Business Cycles in the U.S
Most studies on the asymmetric and non-linear properties of US business cycles exclude the dimension of asymmetric conditional volatility. Engle (1982) proposes an autoregressive conditional heteroskedasticity (ARCH) model to capture the time-varying volatility of inflation rates in the United Kingdom. Weiss (1984) finds evidence of ARCH in the US industrial production. The ARCH model is then e...
متن کاملBusiness cycles
This note outlines and discusses some of the strands in the post-Keynesian literature on business cycles. Most post-Keynesians have focused on endogenously generated cycles, but the mechanism varies: some focus on the goods market, others on financial markets, the labor market, or political intervention. The merits of formal modeling of the cycles have also come in for debate. 1 A slightly vers...
متن کاملGrowth and Business Cycles
This paper studies an agent-based model that bridges Keynesian theories of demandgeneration and Schumpeterian theories of technology-fueled economic growth. We employ the model to investigate the properties of macroeconomic dynamics and the impact of public polices on supply, demand and the “fundamentals” of the economy. We find that the complementarities between factors influencing aggregate d...
متن کاملReal Business Cycles Theory
Research on economic fluctuations has progressed rapidly since Robert Lucas revived the profession’s interest in business cycle theory. Business cycle theory is the theory of the nature and causes of economic fluctuations The new Classical paradigm tried to account for the existence of cycles in perfectly competitive economies with rational expectations. It emphasized the role of imperfect info...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Argumenta Oeconomica
سال: 2023
ISSN: ['1233-5835']
DOI: https://doi.org/10.15611/aoe.2023.1.02