This paper considers an application of the Markov switching vector error correction model to analysis long-run and short-run dependence Russian real GDP exchange on oil prices. An algorithm for estimation with a priori information state hidden chain in some periods time is provided. It shown that period 1999–2018 two different regimes are well defined: slow adjustment rate sharp reaction respon...

This report summarizes the findings of a UNDP-sponsored study on the structure of the financial sector, central bank policy, and employment outcomes in Ghana. The financial sector is the primary conduit through which monetary policy affects real economic outcomes, and monetary policy determines the resources available to financial institutions. Therefore, monetary policy must be coordinated wit...

We employ model-free jump measures to study monetary policy operations in the US and UK around major economic events by exploiting the relationship between jumps, interest rates, and macroeconomic news releases related to monetary policy. In our analysis, we explicitly account for the timing of jumps in US and UK interest rates and the correlation across jumps in the same two interest rates and...

This paper explores the link between Brazil’s political institutions and its disappointing productivity and growth in recent decades. Although political institutions provide the president with incentives and the instruments to pursue monetary stability and fiscal discipline they simultaneously raise the costs of achieving those very objectives. The insulation of certain expenditures from presid...

This paper studies non-cooperative monetary policy in a two country general equilibrium model where international economic integration is endogenised through firm-level heterogeneity and monopolistic competition. Economic integration between countries is a source of policy competition, generating higher long-run inflation, and increased gains from monetary cooperation. JEL codes: E31, E52, F41 ...

This paper studies the effects of financial integration on economic growth using an international panel data of 83 countries from 1974-2007. The effects of financial integration on economic growth differ considerably, depending on the type of external assets and liabilities as well as on the characteristics of countries that experience financial integration. In particular, when we break down ex...

The objective of the analysis is to study relationships between GDP, energy consumption, renewable production, and CO2 emissions in some European transition economies period 1990-2018. We use growth rates per capita values, a panel VAR approach where all variables are typically treated as endogenous, allowing inference on causality relationships. decision focus countries motivated by fact that ...

this article examines the basic assumption of rational expectations hypothesis on iran's economy from 1966 to 2003. this assumption suggests the neutrality or ineffectiveness of money policy on the development of real variables of production and employment. the results from estimation of production equation do not support the significant influence of unanticipated component of money growth...

This study has investigated the impact of gender inequality and environmental degradation on human well-being in case Pakistan from 1980 to 2019. Augmented Dickey-Fuller unit root test is used for stationarity variables. The Autoregressive Distributed Lag Model (ARDL) co-integration among variables model. results show that a negative significant Pakistan, while equality encourages well-being. c...

This paper estimates a Structural Dynamic Factor Model on a panel of 102 US quarterly series. We model economic comovements by means of 5 underlying structural shocks (oil price, productivity, aggregate demand, monetary policy, and housing demand). The results of the benchmark model (impulse responses and variance decompositions) are in line with those predicted by economic theory and usually e...