Статті в журналах: "Transmission of shocks"

1

Zank, G. P., and J. F. Mckenzie. "The interaction of long-wavelength compressive waves with a cosmic ray shock." Journal of Plasma Physics 37, no. 3 (June 1987): 363–72. http://dx.doi.org/10.1017/s0022377800012241.

Повний текст джерела

Анотація:

This paper investigates the stability of a cosmic ray shock to long-wavelength perturbations. The problem is formulated in terms of finding the transmission coefficient for compressive waves across a cosmic ray shock by solving the generalized, two-fluid Rankine-Hugoniot relations. For strong shocks, the transmission coefficient confirms that compressive waves can undergo considerable amplification on passage through such shocks. The resonances of the transmission coefficient provides us with the dispersion equation governing the stability of the shock to long-wavelength ripple-like distortions. By using the principle of the argument method, it is established that cosmic ray shocks are stable.

Стилі APA, Harvard, Vancouver, ISO та ін.

2

Levchenko, Andrei A., and Nitya Pandalai-Nayar. "Tfp, News, and “Sentiments”: the International Transmission of Business Cycles." Journal of the European Economic Association 18, no. 1 (November 27, 2018): 302–41. http://dx.doi.org/10.1093/jeea/jvy044.

Повний текст джерела

Анотація:

Abstract We propose a novel identification scheme for a nontechnology business cycle shock, which we label “sentiment”. This is a shock orthogonal to identified surprise and news TFP shocks that maximize the short-run forecast error variance of an expectational variable, alternatively a GDP forecast or a consumer confidence index. We then estimate the international transmission of three identified shocks—surprise TFP, news of future TFP, and sentiment—from the United States to Canada. The US sentiment shock produces a business cycle in the United States, with output, hours, and consumption rising following a positive shock, and accounts for the bulk of the US short-run business cycle fluctuations. The sentiment shock also has a significant impact on Canadian macroaggregates. In the short run, it is more important than either the surprise or the news TFP shocks in generating business cycle comovement between the United States and Canada, accounting for over 40% of the forecast error variance of Canadian GDP and over one-third of Canadian hours, imports, and exports. The news shock is responsible for some comovement at 5–10 years, and surprise TFP innovations do not generate synchronization. We provide a simple theoretical framework to illustrate how the US sentiment shocks can transmit to Canada.

Стилі APA, Harvard, Vancouver, ISO та ін.

3

Rocha, Francisco J. S., Marcos R. V. Magalhaes, and Átila Amaral Brilhante. "A BVAR Analysis on Channels of Monetary Policy Transmission in Brazil." International Journal of Economics and Finance 14, no. 3 (January 26, 2022): 19. http://dx.doi.org/10.5539/ijef.v14n3p19.

Повний текст джерела

Анотація:

This article measures the responses of GDP and inflation to a positive shock of the variables that make up the channels of transmission of monetary policy. The results of impulse-response functions of the estimated Bayesian VAR (BVAR) were: an increase in the short-term interest rate (SELIC) leads to a long-term interest rate increasing and consequently a reduction in GDP. Free credit does not have a significant impact on Brazilian GDP, given the low free credit/GDP ratio (Bogdanski et al., 2000). A shock in inflation expectations result in a decreasing trajectory of GDP, a fact consistent with the Fisher effect (Mishkin, 2009); and a shock at SELIC reduces inflation in the first two months, there is no “price puzzle”. A credit shock does not cause significant pressures on inflation. The Inflation does not show a well-defined time path after a shock in asset prices. The decomposition of the variance of the forecast error, in turn, showed that: GDP, in the short term, has its forecast errors explained by its own shocks, 70% on average. However, in the medium term, their forecast errors are explained by their own shocks, around 35%, by inflation shocks, 34%, and by interest rate shocks, 20%. The other transmission channels do not have, in the short and medium terms, significant influence on GDP forecast errors, except the asset prices; and inflation forecast errors are explained, in the short term, mainly by their own shocks, 85% on average. In the medium term, inflation forecast errors are explained 68% by inflation itself, 6% by GDP and the others transmission channels participate individually, with approximately 6%. These results are robust when controlled for commodity prices.

Стилі APA, Harvard, Vancouver, ISO та ін.

4

Miranda-Agrippino, Silvia, and Giovanni Ricco. "The Transmission of Monetary Policy Shocks." American Economic Journal: Macroeconomics 13, no. 3 (July 1, 2021): 74–107. http://dx.doi.org/10.1257/mac.20180124.

Повний текст джерела

Анотація:

Commonly used instruments for the identification of monetary policy disturbances are likely to combine the true policy shock with information about the state of the economy due to the information disclosed through the policy action. We show that this signaling effect of monetary policy can give rise to the empirical puzzles reported in the literature, and propose a new high-frequency instrument for monetary policy shocks that accounts for informational rigidities. We find that a monetary tightening is unequivocally contractionary, with deterioration of domestic demand, labor and credit market conditions as well as of asset prices and agents’ expectations. (JEL D82, D84, E32, E43, E52, E58, G12)

Стилі APA, Harvard, Vancouver, ISO та ін.

5

Mamonov, Mikhail, Vera Pankova, Renat Akhmetov, and Anna Pestova. "Financial Shocks and Credit Cycles." Russian Journal of Money and Finance 79, no. 4 (December 2020): 45–74. http://dx.doi.org/10.31477/rjmf.202004.45.

Повний текст джерела

Анотація:

This paper compares the contribution of internal and external financial shocks to the formation of credit cycle phases using cross- country quarterly data for 27 countries, including advanced and emerging economies, for the period from 1990 through 2019. To conduct comparative analysis, we apply IV Probit models of the credit cycle which take into account the relationship between the credit and business cycles the inertia of the cycles and the non-linearity of the transmission of internal and external financial shocks to the economy through the credit market. In our sample of countries, the transmission of shocks to credit cycle phases proves to be non-linear (a switching effect is observed depending on the time elapsed since the shocks occurred); with the economic effect of the external capital inflow shock being in absolute value twice stronger than that of the bank credit supply shock (on average for the current and subsequent quarters); in turn, the bank credit supply shock is twice stronger than the monetary policy shock. A counterfactual analysis of the role of financial shocks in the formation of the credit cycle in Russia indicates an increase in the effectiveness of the monetary authorities in terms of their ability to control the phases of the credit cycle and, accordingly, a relative decrease in the role of credit supply shocks, while the global financial cycle retains its dominance.

Стилі APA, Harvard, Vancouver, ISO та ін.

6

Goncharenko, Roman, and Elizaveta Lukmanova. "Persistent Monetary Policy in a Model with Labor Market Frictions." AEA Papers and Proceedings 112 (May 1, 2022): 496–502. http://dx.doi.org/10.1257/pandp.20221094.

Повний текст джерела

Анотація:

In a basic New Keynesian DSGE model with involuntary unemployment and inflation target shocks, we study the role of labor markets in the transmission of persistent monetary policy shocks that increase households' inflation expectations. The model predicts that labor market conditions can play an important role in the transmission channel of the persistent inflation target shock: quantitatively realistic labor market frictions increase the expansionary effect of inflation target shock on output by around a half compared to that under the model without labor market frictions. Using VAR analysis, we further provide empirical evidence consistent with the predictions of our theoretical model.

Стилі APA, Harvard, Vancouver, ISO та ін.

7

Omolade, Adeleke, Philip Nwosa, and Harold Ngalawa. "Monetary Transmission Channel, Oil Price Shock and the Manufacturing Sector in Nigeria." Folia Oeconomica Stetinensia 19, no. 1 (June 1, 2019): 89–113. http://dx.doi.org/10.2478/foli-2019-0007.

Повний текст джерела

Анотація:

Abstract Research background: The need for diversification of the Nigerian economy has been emphasized and the manufacturing sector has a major role in this. Being an oil producing country, monetary policy is an important macroeconomic policy that has always been used to manage the influence of oil price shock on the manufacturing sector. Purpose: The study examines the relationship between oil price shock, the monetary transmission mechanism and manufacturing output growth in Nigeria. Research methodology: The study applied the structural vector auto regression (SVAR) modelling technique and a descriptive analysis. Results: The results of the study show that the exchange rate is mostly affected by the oil price shock, while the monetary policy instruments and inflation rate are also very responsive to the exchange rate shock. The manufacturing sector output growth has also been shown to be strongly affected by the inflation rate and monetary policy shocks. Novelty: The study has revealed the most effective channel via which oil price shocks affect manufacturing output. The exchange rate channel of the monetary policy transmission mechanism is the most significant channel through which oil price shock affects manufacturing output growth in Nigeria. This shows that effective management of the exchange rate policy via the appropriate monetary policy approach can be used to minimize the adverse effect of oil price shocks on Nigerian manufacturing output.

Стилі APA, Harvard, Vancouver, ISO та ін.

8

Manzo, Gerardo, and Antonio Picca. "The Impact of Sovereign Shocks." Management Science 66, no. 7 (July 2020): 3113–32. http://dx.doi.org/10.1287/mnsc.2019.3326.

Повний текст джерела

Анотація:

This paper studies the dynamic propagation mechanisms of systemic risk shocks within and across macrosystems of governments and financial institutions. We propose a novel approach to identify relevant systemic shocks and to classify them into sovereign or banking categories. We find that sovereign shocks have a significant and persistent impact on the probability of a collective banking default. We also explore channels through which these shocks propagate and identify how sovereign fiscal fragility and banking exposure are relevant mechanisms of shock transmission. This paper was accepted by Gustavo Manso, finance.

Стилі APA, Harvard, Vancouver, ISO та ін.

9

Gassouma, Mohamed, and Kais Ben-Ahmed. "The role of foreign banks in the transmission of monetary policy: Empirical evidence from Tunisia." Ekonomski anali 66, no. 228 (2021): 101–22. http://dx.doi.org/10.2298/eka2128101g.

Повний текст джерела

Анотація:

This paper presents an empirical analysis of the effect of monetary policy shocks on credit supply in Tunisia, using a vector autoregressive model and a nonlinear interactive model. The focus is on the magnitude of these shocks in the presence of foreign banks. The variables of interest are the concentration index of deposit banks, and monetary policy shocks based on the monthly data of 27 universal and business banks covering the period 1993 to 2016. The results support a positive and significant impact of concentration index on credit supply. However, monetary policy shocks appear to have no significant effect when the market is concentrated with the entry of foreign banks. The findings of this study also reveal that the entry of foreign banks neutralises monetary policy shock transmission in the credit supply, which may be offset by market discipline.

Стилі APA, Harvard, Vancouver, ISO та ін.

10

Babula, Ronald A., and David A. Bessler. "The Corn-Egg Price Transmission Mechanism." Journal of Agricultural and Applied Economics 22, no. 2 (December 1990): 79–86. http://dx.doi.org/10.1017/s1074070800001838.

Повний текст джерела

Анотація:

Abstract A vector autoregression (VAR) model of corn, farm egg, and retail egg prices is estimated and shocked with a corn price increase. Impulse responses in egg prices, t-statistics for the impulse responses, and decompositions of forecast error variance are presented. Analyses of results provide insights on the corn/egg price transmission mechanism and on how corn price shocks pulsate through the egg-related economy.

Стилі APA, Harvard, Vancouver, ISO та ін.

11

McKibbin, Warwick J., and Kang Yong Tan. "Learning and international transmission of shocks." Economic Modelling 26, no. 5 (September 2009): 1033–52. http://dx.doi.org/10.1016/j.econmod.2009.04.001.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

12

Cravino, Javier, and Andrei A. Levchenko. "Multinational Firms and International Business Cycle Transmission*." Quarterly Journal of Economics 132, no. 2 (November 15, 2016): 921–62. http://dx.doi.org/10.1093/qje/qjw043.

Повний текст джерела

Анотація:

Abstract We investigate how multinational firms contribute to the transmission of shocks across countries using a large multicountry firm-level data set that contains cross-border ownership information. We use these data to document two novel empirical patterns. First, foreign affiliate and headquarter sales exhibit strong positive comovement: a 10% growth in the sales of the headquarter is associated with a 2% growth in the sales of the affiliate. Second, shocks to the source country account for a significant fraction of the variation in sales growth at the source-destination level. We propose a parsimonious quantitative model to interpret these findings and to evaluate the role of multinational firms for international business cycle transmission. For the typical country, the impact of foreign shocks transmitted by all foreign multinationals combined is non-negligible, accounting for about 10% of aggregate productivity shocks. On the other hand, since bilateral multinational production shares are small, interdependence between most individual country pairs is minimal. Our results do reveal substantial heterogeneity in the strength of this mechanism, with the most integrated countries significantly more affected by foreign shocks.

Стилі APA, Harvard, Vancouver, ISO та ін.

13

Saadaoui, Amir, Kais Saidi, and Mohamed Kriaa. "Transmission of shocks between bond and oil markets." Managerial Finance 46, no. 10 (May 26, 2020): 1231–46. http://dx.doi.org/10.1108/mf-11-2019-0554.

Повний текст джерела

Анотація:

PurposeThis paper aims at looking into the transmission of shocks between bond and oil markets using a bivariate GARCH (BEKK and DCC) model. As lots of financial assets have been exchanged due to these index returns, it is essential for financial market participants to figure out the mechanism of volatility transmission through time and via these series for the purpose of taking optimal decisions of portfolio allocation. The outcomes drawn reveal an important volatility transmission between sovereign bond and oil indices, with great sensitivity during and after the subprime crisis period.Design/methodology/approachIn this context, we propose our hypotheses. Indeed, our study aims to see whether the financial crisis has been responsible for the sharp drop in oil prices since October 2008. To this end, we suggest, in this paper, the empirical study of the shock transmission between the bond and oil markets, using BEK-GARCH and DCC models. To our knowledge, this is the first document using the BEKK-GARCH and the DCC models in studying the shock transmission between a sovereign bond and oil indices.FindingsWe have noticed that in the event of a disruption in the bond market, oil prices respond to these shocks in the short term. It has also been emphasized, however, that this relationship has exacerbated if the period has extended. This makes us conclude that the financial market situation affects the oil price only throughout the crisis period; and that this situation is causally significant only in the event of a severe crisis, such as those of subprime and sovereign debt.Originality/valueThe global financial system has been going through an acute crisis since mid-2007. This crisis, initially occurred only in the US real estate market, progressively affects the global financial system, and is now becoming a general economic crisis. The objective of this work is to analyze the effects of the current financial market disturbance on oil prices based on econometric models in order to promote the proper functioning of this study.

Стилі APA, Harvard, Vancouver, ISO та ін.

14

Mamonov, M. Ye, and A. A. Pestova. "Transmission of monetary policy shocks in small open emerging market economies." Journal of the New Economic Association 52, no. 4 (2021): 37–65. http://dx.doi.org/10.31737/2221-2264-2021-52-4-2.

Повний текст джерела

Анотація:

In this paper, we compare the transmission of monetary policy shocks using quarterly data for 13 emerging market economies (EMEs) with that in a benchmark advanced open economy, the United Kingdom, in the periods of inflation targeting (from 1990s onward). To estimate the transmission within a given country, we specify a monetary VAR-model and we extend it with a variable reflecting commodities terms of trade. We identify monetary policy shocks using a sign restriction scheme: a restrictive shock is determined as an unexpected rise of policy rate and reduction of inflation (CPI) and money demand (M2). We apply the Bayesian approach to estimating VARs to address the curse of dimensionality. Our results indicate that monetary policy in EMEs is not less efficient comparable to the U.K.: restrictive monetary shocks decrease inflation but also lead to a slowdown of GDP and stock market outflows. Overall, our findings add to the debate on the real effects of monetary policy surprises with a special attention to a large set of EMEs.

Стилі APA, Harvard, Vancouver, ISO та ін.

15

Furlanetto, Francesco, and Martin Seneca. "NEW PERSPECTIVES ON DEPRECIATION SHOCKS AS A SOURCE OF BUSINESS CYCLE FLUCTUATIONS." Macroeconomic Dynamics 18, no. 6 (June 11, 2013): 1209–33. http://dx.doi.org/10.1017/s1365100512000910.

Повний текст джерела

Анотація:

In this paper we study the transmission of capital depreciation shocks. The existing literature in the real business cycle tradition has concluded that these shocks are irrelevant to business cycle fluctuations. We show that they are potentially important drivers of aggregate fluctuations in a new Keynesian model. Nominal rigidities and some persistence in the shock process are the key ingredients that generate co-movement across real variables.

Стилі APA, Harvard, Vancouver, ISO та ін.

16

TAMMI, JONI. "WAVE TRANSMISSION AND HARD PARTICLE SPECTRA FROM PARALLEL SHOCKS." International Journal of Modern Physics D 17, no. 10 (September 2008): 1811–17. http://dx.doi.org/10.1142/s0218271808013443.

Повний текст джерела

Анотація:

I review recent results concerning the effects that relativistic parallel shocks can have on the particle-scattering turbulence, and how these effects, in turn, can change the shock's particle acceleration properties. I discuss the possibility of increased compression ratio due to this kind of turbulence transmission, and consider the effects of additional compression on the energy spectrum of the accelerated particles. Emphasis is put on the possibility of producing spectral indices that are significantly harder than what is usually expected from the first-order Fermi mechanism, but required by some observations. Finally, I discuss the physical requirements — and their plausibility in real astronomical objects — of this mechanism to have notable effects.

Стилі APA, Harvard, Vancouver, ISO та ін.

17

Eickmeier, Sandra, Andreas Worms, and Boris Hofmann. "Macroeconomic Fluctuations and Bank Lending: Evidence for Germany and the Euro Area." German Economic Review 10, no. 2 (May 1, 2009): 193–223. http://dx.doi.org/10.1111/j.1468-0475.2008.00455.x.

Повний текст джерела

Анотація:

Abstract This paper analyzes the dynamic response of loans to the private sector and of economic activity to aggregate supply, demand and monetary policy shocks in Germany and the euro area based on a standard macroeconomic VAR using sign restrictions to identify the structural shocks. The main results of this analysis are that (i) with the exception of the response to the supply shock in Germany, the response of loans to the three macroeconomic shocks is rather weak and in most cases insignificant; (ii) the 2000-05 credit slowdown and weak economic performance in Germany were primarily driven by adverse supply shocks; and (iii) the marked slowdown in credit creation in Germany over this period actually represents a realignment of the outstanding stock of loans with its deterministic level. In order to assess the role of bank lending in the transmission of macroeconomic shocks, we further perform counterfactual simulations and analyze the dynamic responses of German loan subaggregates in order to test the distributional implications of potential credit market frictions. These exercises do not indicate that credit market frictions play an amplifying role in the transmission of macroeconomic fluctuations.

Стилі APA, Harvard, Vancouver, ISO та ін.

18

Hu, Xiaowen, Bing Xu, and Shangfeng Zhang. "Understanding the Influence of Interest Rate Liberalization on Economic Structure and Monetary Policy." Journal of Advanced Computational Intelligence and Intelligent Informatics 19, no. 4 (July 20, 2015): 500–507. http://dx.doi.org/10.20965/jaciii.2015.p0500.

Повний текст джерела

Анотація:

In this paper, a dynamic stochastic general equilibrium model with price stickiness is constructed to analyze quantitatively the effect of interest rate liberalization on economic structure and monetary policy. Using parameter calibration and Bayes estimation, we analyze the impulse responses and numerical simulation of the external shocks of technology shocks and monetary policy shock. The empirical results find the following conclusion: Firstly, the interest rate liberalization is conducive to economic restructuring as the investment ratio and capital growth is suppressed and the household and government consumption ratio is promoted. Secondly, the interest rate liberalization can lower economic fluctuation, and enhance the defense ability against external shocks such as technological shocks and monetary policy shocks. Moreover, the interest rate liberalization is help to dredge the monetary policy transmission channels as the interest rate shocks on the real economy is gradually increased.

Стилі APA, Harvard, Vancouver, ISO та ін.

19

Fout, Hamilton B., and Neville R. Francis. "IMPERFECT TRANSMISSION OF TECHNOLOGY SHOCKS AND THE BUSINESS CYCLE CONSEQUENCES." Macroeconomic Dynamics 18, no. 2 (December 14, 2012): 418–37. http://dx.doi.org/10.1017/s1365100512000454.

Повний текст джерела

Анотація:

We investigate the business cycle effects of imperfect transmission of technology shocks within a basic real business cycle (RBC) model along two dimensions. First, we assume that agents cannot distinguish a temporary increase in productivity growth from a sustained increase in the underlying growth rate of productivity and instead must conduct signal extraction exercises and update beliefs about the source of aggregated shocks. Second, we propose a technology adjustment cost resulting in the slow diffusion of technological innovations into the production process. Both of these impediments to the transmission of technology result in a large initial wealth effect, increasing investment and hours less, relative to the usual RBC model without these frictions. Furthermore, each of these features is capable of producing a decline in hours on impact of the technology shock matching the negative response in hours found in the data by such works as Gali [American Economic Review89(1), 249–271 (1999)].

Стилі APA, Harvard, Vancouver, ISO та ін.

20

Sim, Khang Yi, and Siok Kun Sek. "Distinguishing the Effect of Oil Shocks on the Global Economy: A Threshold Regression Approach." MATEMATIKA 35, no. 4 (December 31, 2019): 79–97. http://dx.doi.org/10.11113/matematika.v35.n4.1265.

Повний текст джерела

Анотація:

The effect of oil shock on the global economy is evident through many studies. However, the effect is heterogeneous over time. One of the reasons that lead to such different impacts is due to the oil source that is either the oil shock is demand or supply-driven. Applying the structural vector autoregressive (SVAR) model to generate the three oil shocks based on the three oil sources (oil supply, oil demand and oil specific-demand), we extended the examination on the effect of oil shock on the global economy using the threshold regression. Our results reveal the threshold effects of oil directly and indirectly on the global economy. The impacts of oil shocks differ across sectors, implying oil intensity, as well as oil sources, are the factors that determine the impact of oil shocks on the global economy. Overall, the oil specific-demand shock is more influential among the three oil shocks. Hence, the global economy is oil demand-driven. Besides that, the impact of oil is relatively large in the energy sector when compared to the non-energysector and precious metals industry. Despite that, the impact of oil shocks is small if compared to the non-oil shocks such as exchange rate changes and global consumer price inflation shock. Consequently, non-oil shocks are the main determinants of the global economic fluctuation. The study leads to a better understanding of the transmission of oil shock and its sources, the interaction between oil and economic indicators and the policy implication due to oil dependency/ intensity.

Стилі APA, Harvard, Vancouver, ISO та ін.

21

Singh, Aarti, and Stefano Tornielli Di Crestvolant. "TRANSMISSION OF MONETARY POLICY SHOCKS: DO INPUT–OUTPUT INTERACTIONS MATTER?" Macroeconomic Dynamics 24, no. 8 (March 21, 2019): 1881–903. http://dx.doi.org/10.1017/s1365100519000038.

Повний текст джерела

Анотація:

We examine whether input–output interactions among industries impact the transmission of monetary policy shocks through the economy. Using vector autoregressive (VAR) methods we find evidence of heterogeneity in the output response to a monetary policy shock in both finished goods industries and intermediate goods industries. While output responses in finished goods industries can be related to heterogeneity in industry characteristics, this relationship is not so obvious for intermediate goods industries. For the intermediate goods industries in our sample, we find new evidence of demand-spillover effects that impact the transmission of monetary policy via input–output linkages.

Стилі APA, Harvard, Vancouver, ISO та ін.

22

Umar, Zaghum, Mariya Gubareva, Muhammad Naeem, and Ayesha Akhter. "Return and volatility transmission between oil price shocks and agricultural commodities." PLOS ONE 16, no. 2 (February 19, 2021): e0246886. http://dx.doi.org/10.1371/journal.pone.0246886.

Повний текст джерела

Анотація:

This paper studies the connectedness between oil price shocks and agricultural commodities. Our sample period ranges from January 2002 to July 2020, covering the three global crises; Global Financial Crisis, the European sovereign debt crisis and Covid-19 pandemic crisis. We employ Granger causality tests, and the static and dynamic connectedness spillover index methodology. We find that the shocks in oil prices are Granger-caused mainly by price changes of grains, live cattle, and wheat, while supply shock granger causes variations mostly in grain prices. We find that, from the point of view of static connectedness, for both, price and volatility spillovers, the livestock is the largest transmitter, while the lean hogs are the major receiver. Our dynamic analysis evidences that connectedness increases during the financial crisis period. Our results are potentially useful for investors, portfolios managers and policy makers.

Стилі APA, Harvard, Vancouver, ISO та ін.

23

Lechanová, I. "The transmission process of supply and demand shocks in Czech meat commodity chain ." Agricultural Economics (Zemědělská ekonomika) 52, No. 9 (February 17, 2012): 427–35. http://dx.doi.org/10.17221/5046-agricecon.

Повний текст джерела

Анотація:

Based on the results of price transmission analysis, the paper aims to explain the asymmetry of price transmission in Czech meat commodity chain, in the supply as well as in the demand direction. The transmission asymmetry in supply direction, i.e. e. from farmer to consumer (especially in case of price growth); can imply the existence of market power exercised by individual links of the chain, especially by processors or retailers. The transmission asymmetry in demand direction, i.e. from the final consumer to farmer, is treated as well, although the possible reasons behind the asymmetry are definitely not the same. Demand shock (rapid decline in consumer demand), which is often followed by price fall at the consumer level, can be caused by food safety hazards. They play very important role in the meat commodity chain, where higher risks of threatening the food safety standards are presupposed, especially in connection with the frequent distribution of animal diseases (such as the mad cow disease (BSE), the avian flu, the foot-and-mouth-disease), which is the main reason for demand-oriented price transmission analysis. Price transmission analysis is carried out in three steps. First, the extent of the transmitted price changes is measured by the coefficient of elasticity of price transmission (EPT), the results are presented in the form of matrix, which represents supply as well as demand direction. Second, the analysis of price differences is carried out in both directions. Positive as well as negative price changes are treated separately. As the last step, the impact of time delay on the price transmission process is assessed in both directions. The data used represent monthly prices (resp. their differences) in the period of 1997–2005 with the distinction on poultry, pork and beef branch of the chain. 

Стилі APA, Harvard, Vancouver, ISO та ін.

24

Trotta, Domenico, Francesco Pecora, Adriana Settino, Denise Perrone, Heli Hietala, Timothy Horbury, William Matthaeus, David Burgess, Sergio Servidio, and Francesco Valentini. "On the Transmission of Turbulent Structures across the Earth’s Bow Shock." Astrophysical Journal 933, no. 2 (July 1, 2022): 167. http://dx.doi.org/10.3847/1538-4357/ac7798.

Повний текст джерела

Анотація:

Abstract Collisionless shocks and plasma turbulence are crucial ingredients for a broad range of astrophysical systems. The shock–turbulence interaction, and in particular the transmission of fully developed turbulence across the quasi-perpendicular Earth’s bow shock, is here addressed using a combination of spacecraft observations and local numerical simulations. An alignment between the Wind (upstream) and Magnetospheric Multiscale (downstream) spacecraft is used to study the transmission of turbulent structures across the shock, revealing an increase of their magnetic helicity content in its downstream. Local kinetic simulations, in which the dynamics of turbulent structures are followed through their transmission across a perpendicular shock, confirm this scenario, revealing that the observed magnetic helicity increase is associated with the compression of turbulent structures at the shock front.

Стилі APA, Harvard, Vancouver, ISO та ін.

25

Arin, K. Peren, Murat Koyuncu, and Christoph Schumacher. "Trans-Tasman Transmission of Government Spending Shocks." Australian Economic Papers 51, no. 4 (November 27, 2012): 167–88. http://dx.doi.org/10.1111/1467-8454.12000.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

26

Hariharan, S. I., and David K. Johnson. "Transmission of light waves through normal shocks." Applied Optics 34, no. 33 (November 20, 1995): 7752. http://dx.doi.org/10.1364/ao.34.007752.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

27

Ehrmann, Michael, and Marcel Fratzscher. "Global Financial Transmission of Monetary Policy Shocks." Oxford Bulletin of Economics and Statistics 71, no. 6 (December 2009): 739–59. http://dx.doi.org/10.1111/j.1468-0084.2009.00561.x.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

28

Enders, Zeno, and Gernot J. Müller. "On the international transmission of technology shocks." Journal of International Economics 78, no. 1 (June 2009): 45–59. http://dx.doi.org/10.1016/j.jinteco.2009.02.010.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

29

Smith, J. D. "Transmission of Smith shocks through rolling bearings." Journal of Sound and Vibration 181, no. 1 (March 1995): 1–6. http://dx.doi.org/10.1006/jsvi.1995.0121.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

30

Coulouvrat, Francois. "Nonlinear acoustical transmission through a weak shock wave." Journal of the Acoustical Society of America 152, no. 4 (October 2022): A228. http://dx.doi.org/10.1121/10.0016098.

Повний текст джерела

Анотація:

Recent experiments (Ducousso et al., Phys. Rev. Appl., L051002, 2021) demonstrated the possibility to image weak shock propagation in solids by an ultrasonic probe wave. Wave interaction with a steady, ideal step shock in air has been previously described (Burgers, Selected Papers, Springer, 478–486, 1995—McKenzie and Westphal, Phys. Fluids, 11, 2350, 1968), without consideration for the particular case of a weak shock nor for the influence of the medium. The present paper considers a weak shock interacting in any inviscid fluid with an incident probe wave. No reflected wave arises. The transmitted wave, vortex and entropy modes behind the shock, and the shock front disturbance, are determined by the linearisation of the Rankine-Hugoniot relations. For a weak shock, entropy mode and energy jump relation can be omitted. The shock motion induces a Doppler effect dependant on the medium, air and water giving opposite trends. The transmitted wave amplitude is either increased or reduced through energy exchanges with the shock. For an incidence beyond the critical angle, instead of a total reflexion, an inversion of the direction of the transmitted wave occurs, propagating in the same direction as the shock. This phenomenon seems specific to weak shocks.

Стилі APA, Harvard, Vancouver, ISO та ін.

31

Ubide, Angel J. "International Transmission of Shocks in a Business-Cycle Model Under Imperfect Competition." Macroeconomic Dynamics 3, no. 3 (September 1999): 341–67. http://dx.doi.org/10.1017/s1365100599012031.

Повний текст джерела

Анотація:

This paper investigates the effects of introducing imperfect competition in an international business-cycle model. We provide some international evidence on markups and analyze the implications of increasing returns to scale and monopolistic competition for the effects and the international transmission of technology and government spending shocks. We also consider exogenous markup fluctuations as a source of shocks and of transmission of business cycles. We show that imperfect competition improves the behavior of a standard model driven by technology shocks, although the behavior of foreign trade variables remains unexplained. We also show that an imperfectly competitive model driven by government shocks can explain the international business cycle at least as well as a model driven by technology shocks.

Стилі APA, Harvard, Vancouver, ISO та ін.

32

Luporini, Viviane. "The monetary transmission mechanism in Brazil: evidence from a var analysis." Estudos Econômicos (São Paulo) 38, no. 1 (March 2008): 7–30. http://dx.doi.org/10.1590/s0101-41612008000100001.

Повний текст джерела

Анотація:

This article presents evidence on the interest channel of the monetary policy for the Brazilian economy of the 1990s analyzing the effects of an unexpected change in the baseline interest rate on output, prices and the exchange rate in a vector autoregression system. Our main results are: a) a tightening in the monetary policy affects economic activity immediately, reducing the rate of growth of real GDP; b) the exchange rate and prices are affected only after a time interval, with inflation assuming a downward trend only two months after the monetary shock; c) results do not change when the specification is controlled for international conditions, commodity prices or other measures of inflation and economic activity; d) monetary shocks have a significant impact on the volatility of output and inflation in the benchmark model e) monetary shocks have a significant impact on the volatility of the debt/GDP ratio in the control-model.

Стилі APA, Harvard, Vancouver, ISO та ін.

33

Kurozumi, Takushi. "OPTIMAL MONETARY POLICY UNDER PARAMETER UNCERTAINTY IN A SIMPLE MICROFOUNDED MODEL." Macroeconomic Dynamics 14, no. 2 (February 10, 2010): 257–68. http://dx.doi.org/10.1017/s1365100509090154.

Повний текст джерела

Анотація:

This paper examines optimal monetary policy under uncertainty about fundamental parameters of a dynamic stochastic general-equilibrium model. In contrast to previous studies, a microfoundation of the model leads this uncertainty to generate uncertainty not only about the transmission of monetary policy but also about the transmission of shocks and about a social welfare loss function. In the presence of such uncertainty, this paper finds conditions under which optimal discretionary policy responds to shocks more aggressively than in the absence of the uncertainty. These conditions depend crucially on the persistence of shocks and the magnitude of policy multipliers. To obtain the conditions, taking proper account of uncertainty about the transmission of shocks and about the welfare loss function is of crucial importance.

Стилі APA, Harvard, Vancouver, ISO та ін.

34

Živkov, Dejan, Boris Kuzman, and Jonel Subić. "What Bayesian quantiles can tell about volatility transmission between the major agricultural futures?" Agricultural Economics (Zemědělská ekonomika) 66, No. 5 (May 25, 2020): 215–25. http://dx.doi.org/10.17221/127/2019-agricecon.

Повний текст джерела

Анотація:

This paper investigates an idiosyncratic volatility spillover effect between the four agricultural futures – corn, wheat, soybean, and rise. In order to avoid biased measurements of the volatilities, we use the Markov switching generalized autoregressive conditional heteroskedasticity (MS-GARCH) model. The created volatilities are imbedded in the Bayesian quantile regression framework which can produce accurate quantile estimates. We report that soybean and wheat receive relatively high levels of volatility shocks from the other markets, and that excludes soybean and wheat as primary investment assets in a portfolio. On the other hand, rice receives the lowest amount of volatility shocks from all other agricultural futures. The reason could be the policy of rice price stability that is conducted by countries in the Asia and Pacific region. This result favours rice futures, from the four commodities, as the primary asset in a portfolio. All other futures are suitable to be an auxiliary asset in a portfolio with rice, because rice receives the weakest volatility shocks spillover effect from the other three markets.

Стилі APA, Harvard, Vancouver, ISO та ін.

35

Wu, Lili, and Mingxu Li. "The Monetary Transmission Mechanism: An SVAR Analysis of the Four Municipalities in China." Applied Economics and Finance 5, no. 1 (December 26, 2017): 81. http://dx.doi.org/10.11114/aef.v5i1.2839.

Повний текст джерела

Анотація:

This paper explores the role of housing markets in the transmission of monetary policy shocks across four Chinese municipalities, namely Beijing, Shanghai, Tianjin, and Chongqing. The analysis is based on identification of housing demand shocks, monetary policy shocks and credit supply shocks through a Structural Vector Autoregressive (SVAR) model estimated using monthly data for four cities from July 2005 to December 2015. The empirical results show great differences in the four cities as far as the housing market is concerned. They also indicate that housing plays a stronger role in the transmission of monetary policy shocks in Beijing and Shanghai than in Tianjin and Chongqing. These results are reasonably robust across several model specifications.

Стилі APA, Harvard, Vancouver, ISO та ін.

36

Dajčman, Silvo, Alenka Kavkler, Peter Mikek, and Dejan Romih. "Transmission of Financial Stress Shocks between the USA and the Euro Area During Different Business Cycle Phases." E+M Ekonomie a Management 23, no. 4 (December 1, 2020): 152–65. http://dx.doi.org/10.15240/tul/001/2020-4-010.

Повний текст джерела

Анотація:

This paper examines the transmission of financial stress shocks between the USA and the euro area for recessionary and non-recessionary regimes in the shock-recipient economy. The investigated period is 1999M1–2017M11, which includes several episodes of recessionary and non-recessionary regimes, endogenously determined by the model, as well as several financial stress episodes. After testing for non-linearity, we employ a five-variable Bayesian threshold vector autoregression model using internationally compatible data for financial stress indices. Our results show significant non-linearities in the financial stress-business cycle interactions for the euro area. In comparison to the non-recessionary regime, the US financial stress shocks are more detrimental to the stability of the European financial system, output growth, and inflation in recessions. US financial stress shocks negatively affect euro area unemployment rate, but the effect is independent of the euro area industrial production growth regime. In contrast, the stability of the US financial system is not susceptible to the euro area’s financial stress shocks. However, due to trade ties, the financial stress in the euro area does lead to output contraction, while not affecting inflation and unemployment in the US. We also found that US industrial production growth and unemployment rate are susceptible to domestic financial stress shocks, more in the recessionary than non-recessionary episodes of the US economy. The results suggest a need for a careful domestic and foreign financial stress monitoring and coordination of monetary authorities. While this may profit both economic areas, this is relevant more for the European Central Bank than its US counterpart.

Стилі APA, Harvard, Vancouver, ISO та ін.

37

Enisan, Akinlo Anthony, and Apanisile Olumuyiwa Tolulope. "Monetary Policy Shocks and Effectiveness of Channels of Transmission in Nigeria: A Dynamic Stochastic General Equilibrium Approach." Global Business Review 20, no. 2 (March 24, 2019): 331–53. http://dx.doi.org/10.1177/0972150918825194.

Повний текст джерела

Анотація:

This study examines the effect of anticipated and unanticipated monetary policy shocks on the effectiveness of monetary policy transmission mechanism in Nigeria by estimating a sticky-price dynamic stochastic general equilibrium (DSGE) model using Bayesian estimation approach. Four major transmission channels (exchange rate, interest rate, credit and expectation) are considered due to the economic and financial conditions of Nigeria. The study employs quarterly data from 1986:1 to 2013:4 and data are sourced from World Development Indicator (online version). Results show that unanticipated monetary policy shock has short-run impact on monetary policy transmission channels, while anticipated monetary policy shock has long-run impact on the monetary policy transmission channels. The study, therefore, concluded that efforts should be directed at reducing the unanticipated monetary policy by announcing government policy at the beginning of the year so as to reduce people’s expectation.

Стилі APA, Harvard, Vancouver, ISO та ін.

38

Khan, Muhammad Arshad, and Ayaz Ahmed. "Macroeconomic Effects of Global Food and Oil Price Shocks to the Pakistan Economy: A Structural Vector Autoregressive (SVAR) Analysis." Pakistan Development Review 50, no. 4II (December 1, 2011): 491–511. http://dx.doi.org/10.30541/v50i4iipp.491-511.

Повний текст джерела

Анотація:

This study examines the transmission channels through which the global food and oil price shocks affects selected macroeconomic variables including inflation rate, output, money balances, interest rate and real effective exchange rate for Pakistan using monthly data over the period 1990M1-2011M7. An empirical analysis is carried out by employing structural vector autoregressive (SVAR) framework. Generalised Impulse Response Functions and Generalised Forecast Variance Decompositions are employed to track the impact of oil and food price shocks to Pakistan‘s economy. Results suggest that oil price shock affects industrial production, appreciates real effective exchange rate negatively and affect inflation and interest rate positively. Whereas, following food price shocks, industrial output increases. Similarly, interest rate and inflation rate responds positively following food price shocks. However, the variation in interest rate due to food price shock is relatively larger than that of oil price shocks. Generalised impulse response functions reveal that real effective exchange rate is most important source of disturbances following either oil price or food price shocks. Generalised forecast variance decompositions analysis also supports the findings based on generalised impulse response functions. The result clearly reveals that oil and food price shocks significantly affect output, short-term interest rate, inflation rate and real effective exchange rate. However, among all, real effective exchange rate has seen a dominant source of variations in Pakistan. This implies that supply-side and demand-side disturbances originated by external shocks are the major sources of inflation (stagflation) in Pakistan. Keywords: Oil and Food Price Shocks, SVAR, GIRFs, GFEVDs, Pakistan

Стилі APA, Harvard, Vancouver, ISO та ін.

39

Waszkowski, Adam. "The monetary transmission mechanism in Polish economy." Oeconomia Copernicana 3, no. 3 (September 30, 2012): 21–35. http://dx.doi.org/10.12775/oec.2012.013.

Повний текст джерела

Анотація:

The aim of this article is to define the monetary transmission mechanism of the Polish economy and to identify the impact of shocks from the monetary policy on macroeconomic indicators such as price levels or GDP. In this regard there were used a theoretical vector autoregression model and conducted its recursive structure proposed by Sims (1980) using Cholesky decomposition. This allowed to isolate the impact of shocks: a supply, a demand, monetary and exchange rate on the value and output growth, inflation and exchange rate. Thanks to this it was visualized in the Polish economy a phenomenon of output and price puzzle.

Стилі APA, Harvard, Vancouver, ISO та ін.

40

Abeygunawardana, Kishan, Chandranath Amarasekara, and C. D. Tilakaratne. "Macroeconomic Effects of Monetary Policy Shocks." South Asia Economic Journal 18, no. 1 (March 2017): 21–38. http://dx.doi.org/10.1177/1391561416673507.

Повний текст джерела

Анотація:

This study examines the impact of monetary policy shocks on output, prices and interest rates in Sri Lanka during the period 2003–2012. It finds a strong transmission of policy rate shocks onto the money market rates and the government securities market yields. However, banking sector interest rates exhibit a smaller and slower impact compared to money and government securities market rates. The study also finds a weak policy interest rate transmission onto the real sector and prices. The direction of relationships between variables and policy shocks is in conformity with the existing theoretical and empirical priors. The existence of a large informal economy, volatile excess market liquidity, shallowness of financial markets, relatively less flexible interest rates on deposit and loan products, and fiscal accommodation by monetary policy at times are identified as reasons for weak transmission.

Стилі APA, Harvard, Vancouver, ISO та ін.

41

Ma, Qingguo, Yujing Huang, and Lei Wang. "Left Prefrontal Activity Reflects the Ability of Vicarious Fear Learning: A Functional Near-Infrared Spectroscopy Study." Scientific World Journal 2013 (2013): 1–8. http://dx.doi.org/10.1155/2013/652542.

Повний текст джерела

Анотація:

Fear could be acquired indirectly via social observation. However, it remains unclear which cortical substrate activities are involved in vicarious fear transmission. The present study was to examine empathy-related processes during fear learning by-proxy and to examine the activation of prefrontal cortex by using functional near-infrared spectroscopy. We simultaneously measured participants’ hemodynamic responses and skin conductance responses when they were exposed to a movie. In this movie, a demonstrator (i.e., another human being) was receiving a classical fear conditioning. A neutral colored square paired with shocks (CSshock) and another colored square paired with no shocks (CSno-shock) were randomly presented in front of the demonstrator. Results showed that increased concentration of oxygenated hemoglobin in left prefrontal cortex was observed when participants watched a demonstrator seeingCSshockcompared with that exposed toCSno-shock. In addition, enhanced skin conductance responses showing a demonstrator's aversive experience during learning object-fear association were observed. The present study suggests that left prefrontal cortex, which may reflect speculation of others’ mental state, is associated with social fear transmission.

Стилі APA, Harvard, Vancouver, ISO та ін.

42

Erten, Bilge. "Macroeconomic transmission of Eurozone shocks to emerging economies." Économie internationale 131, no. 3 (December 1, 2012): 43–70. http://dx.doi.org/10.3917/ecoi.131.0043.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

43

Castrén, Olli, and Ilja Kristian Kavonius. "Transmission of shocks in the integrated accounting framework." Journal of Network Theory in Finance 1, no. 2 (June 2015): 1–20. http://dx.doi.org/10.21314/jntf.2015.008.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

44

Kurlat, Pablo. "Lemons Markets and the Transmission of Aggregate Shocks." American Economic Review 103, no. 4 (June 1, 2013): 1463–89. http://dx.doi.org/10.1257/aer.103.4.1463.

Повний текст джерела

Анотація:

I study a dynamic economy featuring adverse selection in asset markets. Borrowing constrained entrepreneurs sell past projects to finance new investment, but asymmetric information creates a lemons problem. I show that this friction is equivalent to a tax on financial transactions. The implicit tax rate responds to aggregate shocks, generating amplification in the response of investment and cyclical variation in liquidity. (JEL D82, D92, E32, E44, G31, L15)

Стилі APA, Harvard, Vancouver, ISO та ін.

45

Çakir, Mustafa, and Alain Kabundi. "Transmission of China's Shocks to the BRIS Countries." South African Journal of Economics 85, no. 3 (July 7, 2017): 430–54. http://dx.doi.org/10.1111/saje.12164.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

46

Drakos, Konstantinos. "The determinants of terrorist shocks' cross‐market transmission." Journal of Risk Finance 11, no. 2 (March 2, 2010): 147–63. http://dx.doi.org/10.1108/15265941011025170.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

47

Bachmann, Rüdiger, and Eric R. Sims. "Confidence and the transmission of government spending shocks." Journal of Monetary Economics 59, no. 3 (April 2012): 235–49. http://dx.doi.org/10.1016/j.jmoneco.2012.02.005.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

48

Erten, Bilge. "Macroeconomic transmission of Eurozone shocks to emerging economies." International Economics 131 (March 2012): 43–70. http://dx.doi.org/10.1016/s2110-7017(13)60054-2.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

49

Gillen, David, and Ashish Lall. "International transmission of shocks in the airline industry." Journal of Air Transport Management 9, no. 1 (January 2003): 37–49. http://dx.doi.org/10.1016/s0969-6997(02)00068-6.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

50

Trani, Tommaso. "Asset pledgeability and international transmission of financial shocks." Journal of International Money and Finance 50 (February 2015): 49–77. http://dx.doi.org/10.1016/j.jimonfin.2014.09.002.

Повний текст джерела

Стилі APA, Harvard, Vancouver, ISO та ін.

Статті в журналах з теми "Transmission of shocks"

Оформте джерело за APA, MLA, Chicago, Harvard та іншими стилями