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| Caballero, Ricardo J.; Engel, Eduardo M.R.A.. |
| In most instances, the dynamic response of monetary and other policies to shocks is infrequent and lumpy. The same holds for the microeconomic response of some of the most important economic variables, such as investment, labor demand, and prices. We show that the standard practice of estimating the speed of adjustment of such variables with partial-adjustment ARMA procedures substantially overestimates this speed. For example, for the target federal funds rate, we find that the actual response to shocks is less than half as fast as the estimated response. For investment, labor demand and prices, the speed of adjustment inferred from aggregates of a small number of agents is likely to be close to instantaneous. While aggregating across microeconomic units... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Speed of adjustment; Discrete adjustment; Lumpy adjustment; Aggregation; Calvo model; ARMA process; Partial adjustment; Expected response time; Monetary policy; Investment; Labor demand; Sticky prices; Idiosyncratic shocks; Impulse response function; Wold representation; Time-to-build; Financial Economics; C22; C43; D2; E2; E5. |
| Ano: 2003 |
URL: http://purl.umn.edu/28419 |
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| Godo, Yoshihisa. |
| The system of agricultural cooperatives, called JA, is one of the most politically powerful organizations in Japan, and it has continuously called for agricultural protection. In spite of its importance, information on JA's banking and insurance businesses has been limited for foreign researchers because of the uniqueness and complexity of the JA system. This paper provides a clear understanding of JA's activities and explains the political dynamics in Japan's agricultural sector. Up until the early 1990s, JA could count on stable profits from its banking and insurance businesses because of the government's favorable treatment of JA. Using these profits, JA had been successfully forming farmers into a solid voting group until the mid-1990s. However, the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agribusiness; Financial Economics; E5; Q13; Q18. |
| Ano: 2006 |
URL: http://purl.umn.edu/25477 |
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| Singh, Kanhaiya; Kalirajan, Kaliappa P.. |
| In the first part of this paper, the policy reaction functions of the Reserve Bank of India (RBI) have been modeled to see how policy stance decisions respond to the changes in the goal variables. In the second part, the transmission effects of RBI’s policy stances on the goal variables have been analyzed using the Granger causality test, and analysis of simple estimated models of relevant variables. It may be suggested from the results that the RBI should not be working simultaneously with instruments of quantity and price control and should shelve the cash reserve ratio (CRR) and concentrate more on price variables for conducting monetary policy. |
| Tipo: Journal Article |
Palavras-chave: Monetary policy; Granger block non-causality; India; Financial Economics; C2; E4; E5. |
| Ano: 2006 |
URL: http://purl.umn.edu/50149 |
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