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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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| Tian, Cui-jie. |
| By using the methods of co-integration, impulse response function and variance decomposition, I conduct the empirical research on the dynamic relationship among China's financial fund for agriculture, agricultural output value, and farmers' income from the year 1978 to the year 2009. The results indicate that me government’s financial fund for agriculture plays the significant role in promoting agricultural output Value and farmers' income in the long run, but this role of promoting is not prominent in the short run; in the mean time, agricultural output value plays insignificant role in promoting farmers' income and the governments financial fund for agriculture; farmers' income plays the significant role in promoting agricultural output value and the... |
| Tipo: Article |
Palavras-chave: Fiscal fund for agriculture; Agricultural output value; Farmers' income; Co-integration test; Impulse response function; Variance decomposition; China; Agribusiness. |
| Ano: 2011 |
URL: http://purl.umn.edu/119692 |
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| Peng, Ling; Liao, Tie-jun. |
| According to the data from Investigation Report of Land Use Change in China, The Land Resources Communique of China and Chronicle of Statistical Data for Five Decades of New China issued from Ministry of Land Resources, we select two indices: change of farmland quantity and policy of farmland protection. According to econometric theory, by using Eviewes 5.1 software, co-integration analysis, Granger causality test, impulse response and other analysis methods, we analyze the relationship between change of farmland quantity and policy of farmland protection in China since the reform and opening-up. The results show that there is long-term balanced relationship between change of farmland quantity and policy of farmland protection, and there is a certain... |
| Tipo: Journal Article |
Palavras-chave: Change of farmland quantity; Policy of farmland protection; Econometric analysis; Co-integration; Error correction model; Impulse response function; Variance decomposition; China; Agribusiness. |
| Ano: 2011 |
URL: http://purl.umn.edu/113426 |
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