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Martin Hudec

Optimum Currency Areas. The American Economic Review, Vol. 51 (4), 657-665. Spanjers, W. (2009). Monetary Policy, Trade and Convergence: The Case of Transition Economies . Berlin: LIT Verlag. United Nations (2011). Definition and Types of Shocks and Coping Strategies to be Monitored . In: Monitoring Household Coping Strategies during Complex Crises, 30.

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Marat Akhmet and Mehmet Onur Fen

Devaney [ 2 ] as well as the one obtained through period-doubling cascade [ 13 ] were investigated in our study [ 14 ] for economic models perturbed with exogenous shocks. It was shown in the paper [ 15 ] that exogenous shocks can cause economic models to exhibit chaotic business cycles. Other chaos generation techniques in systems of differential equations can be found in [ 16 – 26 ]. In the present study, we theoretically prove that exogenous shocks are capable of generating homoclinic and heteroclinic motions in the continuous-time dynamics of economic systems, and

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Engin Sorhun

References Anderson G. and Ge Y. (2005), The size distribution of Chinese cities , ‘Regional and Urban Economics’, No. 35. Benguigui L. and Lieberhal E.F. (2007), Beyond the power law - a new approach to analyses city size distributions , ‘Environment and Urban Systems’, No. 31. Bosker M., Brakman S. Garretsen H., Schramm M. (2008), A century of shocks: the evolution of the German city size distribution 1925–1999 , Regional Science and Urban Economics, No. 38(4). Brakman S., Garretsen H., and van Marrewijk C. (2001), An Introduction

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Olena Bazhenova and Yuliya Bazhenova

.C. (1982). Time to Build and Aggregate Fluctuations. Econometrica, Volume 50, Issue 6, p.1345-1370. Retrieved from: https://www.minneapolisfed.org/research/prescott/papers/timetobuild.pdf Lama, R., Medina, J.P. (2012). Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease? International Journal of Central Banking, № 8 (1), p. 5-46. Leduc, S., Sill, K. (2004). A Quantitative Analysis of Oil-price Shocks, Systematic Monetary Policy and Economic Downturns. Journal of Monetary Economics, 51(4), p.781

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Stanislav Kappel

://estadisticas.cepal.org/cepalstat/WEB_CEPALSTAT/estadisticasIndicadores.asp?idioma=i. Eurostat. (2014). Statistics Database. Retrieved July 15, 2014, from http://epp.eurostat.ec.europa.eu/portal/page/portal/statistics/search_database. FIDRMUC, J., KORHONEN, I. (2003). Similarity of Supply and Demand Shocks Between the Euro Area and the CEECs. Economic Systems. 27 (3), pp. 313-334. ISSN 0939-3625. FIDRMUC, J., KORHONEN, I. (2006). Meta-Analysis of the Business Cycle Correlation between the Euro Area and the CEECs. CESifo Working Paper No. 1693. FRANKEL, J. A., ROSE, A. K. (1996). The Endogenity of the Optimum

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Tomas Reichenbachas

Constraints and Monetary Policy in the Business Cycle. - American Economic Review, Vol. 95, No. 3, 739-764. Iacoviello, M., Neri, S. 2010. Housing market spillovers: evidence from an estimated DSGE model.- American Economic Journal, Vol 2, 125-164. Iacoviello, Matteo, and Raoul Minetti 2008: The Credit Channel of Monetary Policy: Evidence from the Housing Market. - Journal of Macroeconomics, Vol. 30, No. 1 69-96. Justiniano, A., Primiceri, G., Tambalotti, A. 2010: Investment shocks and business cycles. - Journal of Monetary

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Anna Janiga-Ćmiel

Abstract

The paper examines the development of the Polish economy as well as the economies of selected countries in the period from 2001 to 2012. For that purpose, models based on the GDP growth in particular countries were built. A comparative analysis of the development of economies in the countries concerned (the United Kingdom, Belgium, Denmark, France, Poland, the Netherlands), based on a specially built full-factor multivariate GARCH model, is presented. The theory of the construction of a full-factor multivariate GARCH model and its estimation method are discussed. In the paper, a multivariate GARCH model where the covariance matrix is always positive, definite and the number of parameters is relatively small compared to other multivariate models is proposed. The causality of the impact that economies exert on one another is examined and the occurrence of the contagion effect is verified by means of the Forbes and Rigobon test.

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James Simmie

final section draws some conclusions from these analyses. Some regional economic policy prescriptions arising from these analyses are also explored. 2 Regional Economic Adaptation and Resilience Contemporary literature that develops the concept of regional economic resilience has tended to focus not so much on the long-term, cyclical evolution of capitalist economies but more on their immediate reactions to recessionary shocks. This is partly a result of their ontological backgrounds. Gardiner/Martin/Sunley et al. (2012) , for example, identified four different

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Mirjana Čižmešija, Petar Sorić and Ivana Lolić

. European Commission (2016). European Economy, The Joint Harmonised EU Programme of Business and Consumer Surveys , User Guide updated March 2016. Brussels. 16. Fernández-Villaverde, J., Guerrón-Quintana, P., Rubio-Ramírez, J.F., Uribe, M. (2011). Risk Matters: The Real Effects of Volatility Shocks. American Economic Review , Vol. 101, No. 6, pp. 2530-2561. 17. Garner, A. C. (1991). Forecasting consumer spending: should economists pay attention to consumer confidence surveys? Economic Review, Federal Reserve Bank of Kansas City, Vol. 76, No. 3, pp. 57

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Felix Odemero Achoja and Christopher Okereke Chukwuji

References Allen F., Geale D. (2004): Financial fragility, liquidity and asset prices. Journal of the European Economic Association 2(6): 1015-1048. Bikker J.A., Metzemakers P.A.J. (2005): Bank provisioning Behaviour and Pro-cyclicality? Journal of International Financial Market Institutions and Money 15 (2): 141-157. Bosnjak D., Rodic V. (2008): Regional Livestock Dispersion and Density in Serbia. Contemporary Agriculture 57 (3-4): 164-170. Central Bank of Nigeria (CBN) (2008): Annual