International Macroeconomics and Finance: Theory and Empirical Methods Phần 5 docx

... technology shock and add (5. 48) to (5. 49) to get ˜a 1 ˜ k w t+2 + ˜a 3 +˜a 4 2 ˜ k w t+1 +˜a 5 ˜ k w t + ˜a 7 + ˜ b 7 2 ˜ A w t+1 +˜a 9 ˜ A w t + ˜a 11 + ˜ b 11 2 =0. (5. 50) (5. 50) is a second—order ... for the one-country model and using (5. 47) to substitute out c ∗ t and c ∗ t+1 in (5. 45) and (5. 46) gives 0=˜a 1 ˜ k t+2 +˜a 2 ˜ k ∗ t+2 +˜a 3 ˜ k t+1 +˜a 4 ˜ k ∗ t+1 +˜a 5...

Ngày tải lên: 05/08/2014, 13:20

... 0.131 Belgium 0.999 0.424 0.4 05 0.001 Canada 0.9 85 0.074 0 .55 2 0.009 Denmark 1.014 0.912 0. 858 0.174 Finland 1.001 0 .52 7 0. 859 0.164 France 0.994 0. 155 0 .58 3 0.004 Germany 0.986 0. 056 0 .51 8 0.003 Great Britain ... ρ 1 ρ 4 ρ 8 ρ 16 Returns S&P 2. 75 5.92 -13.34 18.31 0.24 -0.10 0. 15 0.09 UKP 0.41 5. 50 -13.83 16.47 0.12 0.03 0.01 -0.29 DEM 0.46 6. 35 -13.91 15. 74 0.09...

Ngày tải lên: 05/08/2014, 13:20

... 1.278 Italy -2 .51 1 (0.107) 2 .58 0 -1. 855 (0. 351 ) 5. 709 Japan -2. 057 (0. 252 ) 9. 251 -1.930 (0.314) 11.919 Korea -1.2 35 (0.677) 3.274 -2.1 25 (0.2 15) 1.1 65 Netherlands -2 .57 6 (0.094) 2.623 -2.676 (0.0 75) 2.969 Norway ... (0.193) 2.668 -2 .57 3 (0.0 95) 2 .53 9 Spain -2. 358 (0.140) 5. 006 -2.488 (0.113) 2.861 Sweden -2.042 (0. 257 ) 5. 516 -2 .53 4 (0.103) 1.719 Switzerlan...

Ngày tải lên: 05/08/2014, 13:20

... percent Test 25 5.8 85 11.8 95 equation 50 6.330 12.9 75 includes 75 7.300 14.460 constant 100 9 .57 0 18.7 15 1000 99.9 95 100.000 Test 25 5.7 15 10.720 equation 50 5. 420 10. 455 includes 75 5.690 11.4 05 trend ... 0.728 90 14 0.000 1.006 -0 .52 0 0.782 -0 .57 1 0.710 100 15 0.000 1.0 05 -0 .51 8 0.776 -0 .56 6 0.6 95 250 20 0.000 1.001 -0 .50 9 0.742 -0 .53 3 0.603 ∞ — 0....

Ngày tải lên: 24/03/2014, 04:20

... 0 28 35. 0 1. 058 1 6/17/98 0.772 0.7263 0.0374 46 75. 0 751 0.0 1.0628 7/17/98 0. 750 7 0.7163 -0.0213 -2662 .5 4847 .5 1.0479 8/17/98 0.7147 0.6 859 -0.0360 - 450 0.0 347 .5 1.0418 9/17/98 0.7860 0. 758 2 0.0713 ... 0.0713 8912 .5 9260.0 1.03 65 10/16/98 0.8948 0.8661 0.1088 13600.0 22860.0 1.0330 11/17/98 0.8498 0.8244 -0.0 450 -56 25. 0 172 35. 0 1.0308 12/17/98 0.88 15 0. 859 6 0.0...

Ngày tải lên: 05/08/2014, 13:20

... percent Test 25 5.8 85 11.8 95 equation 50 6.330 12.9 75 includes 75 7.300 14.460 constant 100 9 .57 0 18.7 15 1000 99.9 95 100.000 Test 25 5.7 15 10.720 equation 50 5. 420 10. 455 includes 75 5.690 11.4 05 trend ... trend 2 .5% 5% 50 % 95% 97 .5% τ 20 100 no -7.282 -6.9 95 -5. 474 -3.862 -3 .54 3 20 50 0 no -7.202 -6.924 -5. 4 05 -3.869 -3 .56 0 τ ∗ 20 100 no -2.029 -1.7...

Ngày tải lên: 05/08/2014, 13:20

... capital ratio 5. 1. CALIBRATING THE ONE-SECTOR GROWTH MODEL 139 -0 .5 -0.4 -0.3 -0.2 -0.1 0 0.1 0.2 73 75 77 79 81 83 85 87 89 91 93 95 GDP Investment Consumption Figure 5. 1: US data (symbols) and trend ... Financial Statistics. subject to Y t = A t K α t (NX t ) 1−α , (5. 2) K t+1 = I t +(1− δ)K t , (5. 3) Y t = C t + I t , (5. 4) U(C)=ln(C). (5. 5) The model allows for one normaliz...

Ngày tải lên: 05/08/2014, 13:20

... ratios and asymptotic standard errors of real dollar—sterling exchange rates. Lothian—Taylor data using PPIs. k 1 2 3 4 5 10 15 20 VR k 1.00 1.07 0. 951 0.906 0.841 0. 457 0.323 0.232 s.e. – 0. 152 ... months Supply Demand Money Supply Demand Money Britain 0.378 0.240 0.382 0.331 0.211 0. 458 Germany 0.016 0.234 0. 750 0.066 0.099 0.8 35 Japan 0.872 0.011 0.117 0.810 0.071 0.119 Clarid...

Ngày tải lên: 05/08/2014, 13:20

... government purchases of all varieties( 153 )⇒ 9.1. THE REDUX MODEL 2 75 where ˆg w t ≡ G w t /C w 0 . 5 Do the same for PPP (9.12) and the domestic( 158 )⇒ and foreign price levels (9.10)-(9.11) to ... T ∗ t +y ∗ t (z ∗ ) θ−1 θ [C w t + G w t ] 1 θ . (9. 25) ⇐( 157 ) Euler Equations. C t ,M t , and B t are the choice variables for the domes- tic agent and C ∗ t ,M ∗ t , and B ∗...

Ngày tải lên: 05/08/2014, 13:20

... 0.8 65 1.737 2.641 11.672 franc (69.01) (83.98) (327.1) (334.3) (0.001) French 0.007 0.117 6.0 45 2.44 12.3 95 franc (0.318) (1. 759 ) ( 159 0) (67.88) (0.000) Dutch 2.484 2.240 4. 152 5. 393 11. 35 guilder ... 321 -0.03 -0.02 -0.01 0 0. 01 0. 02 0. 03 - 0. 0 25 -0. 02 -0. 0 15 - 0. 01 -0. 0 05 0 0. 0 05 0. 01 0. 0 15 0.02 0. 0 25 s=f G(f) s f Figure 10.2: Exchange rate and funda...

Ngày tải lên: 05/08/2014, 13:20