Monetary, Financial and Macroeconomic Adjustment Policies: An Overview

Sayer, Stuart

doi:10.1111/j.0950-0804.2004.00220.x

Cited by 4 publications

(3 citation statements)

References 12 publications

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“…The use of these variables as controls is especially relevant in panel data analysis. The use of macroeconomic controls is fundamental in panel data models; to isolate specific effects and generate more robust estimates (Taylor, 2018).…”

Section: Use Of Control Metrics To Evaluate Fund Performancementioning

confidence: 99%

Exponential growth of ESG funds: a comparison of funding speed and profitability

Vasconcellos,

Teixeira

2024

CLCS

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In this paper, the general objective is to investigate and compare the speed of fundraising and the profitability of ESG Funds in relation to traditional investment funds in the Brazilian financial market between 2010 and 2021. To achieve this goal, we focused on three specific objectives: analyzing the growth rate of ESG Funds' net assets, evaluating the profitability of these funds and examining the impact of macroeconomic variables such as GDP, IPCA and interest rate (CDI) in this context. Using a quantitative methodology, the research analyzed comprehensive financial data on the funds, including information on asset value and profitability indicators. The results show an exponential growth in the ESG Funds' assets over the period studied, setting them apart from traditional funds. In addition, the profitability of ESG Funds proved to be competitive, often surpassing that of conventional funds, suggesting a paradigm shift in the Brazilian financial market. This study provides valuable insights into the evolution of ESG Funds in Brazil, highlighting their growing importance and potential for economic sustainability. The analysis of macroeconomic variables also revealed that ESG Funds not only remain resilient in different economic scenarios, but can also offer a sustainable and profitable path for investors aware of environmental, social and governance challenges.

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Section: Use Of Control Metrics To Evaluate Fund Performancementioning

confidence: 99%

Exponential growth of ESG funds: a comparison of funding speed and profitability

Vasconcellos,

Teixeira

2024

CLCS

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“…The FRB model incorporates sluggish adjustment, wealth effects as well as income effects in expenditure, forward‐looking RE by agents and a trade sector influenced by the real exchange rate. (However, asymmetric effects as found, for example, in ESTAR models are not examined – for evidence on asymmetries see Sayer (2004) and Florio (2004).) In the FRB model the objective is to minimize a weighted average of the variance of the output gap and prices (around their target level) subject to a constraint on interest rate variability.…”

Section: Robustnessmentioning

confidence: 99%

Monetary Policy and Behavioural Finance

Cuthbertson

Nitzsche

Hyde

2007

Journal of Economic Surveys

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There have been major advances in both theory and econometric techniques in mainstream macro-models and parallel advances in knowledge of the monetary transmission mechanism acting via asset prices. At the same time, behavioural finance has provided evidence that not all actors in the economy are 'fully rational' and this has influenced models of asset pricing on which part of the monetary policy transmission mechanism depends. Such uncertainty about the behaviour of asset prices has in part stimulated a move towards 'robustness', as an important criterion for guiding monetary policy. We argue that although we have discovered much, including 'what not to do', nevertheless our knowledge of the transmission mechanism is very incomplete. This is because, in spite of all the theoretical advances that have been made, there is still considerable uncertainty over the behaviour of agents, which has been reinforced by insights from behavioural finance. Monetary Policy and Behavioural FinanceThis paper is an attempt at a brief and therefore necessarily selective account of the links between monetary theory, the asset pricing literature and practical monetary policy. A key part of the story is the ingenuity of academic economists in developing and promoting alternative theoretical models and whether policy makers have been influenced by such models. The paper takes a slightly wider perspective than is usual when discussing monetary policy, by incorporating relevant evidence from behavioural finance, particularly when discussing our understanding of asset prices. We argue that although we have discovered much, including 'what not to do', nevertheless our knowledge of the transmission mechanism is very incomplete. This is because, in spite of all the theoretical advances that have been made, there is still considerable uncertainty over the behaviour of agents, which has been reinforced by insights from behavioural finance.

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“…Three issues in this series, 2000, 2004, and 2009 have a predominantly Macroeconomics and Policy content, and the 2003 special issue on economic growth might well be added to this list. The introductions to these issues, Sayer (2000, 2004, 2009), George, Oxley and Carlaw (2003) provide overviews. As with all JoES special issues, they are also available in book form: Sayer (2001, 2005, 2010); George, Oxley and Carlaw (2004).…”

mentioning

confidence: 99%