Social costs of consumer impatience in Hungary

Benczúr, Péter; Simon, András; Várpalotai, Viktor

doi:10.1016/j.jpolmod.2006.04.012

Cited by 3 publications

(3 citation statements)

References 13 publications

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“…For example, Dupasquier-Guay-St-Amant (1997) focus on three multivariate methodologies: structural vector autoregression, multivariate Beveridge-Nelson decomposition, and Cochrane's methodology, and compare the results to some univariate filters. They arrive at the conclusion that 9 It is well known that under certain parameter values, including a large weight of expectations in the new keynesian Phillips-cure, disinflation can be costless in small macromodels (see Benczúr-Simon-Várpalotai, 2002). 10 For example, hardly quantifiable expectations in the circumstances of a highly uncertain system change, substantial price liberalization, and administered price rises.…”

Section: Empirical Methodsmentioning

confidence: 99%

A New Method for Combining Detrending Techniques with Application to Business Cycle Synchronization of the New EU Members

Darvas¹,

Vadas

2005

SSRN Journal

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Decomposing output into trend and cyclical components is an uncertain exercise and depends on the method applied. It is an especially dubious task for countries undergoing large structural changes, such as transition countries. Despite their deficiencies, however, univariate detrending methods are frequently adopted for both policy oriented and academic research. This paper proposes a new procedure for combining univariate detrending techniques which is based on revisions of the estimated output gaps adjusted by the variance of and the correlation among output gaps. The procedure is applied to the study of the similarity of business cycles between the euro area and new EU Member States. JEL Classification: C22, E32

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Section: Empirical Methodsmentioning

confidence: 99%

A New Method for Combining Detrending Techniques with Application to Business Cycle Synchronization of the New EU Members

Darvas¹,

Vadas

2005

SSRN Journal

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“…For a similar approach, seeLim and Stein (1995),Lane and Milesi-Ferretti (2001),Selaive and Tuesta (2003) andBenczúr et al (2006).…”

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confidence: 99%

Structural breaks and the equilibrium real effective exchange rate of China: A NATREX approach

You

Sarantis

2012

China Economic Review

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In this paper we examine the determinants of China's equilibrium real effective exchange rate and investigate the misalignments in the Renminbi. This paper makes a number of theoretical and empirical contributions. At the theoretical level, we extend the NATREX model to incorporate a large number of economic fundamentals that capture the unique features of the Chinese economy. At the empirical level, this is the first application of the extended NATREX model to China. Another contribution is that we estimate the extended NATREX model for both the pre-and post-reform periods. We have constructed a unique data set of consistent time series for the effective exchange rate and a large number of economic fundamentals for China since the 1950s. A further contribution is the use of total and net factor productivity obtained from an estimated production function. We find strong evidence of persistent undervaluation of the RMB during 1994-2005, accelerating in particularly after 2000.However the misalignment rates are much lower than those reported by previous studies. We also find weak evidence of overvaluation for most of the pre-reform period. For the rest of the sample period, there was no persistent misalignment.

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“…Uma elevada taxa de preferência de tempo reduz o valor presente da utilidade dos fluxos de consumo futuros, levando o consumidor a privilegiar o consumo corrente. Benczúr et al (2006) fazem uma análise interessante a esse respeito utilizando como exemplo o crescimento do gasto nos países da Europa central e, mais notadamente, na Hungria. Uma taxa de preferência de tempo baixa reduz o efeito da impaciência sobre o consumo atual.…”

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Mercado de consumo brasileiro : evolução e determinantes do volume de vendas. Uma análise do período pós real.

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Social costs of consumer impatience in Hungary

Cited by 3 publications

References 13 publications

A New Method for Combining Detrending Techniques with Application to Business Cycle Synchronization of the New EU Members

A New Method for Combining Detrending Techniques with Application to Business Cycle Synchronization of the New EU Members

Structural breaks and the equilibrium real effective exchange rate of China: A NATREX approach

Mercado de consumo brasileiro : evolução e determinantes do volume de vendas. Uma análise do período pós real.

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