259,775 research outputs found
Fisher effect in nonlinear STAR framework: some evidence from Asia
No full textThis study tests the presence of the long run Fisher effect in eight Asian economies. Using monthly data and a variety of interest rates, the paper employs a recent nonlinear methodology to capture the long run relationship between the nominal interest rate and the inflation rate. The estimation results on the basis of the new methodology are encouraging and indicate the validity of Fisher effect in almost all the examined economies.Non-linearity, Unit Roots, Cointegration, ADF
Testing for a nonlinear Fisher relationship
No full textEmpirical evidence regarding the Fisher effect is mixed. One reason may be a nonlinear adjustment process in the real interest rate. The nonlinear unit root test proposed by Sollis, Leybourne, and Newbold (Journal of Money, Credit, and Banking 34: 686-700, 2002) is used to test for stationarity of the U.S. real interest rate over the 1934:01-2011:02 period and selected subperiods. The unit root null in the real rate of interest can be rejected over the full sample, evidence of a Fisher effect. Weaker evidence of a Fisher relation is found in the subsample for 1934:01-1959:12 for which the unit root null can be rejected for one measure of the real interest rate. However, there is no indication of a Fisher effect for subperiods starting in 1960 or later. A conjecture is that temporal aggregation of the interest rate data may explain the different results, but the findings are also consistent with other explanations.Fisher effect, nonlinear unit root, U.S. real interest rate
Ilan Fisher papers, undated, circa 1964-2009.
No full textAuthor and photographer Ilan Fisher was born and lives in Sharon, Massachusetts, where he owned Great Impression, a company that provided event videography services. He also contributed columns to the Sharon Advocate and other local publications, and in 2002, his stories were collected in the book The Carnie Kid Tells All. Fisher’s papers primarily contain invitations from events Great Impression recorded, along with a small group of personal papers, much of which is from the 1960s and documents Fisher’s involvement with the Jewish Socialist-Zionist youth group Habonim.Published citations should take the following form: Identification of item, date (if known); Ilan Fisher Papers; P-1013; box number; folder number; American Jewish Historical Society, New York, NY, and Boston, MA.This collection is located at the American Jewish Historical Society located in Boston. For information on accessing collections at AJHS Boston please visit their website at: http://www.ajhsboston.org/index.htm.Donated by Ilan Fisher,Finding Aid available in Reading Room and on Internet
Panel cointegration analysis of the Fisher effect: Evidence from the US, the UK, and Japan
No full textThis paper analyzes the Fisher effect using a panel of monthly data from January 1990 to December 2010 for three major countries: the United States, the United Kingdom, and Japan. Our empirical results contribute to the existing empirical literature in two ways. First, the study conducts panel cointegration tests and estimation. Second, it examines the validity of the Fisher hypothesis using short-term and long-term nominal interest rates. The empirical results show that the full Fisher effect holds from January 1990 to December 2010.Fisher effect, panel cointegration test, dynamic ordinary least squares, fully modified ordinary least squares
Structural breaks, cointegration and the Fisher effect
No full textThere is scant empirical support in the literature for the Fisher effect in the long run, though it is often assumed in theoretical models. We argue that a break in the cointegrating relation introduces a spurious unit root that leads to a rejection of cointegration. We applied new break tests and tested for nonlinearity in the cointegrating relation with post-war data for 15 countries. Our empirical results support cointegration, after accounting for breaks, and a linear Fisher relation in the long run. This is in contrast to several recent studies that found no support for linear cointegration. JEL Classification: E43, C32Fisher effect, linear and nonlinear cointegration, Structural change
Can asymmetries account for the empirical failure of the Fisher effect in South Africa?
No full textThis paper investigates whether unobserved asymmetries can account for irregularities in the Fisher effect for the exclusive case of South Africa. This objective is attained by investigating unit roots within a threshold auto-regressive (TAR) models and estimating a threshold vector error correction (TVEC) models for the data. The empirical analysis depicts significant long-run Fisher effects whereas such effects are deficient with regards to the short-run. These results improve on those obtained in preceding studies for South Africa, in the sense of being closely emulated with the original hypothesis as presented by Fisher (1907).South Africa, Fisher effect, Inflation, Interest Rates, Threshold Co-integration
The Influence of Irving Fisher on Milton Friedman’s Monetary Economics
No full textThis paper examines the influence of Irving Fisher’s writings on Milton Friedman’s work in monetary economics. We focus first on Fisher’s influences in monetary theory (the quantity theory of money, the Fisher effect, Gibson’s Paradox, the monetary theory of business cycles, and the Phillips Curve, and empirics, e.g. distributed lags.). Then we discuss Fisher and Friedman's views on monetary policy and various schemes for monetary reform (the k% rule, freezing the monetary base, the compensated dollar, a mandate for price stability, 100% reserve money, and stamped money.) Assessing the influence of an earlier economist's writings on that of later scholars is a challenge. As a science progresses the views of its earlier pioneers are absorbed in the weltanschauung. Fisher's Purchasing Power of Money as well as the work of Pigou and Marshall were the basic building blocks for later students of monetary economics. Thus, the Chicago School of the 1930s absorbed Fisher's approach, and Friedman learned from them. However, in some salient aspects of Friedman's work we can clearly detect a major direct influence of Fisher's writings on Friedman's. Thus, for example with the buildup of inflation in the 1960s Friedman adopted the Fisher effect and Fisher's empirical approach to inflationary expectations into his analysis. Thus, Fisher's influence on Friedman was both indirect through the Chicago School and direct. Regardless of the weight attached to the two influences, Fisher' impact on Friedman was profound.
World War I record of service survey for Clayton E. Fisher, signed 1 February 1926.
No full textQuestionnaire about Clayton Earlman Fisher's service in World War I, 1917-1919, signed by Fisher on 1 February 1926.Questionnaire originally part of a survey of Norwich University alumni conducted by a “Norwich in the World War” committee consisting of Charles N. Barber (chairman), Carl V. Woodbury, K.R.B. Flint, and Gustaf A. Nelson. Data from these questionnaires may have been used in a chapter of "Vermont in the world war, 1917-1919" by Harold P. Sheldon (1928). Two responses to this questionnaire by Clayton E. Fisher exist; the other response, dated 6 September 1922, is fire damaged
- …
