2,428 research outputs found
Money-output Granger causality revisited: An empirical analysis of EU countries
No full textIn this paper, the evidence collected in the large literature on testing for Granger-causality from money to output is revisited. Using a broad data base of 14 EU-countries plus Canada, the US and Japan, and quarterly data from the mid 60s to the mid 90s, a number of hypotheses from this literature is evaluated. It is found that very few general conclusions can be sustained. For instance, in most countries it is not the case that the use of data in levels creates a bias in favour of finding Granger-causality effects of money on output compared to using differences. Neither does the significance of money lags decline when increasing the number of variables included in the model. What appears to be robust, though, is that allowing for asymmetries clearly increases the likelihood of finding significant causality effects. Based on the Grangercausality test results, a number of country groups are obtained using cluster analysis, which are characterised by a similar behaviour with respect to the money-output relation. --Money-Output Causality,Granger Causality,EU countries
Tuttiett, Mary Gleed [pseud. Maxwell Gray] (1846–1923), novelist
No full textBiographical entry of popular female author Maxwell Gray
DECAY OF SOLUTIONS OF MAXWELL-KLEIN-GORDON EQUATIONS WITH ARBITRARY MAXWELL FIELD
No full textIn the author's previous work, it has been shown that solutions of Maxwell-Klein-Gordon equations in R3+1 possess some form of global strong decay properties with data bounded in some weighted energy space. In this paper, we prove pointwise decay estimates for the solutions for the case when the initial data are merely small on the scalar field but can be arbitrarily large on the Maxwell field. This extends the previous result of Lindblad and Sterbenz, in which smallness was assumed both for the scalar field and the Maxwell field.SCI(E)ARTICLE81829-1902
Foreign direct investment in a macroeconomic framework : finance, efficiency, incentives, and distortions
No full textDoes foreign direct investment (FDI) increase domestic investment, or does it provide additional foreign exchange for a pre-existing current account deficit, or some linear combination of the two? The author investigates this question for a group of five Pacific Basin countries and a control group of 11 other developing countries. For the sample of all 16 developing countries, the author finds that FDI does not provide additional balance of payments financing for a pre-existing current account deficit. In the control group of 11 developing countries, FDI is associated with reduced domestic investment - implying that FDI to those countries is simply a close substitute for other capital inflows. For the five Pacific Basin market economies, however, FDI raises domestic investment by the full extent of the FDI inflow. The author finds that FDI has a significantly negative impact on national saving in the sample of all 16 developing countries. For the control group, this negative effect is similar in magnitude to FDI's negative effect on domestic investment - implying a zero effect on the current account. But FDI's negative effect on national saving in the five Pacific Basin developing market economies implies that FDI could have more of a negative effect on the current account than through increased domestic investment alone. The author also investigates the impact of FDI on economic growth in these 16 countries, taking into account distortions in the economies. He estimates reduced-form current account equations, and presents an analytical framework for estimating FDI's effect on economic growth in the presence of incentive-disincentive packages and other economic distortions. He illustrates his framework using indicators of foreign trade and financial distortions. His main conclusion: the effect of FDI differs markedly from one group of countries to another. FDI has a negative effect on economic growth in the control group. It has the same positive effect on growth as domestically financed investment does in the Pacific Basin countries. The main cause for the different effect is the low level of distortion in the Pacific Basin countries.Environmental Economics&Policies,Economic Theory&Research,Foreign Direct Investment,International Terrorism&Counterterrorism,Macroeconomic Management
Application of Bootstrap Methods in Investigation of Size of the Granger Causality Test for Integrated VAR Systems
No full textThis paper examines the size performance of the Toda-Yamamoto test for Granger causality in the case of trivariate integrated and cointegrated VAR systems. The standard asymptotic distribution theory and the residual-based bootstrap approach are applied. A variety of types of distribution of error term is considered. The impact of misspecification of initial parameters as well as the influence of an increase in sample size and number of bootstrap replications on size performance of Toda-Yamamoto test statistics is also examined. The results of the conducted simulation study confirm that standard asymptotic distribution theory may often cause significant over-rejection. Application of bootstrap methods usually leads to improvement of size performance of the Toda-Yamamoto test. However, in some cases the considered bootstrap method also leads to serious size distortion and performs worse than the traditional approach based on ÷2 distribution.bootstrap methods, simulation, Granger causality, bootstrap methods, simulation, Granger causality, VAR models models
Maxwell Whiteman collection of Hendricks family papers undated, 1799-1872, 1971
No full textCollection consists of Hendricks family papers that were in the possession of Maxwell Whiteman, author of Cooper For America. The collection includes accounts and business correspondence written to Harmon Hendricks primarily from trade metal agents Solomon Moses (1774-1857) and Joseph Lyon Moss (1804-1874). An invitation to the third annual meeting of the Coppers Manufacturers Association is also available. The collection also contains a copy of Whiteman's book, photographs of illustrations Whiteman used for Cooper in America, and a photograph of Edmund HendricksSid LapidusMr. Sid Lapidu
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