370 research outputs found
Replication Package for Dynamic Demand Estimation in Auction Markets
No full text<p>Backus, Matthew and Gregory Lewis (2023), "Dynamic Demand Estimation in Auction Markets." Review of Economic Studies.</p>
<p>This replication package contains the code that generates figures and tables from the above manuscript.</p>
Consumption and Real Exchange Rates in Professional Forecasts
No full textStandard models of international risk sharing with complete asset markets predict a positive association between relative consumption growth and real exchange-rate depreciation across countries. The striking lack of evidence for this link the consumption/real-exchange-rate anomaly or Backus-Smith puzzle - has prompted research on risk-sharing indicators with incomplete asset markets. That research generally implies that the association holds in forecasts, rather than realizations. Using professional forecasts for 28 countries for 1990-2008 we find no such association, thus deepening the puzzle. Independent evidence on the weak link between forecasts for consumption and real interest rates suggests that the presence of 'hand-to-mouth' consumers may help to resolve the anomaly.
A short description of the difference between the bond-woman and the free, as they are the two covenants. With the characters and condition of each of their children. / By Isaac Backus, Pastor of a church in Middleborough. ; [Two lines of quotations]
No full text83, [1] p. ; 18 cm. (8vo)Edition statement transposed; precedes "By Isaac Backus ..." on title page.The appendix, p. [46]-83, is in reply to Ebenezer Frothingham's "A letter treating upon the subject and mode of baptism."Errata statement, p. 83.Advertisement for works "Published by the author of this pamphlet, and sold by Philip Freeman, in Union-Street, Boston, and by Thomas Green, in Newport."--p. [84]
Understanding the Backus-Smith Puzzle: It’s the (Nominal) Exchange Rate, Stupid
No full textBackus, Kehoe and Kydland (BKK 1992) showed that if international capital markets are complete, consumption growth correlations across countries should be higher than their corresponding output growth correlations. In stark contrast to the theory, however, in actual data the consumption growth correlation is lower than the output growth correlation. By assuming trade imperfections due to non-traded goods, Backus and Smith (1993) showed that there is an additional impediment that works to lower the consumption
growth correlation. While Backus and Smith’s argument was successful in partially explaining the low growth correlation puzzle, it contributed to generating another puzzle because the data forcefully showed that consumption growth is negatively correlated with the real exchange rate, which is a violation of the theory. In this paper, by decomposing the real exchange rate growth of the OECD countries into the nominal exchange rate growth and the inflation differential, we find that nominal exchange rate movements are the main source for the Backus-Smith puzzle. We find that the nominal exchange rate moves counter-cyclically with consumption movements, which is a violation of the risk sharing theory with non-traded goods. We also find that the violations are more pronounced when nominal exchange rate changes are larger in absolute
value . In contrast, the negative of bilateral inflation differentials is positively correlated with bilateral consumption movements. The latter finding is in accordance with the theory. Furthermore, using intranational data for the United States where the nominal exchange rate is constant, the Backus-Smith puzzle disappears, although complete risk sharing is rejected
Understanding the Backus-Smith Puzzle: It’s the (Nominal) Exchange Rate, Stupid
No full textBackus, Kehoe and Kydland (BKK 1992) showed that if international capital markets are complete, consumption growth correlations across countries should be higher than their corresponding output growth correlations. In stark contrast to the theory, however, in actual data the consumption growth correlation is lower than the output growth correlation. By assuming trade imperfections due to non-traded goods, Backus and Smith (1993) showed that there is an additional impediment that works to lower the consumption growth correlation. While Backus and Smith’s argument was successful in partially explaining the low growth correlation puzzle, it contributed to generating another puzzle because the data forcefully showed that consumption growth is negatively correlated with the real exchange rate, which is a violation of the theory. In this paper, by decomposing the real exchange rate growth of the OECD countries into the nominal exchange rate growth and the inflation differential, we find that nominal exchange rate movements are the main source for the Backus-Smith puzzle. We find that the nominal exchange rate moves counter-cyclically with consumption movements, which is a violation of the risk sharing theory with non-traded goods. We also find that the violations are more pronounced when nominal exchange rate changes are larger in absolute value . In contrast, the negative of bilateral inflation differentials is positively correlated with bilateral consumption movements. The latter finding is in accordance with the theory. Furthermore, using intranational data for the United States where the nominal exchange rate is constant, the Backus-Smith puzzle disappears, although complete risk sharing is rejected.Risk Sharing; Exchange Rate
Production Based Asset Pricing
No full textThis paper exploits producer's first order conditions to link asset prices to data on investment, output, etc. through marginal rates of transformation, just as consumer's first order conditions are commonly used to link asset prices to consumption data or proxies through marginal rates of substitution. It presents simulation economies analogous to the consumption based models of Mehra and Prescott (1985) and Backus, Gregory and Ziri (1986) that capture the size of the equity premium and the size and cyclical timing of the forward rate term premium
Understanding the Backus–Smith Puzzle: It\u27s the (nominal) Exchange Rate, Stupid
No full textBackus, Kehoe and Kydland (BKK 1992) demonstrated that if international capital markets are complete, consumption growth correlations across countries should be higher than their corresponding output growth correlations. In stark contrast to the theory, however, in actual data the consumption growth correlation is lower than the output growth correlation. By assuming trade imperfections due to non-traded goods, Backus, D.K., Smith, G.W. [1993 Consumption and real exchange rates in dynamic economies with non-traded goods. Journal of International Economics 35(3–4), 297–316] showed that there is an additional impediment at work that can lower the consumption growth correlation. While their argument was successful in partially explaining the puzzlingly low cross country correlation of consumption growth rates, it contributed to generating another puzzle because the data forcefully show that consumption growth is negatively correlated with the real exchange rate, which is also a violation of the theory. Using data for OECD countries, we decompose real exchange rate growth into its nominal exchange rate growth and inflation differential components, and find that nominal exchange rate movements are the main source for the Backus-Smith puzzle. We demonstrate the robustness of this finding by examining sub-samples of the data, by allowing for imperfect risk sharing due to ‘rule of thumb’ consumers, and by examining intranational data across the U.S. states where the nominal exchange rate is fixed
Understanding the Backus-Smith puzzle: It's the (nominal) exchange rate, stupid
No full textBackus, Kehoe and Kydland (BKK 1992) demonstrated that if international capital markets are complete, consumption growth correlations across countries should be higher than their corresponding output growth correlations. In stark contrast to the theory, however, in actual data the consumption growth correlation is lower than the output growth correlation. By assuming trade imperfections due to non-traded goods, Backus, D.K., Smith, G.W. [1993 Consumption and real exchange rates in dynamic economies with non-traded goods. Journal of International Economics 35(3-4), 297-316] showed that there is an additional impediment at work that can lower the consumption growth correlation. While their argument was successful in partially explaining the puzzlingly low cross country correlation of consumption growth rates, it contributed to generating another puzzle because the data forcefully show that consumption growth is negatively correlated with the real exchange rate, which is also a violation of the theory. Using data for OECD countries, we decompose real exchange rate growth into its nominal exchange rate growth and inflation differential components, and find that nominal exchange rate movements are the main source for the Backus-Smith puzzle. We demonstrate the robustness of this finding by examining sub-samples of the data, by allowing for imperfect risk sharing due to 'rule of thumb' consumers, and by examining intranational data across the U.S. states where the nominal exchange rate is fixed.Risk sharing Exchange rate Consumption growth correlation Output growth correlation Non-trade goods
Kitchen, B. Yoshimoto (English translation by Megan Backus)
No full text"Kitchen" is a 1988 novel by Japanese author Banana Yoshimoto. This novel enjoyed enormous popularity in the anglophone world (when it was published in English, in Megan Backus' 1993 translation), and is still very widely read. These 3 files include the beginning of the novel. Please print them out (or save them to your laptop/ tablet) so you can bring them to class when we start on Ideational Meanings
THE CONCEPT OF ‘BEING’ IN AQUINAS AND PALAMAS
No full textThe aim of the present dissertation is a comparative analysis of the issue of being as found in the writings of St. Gregory Palamas and St. Thomas Aquinas. Primarily, I set two main focuses for my research: firstly, an overview of the life and work of the great Byzantine theologian and, secondly, a comparative analysis with St. Thomas Aquinas on the issue of being.
Although the present dissertation deals with both theological and philosophical issues, my research remains mainly a theological one. I am not interested in a merely theoretical evaluation of the history of being, but rather in how this notion is applied in the dynamics of the relation between God and man.
I structured my thesis around the evaluation of the concept of being in its applicability on God, on man, and on the way in which the two are linked. Therefore, I developed my analysis on each of the two authors, discussing in separate sections on: the divine being, the created being, the issue of grace and the views on deification. Before commencing the examination of the proposed issue, I found relevant to include an introduction dealing with the historical matters concerning each of the two theologians and their ‘dialogue’ within Eastern and Western theological framework. A final section concluded this study tracing the reception of their thought within the twentieth century Theology
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