1,721,296 research outputs found
Government spending news and surprise shocks: It's the timing and persistence
No full textWe identify government spending news and surprise shocks based on the Survey of Professional Forecasters (SPF) data. After clarifying the nature of the two news measures used in Ramey (2011b), we show that a measure of the news shock for the recent sample periods is still needed. Moreover, we find that news and surprise shocks may differ not only in timing but also in the level of persistence of government spending responses. Given these findings, we construct a present discounted value measure that properly captures government spending news shock of high persistence. The effects of the news shock strikingly differ from those of the surprise shock. A news shock has a significant expansionary effect on GDP, hours worked, real wage, consumption, and investment, whereas a surprise shock has a contractionary effect. These results are in contrast to previous findings (Ramey, 2011b) and inconsistent with the neoclassical view emphasizing the negative wealth effect.N
Examining macroprudential policy and its macroeconomic effects - Some new evidence q
No full textIn this paper, we provide empirical evidence about the response of macroprudential policy to financial risks, as well as the broader macroeconomic effects of macroprudential policy and the underlying transmission mechanism. To this end, we use structural panel vector autoregressions and a dataset covering 32 advanced and emerging economies. We find that positive credit shocks are generally met with tighter macroprudential policy. Moreover, whereas macroprudential policy shocks mostly affect residential investment and household credit, monetary policy shocks have more widespread effects on the economy. We also show that macro-financial country characteristics such as the exchange rate regime and the level of financial development affect both the policy response to credit shocks and the macroeconomic effects of macroprudential policy. (c) 2022 Published by Elsevier Ltd.N
Finance, growth, and inequality: New evidence from the panel var perspective
No full textThis study analyzes the relationship among financial development, economic growth, and income inequality using cross-country panel VAR models. Most theoretical models state that these variables interact with one another and generate feedback dynamics. Under the presence of such interactive dynamics, single-equation regression analysis cannot capture the genuine relationship among finance, growth, and inequality. We use the panel VAR models to reflect these interactive feedback dynamics. Our estimation results suggest that the real GDP per capita decreases in response to financial deepening shock in private credit or liquid liability but increases to stock market capitalization shock. The effects of financial deepening on inequality are only weakly positive and short-lived. Positive income shock tends to increase inequality but this effect is not robust to financial deepening measures. However, inequality is harmful for growth controlling for every financial deepening measure.OAIID:RECH_ACHV_DSTSH_NO:T201820983RECH_ACHV_FG:RR00200001ADJUST_YN:EMP_ID:A079969CITE_RATE:0DEPT_NM:국제학과EMAIL:[email protected]_YN:YN
Real business cycles in emerging countries: Are Asian business cycles different from Latin American business cycles?
No full textMost previous studies on business cycles in emerging markets have focused on elucidating the differences between advanced and emerging countries. However, the present study investigates the differences in two groups of emerging countries, namely, those in Asia and Latin America. This study first documents that Asian economies are characterized by a higher trade balance share volatility, higher autocorrelations in key macroeconomic variables, higher contributions of trend productivity shocks to fluctuations in key macroeconomic variables, and lower consumption volatility, than Latin American economies. By estimating dynamic stochastic general equilibrium (DSGE) models buffeted with various structural shocks and frictions and performing a counterfactual analysis, this study further suggests the key sources of the differences. First, the first three differences are mainly explained by a higher persistence of trend productivity shocks in Asia than in Latin America. Second, the differences in consumption volatility appear to arise from a higher labor supply elasticity in Asia than in Latin America. We further provide data on policy regime changes and labor markets in both regions to explain the differences in their economic structure. The differences in the contribution of trend productivity shocks in economic fluctuations of the two groups also provide a partial explanation of the discrepancy in the role of trend shocks in past studies.(c) 2022 Elsevier Ltd. All rights reserved.N
A comparative study of early childhood curriculum documents focused on education for sustainability in South Korea and Australia
No full textThis thesis is about a comparative study of early childhood education (ECE) curriculum documents focused on education for sustainability (EfS) in South Korea and Australia. It examined how the national ECE curriculum documents in two culturally different contexts align with contemporary concepts of sustainability and activist early childhood education for sustainability (ECEfS) principles. Drawing on systems theory, Korean and Australian ECE curriculum documents were used as the primary sources for this study within the framework of critical document analysis (CDA). This study offers a step forward in developing culturally inclusive/holistic understandings of sustainability and more contextualised/localised approaches to ECEfS
Regional and Global Financial Integration in East Asia
Full text linkWe examine the degree of regional vs. global financial integration of East Asian countries in three ways; (1) comparing the size of cross-border assets such as securities and bank claims, (2) estimating the gravity model of bilateral financial asset holdings, and (3) estimating consumption risk sharing model. The results suggest that East Asian financial markets, particularly compared to the European ones, are relatively less integrated with each other than to global markets. We also find relatively more evidence of regional financial integration in bank claim markets than portfolio asset markets. The low financial integration within East Asia is attributed to the low incentives for portfolio diversification within the region, the low degree of development and deregulation of financial markets, and the instability in monetary and exchange rate regime.Regional financial integration; Global financial integration; East Asia
A study of interactive art in the narrative form of ""Magic Monkey""
No full text2021 KDD Workshop on Understanding Public Perceptions for Applied Data Science: How Important is it to Engage Society in Technology Development?
No full textThe International Workshop on Understanding Public Perceptions for Applied Data Science(UPP4DS'21) presents interdisciplinary contributions that address AI trustworthiness from the perspective of the public as end-users. With healthcare as the context for discussion, the workshop will bring together leading experts in applied data science, healthcare, public policy, and social sciences to examine the role of public trust and public engagement in the development of healthcare AI applications. The workshop will also feature original research from the social sciences with significant implications in the adoption of healthcare technologies and invite open discussions on the role of society in the development of acceptable technologies
High-speed fabrication of patterned colloidal photonic structures in centrifugal microfluidic chips
No full textIn this paper, we report a fast and facile method for fabricating colloidal photonic crystals inside microchannels of radially symmetric microfluidic chips. As the suspension of monodisperse silica or polystyrene latex spheres was driven to flow through the channels under the centrifugal force, the colloidal spheres were quickly assembled into face centered cubic arrangement which had photonic stop bands. The optical reflectance spectrum was modulated by the refractive-index mismatch between the colloidal particles and the solvent filled in the interstices between the particles. Therefore, the present microfluidic chips with built-in colloidal photonic crystals can be used as in-situ optofluidic microsensors for high throughput screening, light filters and biosensors in integrated adaptive optical devices
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