1,720,966 research outputs found
Money, Output, and Inflation: Evidence from Pakistan
Full text linkPakistan has experienced inflationary episodes in the last
thirty years. “Why has inflation been high in some of the periods?” is a
debatable question. There are at least three possible candidate answers
to this question; monetary policy actions, supply side factors and/or
inflation in the rest of the world (trading partner countries). To test
whether monetary policy actions are responsible for episodes of high
inflation is the objective of this study. Khan and Schimmelpfennig
(2006) studied the relative importance of monetary factors and supply
side factors for inflation and found that monetary factors had played
dominant role in inflation determination. Agha, et al. (2005), while
studying transmission mechanism in Pakistan, found that inflation and
output respond significantly to shocks in monetary policy instrument.
However both studies depend on small data set. In this study Near-VAR
approach has been used to model inflation, real GDP gap and reserve
money and then impulse response functions are estimated by imposing
restrictions consistent with economic theory, [Enders (2004); Sims
(1986)]. Our results show the standard hump shaped response of output
and inflation to monetary policy shock, reaching at peak after several
quarters. Next Granger causality test is applied to test the direction
of causality between inflation and reserve money and real GDP gap and
reserve money. It is seen that inflation is Granger caused by reserve
money but not the other way around. This result does not hold in case of
reserve money and real GDP gap
Budget Balance through Revenue or Spending Adjustment: Evidence from Pakistan
Full text linkGovernment cannot roll over the debt forever (ponzi game is
not allowed). In the long run, inter-temporal budget constraint has to
be satisfied, which is possible either through government spending
adjustment or increasing government revenues. So current budget deficit
calls for adjustment, in the future, in spending or revenues. There are
four hypotheses, in the literature, in this regard: the tax-and-spending
hypothesis, the spending-and-tax hypothesis, bi-directional causality
between government revenues and government expenditures, and
independence of taxes and expenditures hypothesis. The last hypothesis,
however, have negative implications, in the long run, in terms of debt
sustainability and inflatio
The Contemporaneous Correlation of Structural Shocks and Inflation-Output Variability in Pakistan
Full text linkMonetary policy has changed in a number of ways in the last
two decades. Along with other characteristics, modern monetary policy is
forward-looking and today central banks, to maintain credibility,
respond contemporaneously to structural shocks that might make inflation
deviate from the target in future. This study aims at investigating this
aspect of monetary policy for Pakistan. Using the modified version of
Structural Vector Autoregression (SVAR) developed by Enders and Hurn
(2007), the authors have found a weak policy response to supply side
shocks as the correlation coefficient between demand and supply shocks
is only 0.041. Moreover, the results show that the demand shocks have no
significant contribution in output variability. On the other hand, both
demand and supply shocks, along with foreign supply shocks,
significantly contribute to inflation variability. JEL classification:
E31, E42, E52, E58 Keywords: Monetary Policy, Contemporaneous
Correlation, Pakistan, Structural Shocks, Vector
Autoregressio
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
The Fiscal Reaction Function and the Transmission Mechanism for Pakistan
Full text linkModern macroeconomics literature emphasises both the short run
and long run objectives of fiscal policy [Romer (2006)]. In the short
run it can be used to counter output cyclicality and/or stabilise
volatility in macro variables, which is descriptively same as of effects
of the short run monetary policy. Further for the long-run, fiscal
policy can also affect both the demand and supply side of the economy.
But in most traditional analyses it is assumed that fiscal policy would
adjust to ensure the intertemporal budget constraint to be satisfied,
while monetary policy is free to adjust its instruments [‘Ricardian
Regime’ by Sargent (1982)] such as stock of money supply or the nominal
interest rate [Walsh (2003)]. The debt financing methods, expenditure
and tax powers of fiscal authorities i.e. the fiscal policy has also
been seen as to affect both the supply and demand side of the economy.
As noted by Baxter and King (1993), the initial Real Business Cycle
models had only the supply side effects of the fiscal policy, where
these were transmitted through the wealth effect and labourleisure
choices of the household. Recently also New-Keynesian type models with
micro-foundations and sticky prices argue that still through the supply
side fiscal policy management could be accorded for stabilisation
[Linnemann and Schabert (2003)]. The demand side effects of the fiscal
policy could also be found only with more imperfections such as ‘Rule of
Thumb’ consumers or those with liquidity constraints, which lead to
exclusion of Ricardian equivalence [Gali, et al. (2005)]. But all that
depends on the structure of the economy, as Blanchard and Perotti (2002)
stated
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