7,496 research outputs found
The transition to consumption taxation, Part 2: the impact on existing financial assets
No full textReplacing the income tax with a consumption tax is likely to reduce the total value of the capital stock. Alan D. Viard reviews how this decline is divided between bondholders and stockholders and the effect on household borrowers and lenders. He explains that the results depend on whether monetary policy accommodates the tax through a higher price level. Without accommodation, the decline in the value of capital is largely borne by stockholders and there is little reallocation of wealth between household borrowers and lenders. If the tax is fully accommodated, bondholders bear heavier burdens than stockholders and household borrowers gain at the expense of the household lenders.Taxation ; Stocks ; Monetary policy ; Wealth
Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?
No full textA dynamic general equilibrium model of a small open economy is presented where agents may choose the frequency of price changes. A fixed exchange rate is compared to inflation targeting and money targeting. A fixed rate generates more price flexibility than the other regimes when the expenditure switching effect is relatively weak, while money targeting generates more flexibility when the expenditure switching effect is strong. These endogenous changes in price flexibility can lead to changes in the welfare performance of regimes. But, for the model calibration considered here, the extra price flexibility generated by a peg does not compensate for the loss of monetary independence. Inflation targeting yields the highest welfare level despite generating the least price flexibility of the three regimes considered.
On price inflation
No full textThis thesis seeks to analyse price inflation under oligopoly capitalism. Its central argument is that under oligopoly capitalism, price inflation is a structural phenomenon. For a greater understanding of that phenomenon, the adoption of the inter-industrial approach for its analysis seems essential. According to this approach, price inflation can be initiated in a single industry or in an industry group. The initiating factor may be an increase in the mark-up, an increase in the money wage rate or an increase in the foreign currency price of an imported input. It can also be initiated by devaluation. The input-output matrix, the core of the economic system, is the key to the transmission of inflationary impulses (in the form of higher unit cost) from one industry to another. Real wage resistance, rigid mark-up resistance, and rigid foreign resistance do no more than perpetuate or worsen the inflationary experience. The inflationary process itself has a dual role to play. It acts as a mechanism for shifting income distribution in favour of one section of the society against another and as a mechanism for changing the price structure.The author argues that the abandonment of the macroeconomic approach to the analysis of price inflation and its replacement by the inter-industrial approach is the first step for serious analysis of that structural phenomenon
Price support at any price? Costs and benefits of alternative agricultural policies for Poland
No full textThe author argues that Poland must choose an agricultural policy that promotes efficiency, structural change, and adjustment to the new market environment and eventual membership in the European Union. That policy must take into account both the needs of, and the financial constraints on, Polish agriculture. Results of simulation experiments performed with the use of the computable general equilibrium model of the Polish economy suggest that Common Agricultural Policy-type price supports are not the most efficient agricultural policy for Poland. The author discusses alternative policies and scenarios. Rather than discuss whether the relationship between farmers'incomes and average Polish wages is fair, the author analyzes whether medium- and long-term development trends in the Polish economy may cause this relationship to deteriorate, and what policies will counteract those trends. Rapid growth in the nonagricultural sectors combined with real appreciation of domestic currency (caused either through good current account performance or significant capital inflows) may jeopardize farmers'relative income position. And such developments are probable if positive projections for economic development and membership in the European Union are realized. The agricultural sector can defend its relative income only by becoming more efficient. Price supports improve farmers'relative income but at a high cost to taxpayers and consumers and to macroeconomic efficiency. To meet these costs, Poland must put in place firm quantity controls. But the author thinks that the best strategy would be to avoid price supports until the moment of joining the European Union's Common Agricultural Policy. In the interim, policies aimed at reducing farm employment seem most appropriate. The author discusses two such policies: encouraging older farmers to retire and promoting jobs in rural areas. He also proposes two feasible scenarios for integrating Polish agriculture with that of the European Union by 2005-10.Markets and Market Access,Economic Theory&Research,Environmental Economics&Policies,Labor Policies,Agricultural Knowledge&Information Systems,Economic Theory&Research,Environmental Economics&Policies,Agricultural Knowledge&Information Systems,Markets and Market Access,Access to Markets
Alan Moore Comics as Performance, Fiction as Scalpel
No full textEclectic British author Alan Moore (b. 1953) is one of the most acclaimed and controversial comics writers to emerge since the late 1970s. He has produced a large number of well-regarded comic books and graphic novels while also making occasional forays into music, poetry, performance, and prose. In Alan Moore: Comics as Performance, Fiction as Scalpel , Annalisa Di Liddo argues that Moore employs the comics form to dissect the literary canon, the tradition of comics, contemporary society, and our understanding of history. The book considers Moore's narrative strategies and pinpoints the main thematic threads in his works: the subversion of genre and pulp fiction, the interrogation of superhero tropes, the manipulation of space and time, the uses of magic and mythology, the instability of gender and ethnic identity, and the accumulation of imagery to create satire that comments on politics and art history. Examining Moore's use of comics to scrutinize contemporary culture, Di Liddo analyzes his best-known works-- Swamp Thing, V for Vendetta, Watchmen, From Hell, Promethea , and Lost Girls . The study also highlights Moore?s lesser-known output, such as Halo Jones, Skizz , and Big Numbers , and his prose novel Voice of the Fire. Alan Moore: Comics as Performance, Fiction as Scalpel reveals Moore to be one of the most significant and distinctly postmodern comics creators of the last quarter-century.Intro -- Contents -- Preface and Acknowledgments -- Introduction -- CHAPTER 1. Formal Considerations on Alan Moore's Writing -- CHAPTER 2. Chronotopes: Outer Space, the Cityscape, and the Space of Comics -- CHAPTER 3. Moore and the Crisis of English Identity -- CHAPTER 4. Finding a Way into Lost Girls -- Conclusion -- Notes -- Bibliography -- Index -- A -- B -- C -- D -- E -- F -- G -- H -- I -- J -- K -- L -- M -- N -- O -- P -- Q -- R -- S -- T -- U -- V -- W -- Y -- ZEclectic British author Alan Moore (b. 1953) is one of the most acclaimed and controversial comics writers to emerge since the late 1970s. He has produced a large number of well-regarded comic books and graphic novels while also making occasional forays into music, poetry, performance, and prose. In Alan Moore: Comics as Performance, Fiction as Scalpel , Annalisa Di Liddo argues that Moore employs the comics form to dissect the literary canon, the tradition of comics, contemporary society, and our understanding of history. The book considers Moore's narrative strategies and pinpoints the main thematic threads in his works: the subversion of genre and pulp fiction, the interrogation of superhero tropes, the manipulation of space and time, the uses of magic and mythology, the instability of gender and ethnic identity, and the accumulation of imagery to create satire that comments on politics and art history. Examining Moore's use of comics to scrutinize contemporary culture, Di Liddo analyzes his best-known works-- Swamp Thing, V for Vendetta, Watchmen, From Hell, Promethea , and Lost Girls . The study also highlights Moore?s lesser-known output, such as Halo Jones, Skizz , and Big Numbers , and his prose novel Voice of the Fire. Alan Moore: Comics as Performance, Fiction as Scalpel reveals Moore to be one of the most significant and distinctly postmodern comics creators of the last quarter-century.Description based on publisher supplied metadata and other sources.Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, YYYY. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
What Happens to Patterns of Food Consumption when Food Prices Change? Evidence from A Systematic Review and Meta-Analysis of Food Price Elasticities Globally.
No full textRecent years have seen considerable interest in examining the impact of food prices on food consumption and subsequent health consequences. Fiscal policies targeting the relative price of unhealthy foods are frequently put forward as ways to address the obesity epidemic. Conversely, various food subsidy interventions are used in attempts to reduce levels of under-nutrition. Information on price elasticities is essential for understanding how such changes in food prices affect food consumption. It is crucial to know not only own-price elasticities but also cross-price elasticities, as food substitution patterns may have significant implications for policy recommendations. While own-price elasticities are common in analyses of the impact of food price changes on health, cross-price effects, even though generally acknowledged, are much less frequently included in analyses, especially in the public health literature. This article systematically reviews the global evidence on cross-price elasticities and provides combined estimates for seven food groups in low-income, middle-income and high-income countries alongside previously estimated own-price elasticities. Changes in food prices had the largest own-price effects in low-income countries. Cross-price effects were more varied and depending on country income level were found to be reinforcing, undermining or alleviating own-price effects
Relative prices and inflation in Poland, 1989-97 : the special role of administered price increases
No full textThe author evaluates how much relative price shifts affected inflation in Poland between 1989 and 1997. He uses a theoretical model that predicts a positive relationship between variance and skewness in the distribution of relative price changes and the general inflation rate. Regressions controlling for various shocks revealed that significant relative price changes -- especially the large administered price increases associated with adjustment -- produced substantial upward inflationary pressures. Growth in money and wages were shown to fuel inflation. Appreciation of the real exchange rate lowered it. Administered price increases -- in utilities and other sectors controlled by the government -- dominated inflation from 1989-97. And the adjustment of many controlled prices is not yet complete. Ideally, future administered increases should be frequent and moderate to prevent the large price shifts that increase inflation. But because frequent price increases are likely to be politically unpopular, sizable increases may be in order so that the current underevaluation of numerous services will diminish more quickly.Economic Theory&Research,Banks&Banking Reform,Insurance&Risk Mitigation,Markets and Market Access,Environmental Economics&Policies,Markets and Market Access,Access to Markets,Economic Theory&Research,Environmental Economics&Policies,Inflation
Uncertainty and the price for crude oil reserves
No full textInnovations in futures, options, and derivative instruments permit active trading, speculating and hedging - linking markets for physical petroleum products with financial markets. These derivative markets continuously value petroleum delivered today and for future dates, providing a market price for inventories. Underground petroleum reserves are also an inventory defined by exploration surveys and development drilling. Thus, observable market information can be used to value these reserves. Option - valuation models can be used to price reserves using observable markets, but are dependent on unexplained convenience yields revealed by the term structure of futures prices. The authors apply a general inventory pricing model to petroleum inventories and generate an empirical model of the returns to storage for petroleum markets. They examine the determinants of the crude oil convenience yield using a stochastic control model. They specify optimal production and inventory conditions using a third-order cost function and estimate them using monthly observations. Their inventory arbitrage condition embodies the Hotelling principle and Kaldor's convenience yield, and includes a premium on the dispersion in crude oil prices. The empirical results suggest that returns to storage contain both a cost-reducing component and often sizable premiums associated with the dispersion of petroleum prices. Their findings suggest that crude oil markets differentiated by quality and location provide similar premiums. The premiums associated with the dispersion of petroleum prices may account for persistent backwardation in crude oil prices. This finding may also explain the wide discrepancies between Hotelling values and transaction prices found in previous studies.Economic Theory&Research,Environmental Economics&Policies,Markets and Market Access,Labor Policies,Payment Systems&Infrastructure,Oil Refining&Gas Industry,Environmental Economics&Policies,Access to Markets,Markets and Market Access,Economic Theory&Research
Endogenous price flexibility and optimal monetary policy
No full textMuch of the literature on optimal monetary policy uses models in which the degree of nominal price flexibility is exogenous. There are, however, good reasons to suppose that the degree of price flexibility adjusts endogenously to changes in monetary conditions. This article extends the standard new Keynesian model to incorporate an endogenous degree of price flexibility. The model shows that endogenizing the degree of price flexibility tends to shift optimal monetary policy towards complete inflation stabilization, even when shocks take the form of cost-push disturbances. This contrasts with the standard result obtained in models with exogenous price flexibility, which show that optimal monetary policy should allow some degree of inflation volatility to stabilize the welfare-relevant output gap.Peer reviewe
Oil price volatility and U.S. macroeconomic activity
No full textOil shocks exert influence on macroeconomic activity through various channels, many of which imply a symmetric effect. However, the effect can also be asymmetric. In particular, sharp oil price changes-either increases or decreases-may reduce aggregate output temporarily because they delay business investment by raising uncertainty or induce costly sectoral resource reallocation. Consistent with these asymmetric-effect hypotheses, the authors find that a volatility measure constructed using daily crude oil futures prices has a negative and significant effect on future gross domestic product (GDP) growth over the period 1984-2004. Moreover, the effect becomes more significant after oil price changes are also included in the regression to control for the symmetric effect. The evidence here provides economic rationales for Hamilton's (2003) nonlinear oil shock measure: It captures overall effects, both symmetric and asymmetric, of oil price shocks on output.Petroleum products - Prices ; Macroeconomics
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