223 research outputs found
Incertitude sur le taux de change et chômage dans les pays candidats : un argument pour leuroïsation
No full textExchange Rate Uncertainty and Unemployment in the Accession Countries : A Case for Euroization by Ansgar Belke and Ralph Setzer
The traditional “ optimum currency area ” approach posits that little is lost in the transition to a very hard peg to a currency union if exchange rate variations are small . This paper looks at this approach from a different angle by considering that exchange rate volatility could well reflect high labor market costs . An analysis of the effect of exchange rate volatility on labor markets in the CEECs shows that exchange rate volatility significantly increases unemployment . The transition to a fixed exchange rate or the adoption of the euro could therefore be considered as a substitute for the removal of employment protection legislation . Keywords : Central and Eastern Europe , currency union , exchange rate variability , job creationSelon l ’ approche traditionnelle des “ zones monétaires optimales ”, on perd peu dans le passage d ’ un ancrage fort à une union monétaire si les variations du taux de change sont faibles . Cette approche est ici inversée : on considère que la volatilité du taux de change reflète les dysfonctionnements des marchés du travail . L ’ analyse de l ’ impact de la volatilité du taux de change sur les marchés du travail dans les pays d ’ Europe centrale et orientale (Peco ) révèle que cette dernière accroît significativement le chômage . Le passage à un taux de change fixe ou l ’ adoption de l ’ euro sont alors considérés comme un substitut au retrait de la législation sur la protection de l ’ emploi .Belke Ansgar, Setzer Ralph. Incertitude sur le taux de change et chômage dans les pays candidats : un argument pour leuroïsation. In: Économie & prévision, n°163, 2004-2. Élargissement de l'Union Européenne. pp. 63-74
EOCG Model
No full textThis Mendeley Data repository "EOCG Model" contains R code to run Empirical Orthogonal Constraint Generation (EOCG), a model aimed at learning a reduced set of dimensions to solve a Multidimensional Knapsack Problem (MKP). The R code also runs the two models ORIGINAL and HYP.
The code has been used in the following research article:
T. Setzer and S. M. Blanc, Corrigendum to “Empirical Orthogonal Constraint Generation for Multi-Dimensional 0/1 Knapsack Problems” [European Journal of Operational Research, 282, 1 (2020), 58–70], https://doi.org/10.1016/j.ejor.2019.12.029. Corresponding author: Thomas Setzer, E-mail address: [email protected]. (DOI of original article: https://doi.org/10.1016/j.ejor.2019.09.016).
Computational results presented in the referenced manuscript are available in folder R/Results.
Guidance on how to read result files is provided in R/Results/readresults.txt
Heterogeneity in money holdings across euro area countries: The role of housing
No full textIn this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices and higher user costs of housing are both associated with larger money holdings. Country-specific money holdings are also connected with structural features of the housing market. --Money,housing,national contribution,euro area
1958 Ohio Agricultural Experiment Station Recommendations for Nursery Stock, Trees, Shrubs and Turf
No full textInsect pests / R. B. Neiswander -- Insect pests / Ralph E. Davidson -- Plant diseases / C. Wayne Ellett -- Chemical control of weeds / E. K. Alban -- Chemical control of weeds in nursery and plant bed areas / L. C. Chadwick, W. D. Chambers and Bryson James -- Some thoughts on timely lawn questions / R. R. Davis -- Production of nursery stock in containers / Kenneth W. Reisch and Robert Setzer -- Foliar analysis as a means of determining the nutritional requirements of trees / Kenneth W. Reisch and Thomas Canno
Money and housing: evidence for the euro area and the US
No full textThis paper examines the relation between money and housing variables in the euro area and in the US. Our empirical model is based on a standard money demand relation which is augmented by housing market variables. In doing so, co-integrated money demand relationships can be established for both the euro area and the US. Furthermore, we find evidence for asset inflation channels, that is, liquidity fuels housing market developments. --money demand,asset inflation,housing,wealth
Money demand in the euro area: new insights from disaggregated data
No full textConventional money demand specifications in the euro area have become unstable since 2001. We specify a money demand equation in deviations of individual euro area Member States variables from the euro area average and show that the income elasticity as well as the interest rate semi-elasticity remains stable. The corresponding deep parameters of the utility function have not changed. Aggregate money demand instability does therefore not result from altered standard factors determining the preference for holding money. Instead, other factors determine the aggregate monetary overhang. Since monetary developments cannot easily be explained by changing preferences, they should be closely monitored and might be a sign of imbalances.Money demand, euro area, deep parameters of money demand function, panel data
The system simulation for communication network, 1983
No full textThe advent of computers has made it feasible to approach the study of such complex systems by means of simulation. Computer simulation is a design tool to minimize cost, planning, and implementation. Computer simulation also is a well-known and popular technique for studying the behavior of complex systems. The communication network system is one of the complex systems that should be studied by the simulation model. In order to gain a fuller understanding of the simulation of communication a network system, the author made this attempt to develop and document his simulation network program
Liquidity and the dynamic pattern of price adjustment: a global view
No full textGlobal liquidity expansion has been very dynamic since 2001. Contrary to conventional wisdom, high money growth rates have not coincided with a concurrent rise in goods prices. At the same time, however, asset prices have increased sharply, significantly outpacing the subdued development in consumer prices. This paper examines the interactions between money, goods and asset prices at the global level. Using aggregated data for major OECD countries, our VAR results support the view that different price elasticities on asset and goods markets explain the recently observed relative price change between asset classes and consumer goods. --Global liquidity,inflation control,monetary policy transmission,asset prices
Determinants of intra-euro area government bond spreads during the financial crisis
No full textThis paper provides an empirical analysis of the determinants of government bond yield spreads in the euro area with a focus on developments during the global financial crisis that started in 2007. In line with the previous literature, we find that international factors, in particular general risk perception, play a major role in explaining governments bond yields differentials. While domestic factors such as liquidity and sovereign risk appear to be smaller but non-negligible drivers of yield spreads our results point to significant interaction of general risk aversion and macroeconomic fundamentals. Moreover, the impact of domestic factors on bond yield spreads increase significantly during the crisis, when international investors started to discriminate more between countries. In particular, the combination of high risk aversion and large current account deficits tend to magnify the incidence of deteriorated public finances on government bond yield spreads. Overall, our results suggest that an improvement in global risk perception will lead to a narrowing of intra-euro area bond yield differentials. However, the differing impact of the crisis on Member States' public finances and the expected higher risk awareness of investors after the crisis could keep government bond yield spreads at a higher level then in the pre-crisis period.sovereign bond, intra-euro area government bond spreads, spread determinants, financial crisis Barrios, Iversen, Lewandowska, Setzer
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