Exchange rate regimes evolution in the European transition economies refers to one of the most crucial policy decision in the beginning of the 1990s employed during the initial stages of the transition process. During the period of last two decades we may identify some crucial milestones in the exchange rate regimes evolution in the European transition economies. due to existing diversity in exchange rate arrangements in the European transition economies in the pre-ERM2 period there seems to be two big groups of countries - “peggers” (Bulgaria, Estonia, Latvia, Lithuania) and “floaters” (Czech republic, Hungary, Poland, Romania, Slovak republic, Slovenia). Despite the fact, there seems to be no real prospective alternative to euro adoption for the European transition economies, we emphasize disputable effects of sacrificing monetary sovereignty in the view of positive effects of exchange rate volatility and exchange rate based adjustments in the country experiencing sudden shifts in the business cycle. In the chapter we analyze effects of the real exchange rate volatility on real output and inflation in ten European transition economies. From estimated VAR model (recursive Cholesky decomposition is employed to identify structural shocks) we compute impulse-response functions to analyze responses of real output and inflation to negative real exchange rate shocks. Results of estimated model are discussed from a prospective of the fixed versus flexible exchange rate dilemma. To provide more rigorous insight into the problem of the exchange rate regime suitability we estimate the model for each particular country employing data for two subsequent periods 2000-2007 and 2000-2011.
{"title":"Real Output and Prices Adjustments Under Different Exchange Rate Regimes","authors":"Rajmund Mirdala","doi":"10.2139/ssrn.2370627","DOIUrl":"https://doi.org/10.2139/ssrn.2370627","url":null,"abstract":"Exchange rate regimes evolution in the European transition economies refers to one of the most crucial policy decision in the beginning of the 1990s employed during the initial stages of the transition process. During the period of last two decades we may identify some crucial milestones in the exchange rate regimes evolution in the European transition economies. due to existing diversity in exchange rate arrangements in the European transition economies in the pre-ERM2 period there seems to be two big groups of countries - “peggers” (Bulgaria, Estonia, Latvia, Lithuania) and “floaters” (Czech republic, Hungary, Poland, Romania, Slovak republic, Slovenia). Despite the fact, there seems to be no real prospective alternative to euro adoption for the European transition economies, we emphasize disputable effects of sacrificing monetary sovereignty in the view of positive effects of exchange rate volatility and exchange rate based adjustments in the country experiencing sudden shifts in the business cycle. In the chapter we analyze effects of the real exchange rate volatility on real output and inflation in ten European transition economies. From estimated VAR model (recursive Cholesky decomposition is employed to identify structural shocks) we compute impulse-response functions to analyze responses of real output and inflation to negative real exchange rate shocks. Results of estimated model are discussed from a prospective of the fixed versus flexible exchange rate dilemma. To provide more rigorous insight into the problem of the exchange rate regime suitability we estimate the model for each particular country employing data for two subsequent periods 2000-2007 and 2000-2011.","PeriodicalId":11754,"journal":{"name":"ERN: Other Macroeconomics: Aggregative Models (Topic)","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91186124","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the statistical physics, each microstate must be permitted by the Newton equations (or Schrodinger equations). Likewise, each microstate of economic system must be allowed by the general equilibrium theory. Our study shows that the competitive economy, over a long time scale, would produce a large number of general equilibria each of which can be regarded as a possible microstate of this economy. Then by the principle of maximum entropy, we can obtain the most probable macrostate, which is shown as the revenue distribution of a society. In particular, we verify that the “assumption of representative agent” in modern micro-founded macroeconomics only holds in an ideal situation where the perfect competition involving a single industry is taken into account.
{"title":"The Available Scope of the Assumption of Representative Agent","authors":"Yong Tao","doi":"10.2139/ssrn.2365158","DOIUrl":"https://doi.org/10.2139/ssrn.2365158","url":null,"abstract":"In the statistical physics, each microstate must be permitted by the Newton equations (or Schrodinger equations). Likewise, each microstate of economic system must be allowed by the general equilibrium theory. Our study shows that the competitive economy, over a long time scale, would produce a large number of general equilibria each of which can be regarded as a possible microstate of this economy. Then by the principle of maximum entropy, we can obtain the most probable macrostate, which is shown as the revenue distribution of a society. In particular, we verify that the “assumption of representative agent” in modern micro-founded macroeconomics only holds in an ideal situation where the perfect competition involving a single industry is taken into account.","PeriodicalId":11754,"journal":{"name":"ERN: Other Macroeconomics: Aggregative Models (Topic)","volume":"50 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78270917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Целью данной работы является исследование влияния макроэкономических показателей на финансовые рынки и анализ степени влияния этих факторов. В первом разделе приведѐн краткий обзор работ по рассматриваемой теме, сформулированы гипотезы, касающиеся влияния различных макроэкономических показателей на стоимость финансовых активов и их доходность, и приведено теоретическое обоснование данных гипотез. This paper is about the macroeconomic indices and their effect on the financial markets and the investigation of the level of this impact. The authors provide a review of the publications on the subject, formulate hypothesis on the issue. The paper was prepared on the basis of the research carried out in accordance with the State job RANEPA in 2012.
{"title":"Макроэкономические Факторы Динамики Фондового Рынка РФ (Macroeconomic Factors of the Russian Stock Market Dynamics)","authors":"Vadim Zyamalov, Marina Turuntseva, Y. Ulyanenko","doi":"10.2139/ssrn.2360818","DOIUrl":"https://doi.org/10.2139/ssrn.2360818","url":null,"abstract":"Целью данной работы является исследование влияния макроэкономических показателей на финансовые рынки и анализ степени влияния этих факторов. В первом разделе приведѐн краткий обзор работ по рассматриваемой теме, сформулированы гипотезы, касающиеся влияния различных макроэкономических показателей на стоимость финансовых активов и их доходность, и приведено теоретическое обоснование данных гипотез. This paper is about the macroeconomic indices and their effect on the financial markets and the investigation of the level of this impact. The authors provide a review of the publications on the subject, formulate hypothesis on the issue. The paper was prepared on the basis of the research carried out in accordance with the State job RANEPA in 2012.","PeriodicalId":11754,"journal":{"name":"ERN: Other Macroeconomics: Aggregative Models (Topic)","volume":"35 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91494593","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper I compare a capital budgeting model of of bank lending based on stock valuations to a supply/demand model based on an interest rate channel for France and Germany using non-nested hypothesis tests and omitted variables tests. For France both tests indicate a strong rejection of the supply/demand model with an interest rate channel and non-rejection of the capital budgeting model with a stock market channel. The results for Germany are mixed. For Monetary Financial Institutions the non-nested hypothesis tests rejected both models. For the commercial banking sector of Monetary Financial Institutions both tests rejected the supply/demand model but did not reject the capital budgeting model. Do these results have any implications for policy? If volatility in share prices cause volitility in bank lending which in turn causes volitility in real economic activity, then government may want to begin thinking about ways to dampen the volatility in the stock market such as imposing more stringent margin requirements on stock purchases and open market operations by central banks in a broad index of equity shares. I then consider the feasibility of Central Banks buying and selling a diversified portfolio of equites.
{"title":"Alternative Specifications of Bank Lending in France and Germany: Theory, Evidence and Policy Implications","authors":"Robert E. Krainer","doi":"10.2139/ssrn.2339150","DOIUrl":"https://doi.org/10.2139/ssrn.2339150","url":null,"abstract":"In this paper I compare a capital budgeting model of of bank lending based on stock valuations to a supply/demand model based on an interest rate channel for France and Germany using non-nested hypothesis tests and omitted variables tests. For France both tests indicate a strong rejection of the supply/demand model with an interest rate channel and non-rejection of the capital budgeting model with a stock market channel. The results for Germany are mixed. For Monetary Financial Institutions the non-nested hypothesis tests rejected both models. For the commercial banking sector of Monetary Financial Institutions both tests rejected the supply/demand model but did not reject the capital budgeting model. Do these results have any implications for policy? If volatility in share prices cause volitility in bank lending which in turn causes volitility in real economic activity, then government may want to begin thinking about ways to dampen the volatility in the stock market such as imposing more stringent margin requirements on stock purchases and open market operations by central banks in a broad index of equity shares. I then consider the feasibility of Central Banks buying and selling a diversified portfolio of equites.","PeriodicalId":11754,"journal":{"name":"ERN: Other Macroeconomics: Aggregative Models (Topic)","volume":"128 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74849163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government reinsurance for systemic or “tail” risk. The structure we propose for the replacement of the GSEs focuses on aligning incentives for appropriate pricing and transfer of mortgage risks across the private sector and between the private sector and the government. We present the justification and mechanics of a vintage-based capital structure, and assess the components of the mortgage guarantee fee, whose size we find is most sensitive to the required capital ratio and the expected return on that capital. We discuss the implications of selling off some of the utility’s mortgage credit risk to the capital markets and how the informational value of such transactions may vary with the level of risk transfer. Finally, we explore how mutualization could address incentive misalignments arising out of securitization and government insurance, as well as how the governance structure for such a financial market utility could be designed.
{"title":"The Capital Structure and Governance of a Mortgage Securitization Utility","authors":"P. Mosser, Joseph S. Tracy, Joshua Wright","doi":"10.2139/ssrn.2339288","DOIUrl":"https://doi.org/10.2139/ssrn.2339288","url":null,"abstract":"We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government reinsurance for systemic or “tail” risk. The structure we propose for the replacement of the GSEs focuses on aligning incentives for appropriate pricing and transfer of mortgage risks across the private sector and between the private sector and the government. We present the justification and mechanics of a vintage-based capital structure, and assess the components of the mortgage guarantee fee, whose size we find is most sensitive to the required capital ratio and the expected return on that capital. We discuss the implications of selling off some of the utility’s mortgage credit risk to the capital markets and how the informational value of such transactions may vary with the level of risk transfer. Finally, we explore how mutualization could address incentive misalignments arising out of securitization and government insurance, as well as how the governance structure for such a financial market utility could be designed.","PeriodicalId":11754,"journal":{"name":"ERN: Other Macroeconomics: Aggregative Models (Topic)","volume":"46 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89086953","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The scope of this essay seeks to understand how we can achieve a more stable and dynamically self-correcting monetary arrangement which will minimize the likelihood of having severe monetary disruptions on the economic system. We wish to find systems that minimize systemic macroeconomic disequilibrium, which arises whenever money severely distorts the structure of relative prices, creating market discoordination and hampering economic exchanges. Monetary equilibrium theory provides the propitious theoretical tool allowing us to comprehend how monetary disequilibrium may arise within the economic system. It also serves as a benchmark to which we can compare different monetary institutions; this enables us to determine which system might perform closer to our monetary equilibrium benchmark. Under this framework, we analyze two monetary arrangements: central banking and free-banking. Through a process of institutional comparison, we can establish which one can minimize overall market discoordination and therefore will do the least harm to the epistemic role of prices and other market signals in communicating the embedded information present in them. Finally using the framework of Robust Political Economy, we reevaluate the main assumptions which sustain the case for a centralized monetary institution on being capable of reaching the monetary equilibrium benchmark. We specifically reevaluate the assumptions concerning political pressure, self-interest, aligned incentives and the degree of decisionmakers’ omniscience present in central banking and free-banking. By relaxing these assumptions, we analyze how different monetary arrangements would be considered robust or fragile in achieving and maintaining monetary equilibrium.
{"title":"Robust Political Economy: An Institutional Alternative Against Monetary Disequilibrium and Market Discoordination","authors":"Pablo Paniagua","doi":"10.2139/ssrn.2340332","DOIUrl":"https://doi.org/10.2139/ssrn.2340332","url":null,"abstract":"The scope of this essay seeks to understand how we can achieve a more stable and dynamically self-correcting monetary arrangement which will minimize the likelihood of having severe monetary disruptions on the economic system. We wish to find systems that minimize systemic macroeconomic disequilibrium, which arises whenever money severely distorts the structure of relative prices, creating market discoordination and hampering economic exchanges. Monetary equilibrium theory provides the propitious theoretical tool allowing us to comprehend how monetary disequilibrium may arise within the economic system. It also serves as a benchmark to which we can compare different monetary institutions; this enables us to determine which system might perform closer to our monetary equilibrium benchmark. Under this framework, we analyze two monetary arrangements: central banking and free-banking. Through a process of institutional comparison, we can establish which one can minimize overall market discoordination and therefore will do the least harm to the epistemic role of prices and other market signals in communicating the embedded information present in them. Finally using the framework of Robust Political Economy, we reevaluate the main assumptions which sustain the case for a centralized monetary institution on being capable of reaching the monetary equilibrium benchmark. We specifically reevaluate the assumptions concerning political pressure, self-interest, aligned incentives and the degree of decisionmakers’ omniscience present in central banking and free-banking. By relaxing these assumptions, we analyze how different monetary arrangements would be considered robust or fragile in achieving and maintaining monetary equilibrium.","PeriodicalId":11754,"journal":{"name":"ERN: Other Macroeconomics: Aggregative Models (Topic)","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82399799","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We look for evidence of adaptation in wellbeing to major life events using eighteen waves of British panel data. Adaptation to marriage, divorce, birth of child and widowhood appears to be rapid and complete; this is not so for unemployment. These findings are remarkably similar to those in previous work on German panel data. Equally, the time profiles with life satisfaction as the wellbeing measure are very close to those using a twelve-item scale of psychological functioning. As such, the phenomenon of adaptation may be a general one, rather than being found only in German data or using single-item wellbeing measures.
{"title":"Back to Baseline in Britain: Adaptation in the British Household Panel Survey","authors":"A. Clark, Y. Georgellis","doi":"10.1111/ecca.12007","DOIUrl":"https://doi.org/10.1111/ecca.12007","url":null,"abstract":"We look for evidence of adaptation in wellbeing to major life events using eighteen waves of British panel data. Adaptation to marriage, divorce, birth of child and widowhood appears to be rapid and complete; this is not so for unemployment. These findings are remarkably similar to those in previous work on German panel data. Equally, the time profiles with life satisfaction as the wellbeing measure are very close to those using a twelve-item scale of psychological functioning. As such, the phenomenon of adaptation may be a general one, rather than being found only in German data or using single-item wellbeing measures.","PeriodicalId":11754,"journal":{"name":"ERN: Other Macroeconomics: Aggregative Models (Topic)","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86975063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2013-05-01DOI: 10.1111/j.1467-8586.2012.00441.x
M. Arslan
I investigate the optimal monetary policy in a New Keynesian macroeconomic framework with the sticky information model of price adjustment. The model is solved for optimal policy, and welfare implications of three alternative monetary policy regimes under this optimal policy are compared when there is a cost‐push shock to the economy. These monetary policy regimes are the unconstrained policy, price‐level targeting and inflation targeting regimes. The results illustrate that optimal policy depends on the degree of price stickiness and the persistence of the shock. Inflation targeting emerges as the optimal policy if prices are flexible enough or the shock is persistent enough. However, the unconstrained policy or price‐level targeting might be preferable to inflation targeting if prices are not very flexible and the shock is not very persistent. The results also show that as prices become more flexible, the welfare loss usually gets bigger.
{"title":"Optimal Monetary Policy with the Sticky Information Model of Price Adjustment: Inflation or Price‐Level Targeting?","authors":"M. Arslan","doi":"10.1111/j.1467-8586.2012.00441.x","DOIUrl":"https://doi.org/10.1111/j.1467-8586.2012.00441.x","url":null,"abstract":"I investigate the optimal monetary policy in a New Keynesian macroeconomic framework with the sticky information model of price adjustment. The model is solved for optimal policy, and welfare implications of three alternative monetary policy regimes under this optimal policy are compared when there is a cost‐push shock to the economy. These monetary policy regimes are the unconstrained policy, price‐level targeting and inflation targeting regimes. The results illustrate that optimal policy depends on the degree of price stickiness and the persistence of the shock. Inflation targeting emerges as the optimal policy if prices are flexible enough or the shock is persistent enough. However, the unconstrained policy or price‐level targeting might be preferable to inflation targeting if prices are not very flexible and the shock is not very persistent. The results also show that as prices become more flexible, the welfare loss usually gets bigger.","PeriodicalId":11754,"journal":{"name":"ERN: Other Macroeconomics: Aggregative Models (Topic)","volume":"65 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80891669","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper argues that incorporating information about the financial cycle is important to improve measures of potential output and output gaps. Conceptually, identifying potential output with non-inflationary output is too restrictive. Potential output is seen as sustainable; yet experience indicates that output may be on an unsustainable path even if inflation is low and stable whenever financial imbalances are building up. More generally, as long as potential output is identified with the non-cyclical component of output fluctuations and financial factors play a key role in explaining the cyclical part, ignoring these factors leaves out valuable information. Within a simple and transparent framework, we show that including information about the financial cycle can yield measures of potential output and output gaps that are not only estimated more precisely, but also much more robust in real time. In the context of policy applications, such "finance-neutral" output gaps are shown to yield more reliable estimates of cyclically adjusted budget balances and to serve as complementary guides for monetary policy.
{"title":"Rethinking Potential Output: Embedding Information About the Financial Cycle","authors":"C. Borio, Piti Disyatat, M. Juselius","doi":"10.1093/oep/gpw063","DOIUrl":"https://doi.org/10.1093/oep/gpw063","url":null,"abstract":"This paper argues that incorporating information about the financial cycle is important to improve measures of potential output and output gaps. Conceptually, identifying potential output with non-inflationary output is too restrictive. Potential output is seen as sustainable; yet experience indicates that output may be on an unsustainable path even if inflation is low and stable whenever financial imbalances are building up. More generally, as long as potential output is identified with the non-cyclical component of output fluctuations and financial factors play a key role in explaining the cyclical part, ignoring these factors leaves out valuable information. Within a simple and transparent framework, we show that including information about the financial cycle can yield measures of potential output and output gaps that are not only estimated more precisely, but also much more robust in real time. In the context of policy applications, such \"finance-neutral\" output gaps are shown to yield more reliable estimates of cyclically adjusted budget balances and to serve as complementary guides for monetary policy.","PeriodicalId":11754,"journal":{"name":"ERN: Other Macroeconomics: Aggregative Models (Topic)","volume":"6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88872858","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The fact that fluctuations in real exchange rates are highly volatile and persistent has been the central puzzle in international macroeconomics. This paper studies the role of real frictions in accounting for the puzzling behavior of real exchange rates. We show that the introduction of distribution costs and nontradable goods in an otherwise standard competitive model dramatically improves its ability to rationalize observed real exchange rate dynamics. We view our framework as complementary to those that emphasize the role of nominal rigidities.
{"title":"Real Frictions and Real Exchange Rate Dynamics: The Roles of Distribution Service and Transaction Cost","authors":"In Huh, Inkoo Lee","doi":"10.2139/ssrn.2319721","DOIUrl":"https://doi.org/10.2139/ssrn.2319721","url":null,"abstract":"The fact that fluctuations in real exchange rates are highly volatile and persistent has been the central puzzle in international macroeconomics. This paper studies the role of real frictions in accounting for the puzzling behavior of real exchange rates. We show that the introduction of distribution costs and nontradable goods in an otherwise standard competitive model dramatically improves its ability to rationalize observed real exchange rate dynamics. We view our framework as complementary to those that emphasize the role of nominal rigidities.","PeriodicalId":11754,"journal":{"name":"ERN: Other Macroeconomics: Aggregative Models (Topic)","volume":"29 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80015518","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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