{"title":"Introduction to the Special Section","authors":"A. Silva, Mikayla Novak","doi":"10.1111/1759-3441.12280","DOIUrl":"https://doi.org/10.1111/1759-3441.12280","url":null,"abstract":"","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"3 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128803731","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}
{"title":"Modelling the Australian J‐Curve: An ARDL Cointegration Approach","authors":"Kris Ivanovski, Sefa Awaworyi Churchill, A. Nuhu","doi":"10.1111/1759-3441.12277","DOIUrl":"https://doi.org/10.1111/1759-3441.12277","url":null,"abstract":"","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"62 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120996175","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 note examines the degree of persistence of UK inflation by applying fractional integration methods to historical data spanning the period 1210 – 2016; the chosen approach is more general than the popular ARMA models based on the classical I(0) vs. I(1) dichotomy. The full-sample results do not suggest that UK inflation is a persistent process; however, the recursive analysis indicates an increase in the degree of persistence in the 16th century and more recently after WWI and in the last quarter of the 20th century. On the whole, monetary and exchange rate regime changes do not appear to have had a significant impact on the stochastic behaviour of inflation if one takes a long-run, historical perspective.
本文通过对1210年至2016年期间的历史数据应用分数积分方法，研究了英国通胀的持续程度;所选择的方法比基于经典I(0) vs. I(1)二分法的流行ARMA模型更通用。全样本的结果并不表明英国的通胀是一个持续的过程;然而，递归分析表明，在16世纪以及最近的第一次世界大战之后和20世纪的最后25年，这种持续程度有所增加。总的来说，如果从长期的历史角度来看，货币和汇率制度的变化似乎没有对通胀的随机行为产生重大影响。
{"title":"Fractional Integration and the Persistence of UK Inflation, 1210–2016","authors":"G. Caporale, L. Gil‐Alana","doi":"10.1111/1759-3441.12275","DOIUrl":"https://doi.org/10.1111/1759-3441.12275","url":null,"abstract":"This note examines the degree of persistence of UK inflation by applying fractional integration methods to historical data spanning the period 1210 – 2016; the chosen approach is more general than the popular ARMA models based on the classical I(0) vs. I(1) dichotomy. The full-sample results do not suggest that UK inflation is a persistent process; however, the recursive analysis indicates an increase in the degree of persistence in the 16th century and more recently after WWI and in the last quarter of the 20th century. On the whole, monetary and exchange rate regime changes do not appear to have had a significant impact on the stochastic behaviour of inflation if one takes a long-run, historical perspective.","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124991436","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}
Madhabendra Sinha, Darius Tirtosuharto, P. Sengupta
{"title":"Impacts of FDI and Remittance Inflows in Developing Asia: A Comparative Dynamic Panel Study","authors":"Madhabendra Sinha, Darius Tirtosuharto, P. Sengupta","doi":"10.1111/1759-3441.12260","DOIUrl":"https://doi.org/10.1111/1759-3441.12260","url":null,"abstract":"","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"118501458","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}
Roberto Evangelio, Simon Hone, Moses Lee, David Prentice
This paper provides the first estimates of the effects of parks on house prices within Victoria. We estimate hedonic regressions of house prices on the distance to six types of parks as well as a wide range of other amenities that may impact on house prices. We find that moving from the median to the first percentile of distances from a park is associated with increased property prices of up to $86,000. Parks are more likely to have a positive effect on house prices in regional Victoria than in Melbourne, where we speculate that for some types of parks, congestion or other types of negative externalities may be present. The current guidelines for cost-benefit analysis for transport projects do not include values for amenity effects. So the results of this work can be used to construct estimates of the amenity value of a park for a rapid cost benefit analysis.
{"title":"What Makes a Locality Attractive? Estimates of the Amenity Value of Parks for Victoria","authors":"Roberto Evangelio, Simon Hone, Moses Lee, David Prentice","doi":"10.1111/1759-3441.12259","DOIUrl":"https://doi.org/10.1111/1759-3441.12259","url":null,"abstract":"This paper provides the first estimates of the effects of parks on house prices within Victoria. We estimate hedonic regressions of house prices on the distance to six types of parks as well as a wide range of other amenities that may impact on house prices. We find that moving from the median to the first percentile of distances from a park is associated with increased property prices of up to $86,000. Parks are more likely to have a positive effect on house prices in regional Victoria than in Melbourne, where we speculate that for some types of parks, congestion or other types of negative externalities may be present. The current guidelines for cost-benefit analysis for transport projects do not include values for amenity effects. So the results of this work can be used to construct estimates of the amenity value of a park for a rapid cost benefit analysis.","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132081441","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 causes and effects of non‐monotonic NPV functions are evaluated and the results presented in this paper. Reinvestment of intermediate income causes non‐monotonic NPV function. Non‐monotonic NPV function not only leads to multiple IRRs but also to spurious NPVs. The capital amortisation (CAS) method used in this analysis transparently reveals if there is any reinvestment. A modified CAS method, discussed in this paper, eliminates the reinvestment and resolves the problems of non‐monotonic NPV function, reinvestment, spurious NPVs and multiple IRR. The current practice of using NPV as the preferred criterion, when there are multiple IRRs, is not appropriate.
{"title":"Non-monotonic NPV Function Leads to Spurious NPVs and Multiple IRR Problems: A New Method that Resolves these Problems","authors":"C. Kannapiran","doi":"10.1111/1759-3441.12239","DOIUrl":"https://doi.org/10.1111/1759-3441.12239","url":null,"abstract":"The causes and effects of non‐monotonic NPV functions are evaluated and the results presented in this paper. Reinvestment of intermediate income causes non‐monotonic NPV function. Non‐monotonic NPV function not only leads to multiple IRRs but also to spurious NPVs. The capital amortisation (CAS) method used in this analysis transparently reveals if there is any reinvestment. A modified CAS method, discussed in this paper, eliminates the reinvestment and resolves the problems of non‐monotonic NPV function, reinvestment, spurious NPVs and multiple IRR. The current practice of using NPV as the preferred criterion, when there are multiple IRRs, is not appropriate.","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123017267","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 assesses the relative impact community consumer ratings and expert ratings have on Australian wine prices. Results suggest community ratings may better explain price variations than expert scores; however, the performance difference is not definitive. Expert scores are found to have some additional unique power beyond community ratings in explaining prices. These results hold for both models based on current quality and reputation ratings and a number of robustness checks. The results suggest that producers may need to monitor both expert and community assessments of wines based on numerous vintages to accurately assess wine prices.
{"title":"Community and Expert Wine Ratings and Prices","authors":"E. Oczkowski, N. Pawsey","doi":"10.1111/1759-3441.12240","DOIUrl":"https://doi.org/10.1111/1759-3441.12240","url":null,"abstract":"This paper assesses the relative impact community consumer ratings and expert ratings have on Australian wine prices. Results suggest community ratings may better explain price variations than expert scores; however, the performance difference is not definitive. Expert scores are found to have some additional unique power beyond community ratings in explaining prices. These results hold for both models based on current quality and reputation ratings and a number of robustness checks. The results suggest that producers may need to monitor both expert and community assessments of wines based on numerous vintages to accurately assess wine prices.","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132333445","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 examine the effect of financial integration, measured based on both volume and equity, on output volatility using five‐year non‐overlapping annual average data windows for sixty countries over the 1971–2015 period. We construct aggregate‐ as well as sub‐panels based on income and region. Financial integration reduces output volatility in aggregate and income panel, but not in all regions. Foreign direct investment (FDI) and foreign portfolio investment (FPI) reduces output volatility in developed countries, but only FDI reduces output volatility in developing countries. Financial regulatory architecture should aim at attracting FDI and macroeconomic and structural reforms to reap the benefits of FPI flows.
{"title":"Does Financial Integration Reduce Output Volatility? New Evidence from Cross-Country Data","authors":"P. K. Sahoo, D. Rao, B. N. Rath","doi":"10.1111/1759-3441.12235","DOIUrl":"https://doi.org/10.1111/1759-3441.12235","url":null,"abstract":"We examine the effect of financial integration, measured based on both volume and equity, on output volatility using five‐year non‐overlapping annual average data windows for sixty countries over the 1971–2015 period. We construct aggregate‐ as well as sub‐panels based on income and region. Financial integration reduces output volatility in aggregate and income panel, but not in all regions. Foreign direct investment (FDI) and foreign portfolio investment (FPI) reduces output volatility in developed countries, but only FDI reduces output volatility in developing countries. Financial regulatory architecture should aim at attracting FDI and macroeconomic and structural reforms to reap the benefits of FPI flows.","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128610417","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 explores the Industry Assistance Commission's (IAC's) 1974 and 1981 reports on Australia's automotive industry. Although it is sympathetic with the Commission's pursuit of freer trade, it illustrates how the IAC's reports exemplified important foibles of economic expertise. As bureaucratic and political enthusiasm for trade liberalisation grew from the late 1960s on, the free trade versus protection dichotomy crowded out the significance of intra-industry trade for designing the transition to freer trade. The paper argues that in it's failure to properly consider intra-industry trade, the IAC and the professional milieu it embodied was not the simple product of technical inadequacies of economics at the time. Rather it was driven by the uncompromising failure of the conversation it conducted. The paper concludes with a postscript on developments since the Commission's 1981 report.
{"title":"When Only the Second Best Will Do: Economic Reform and Intra‐Industry Trade in Australia's Automotive Industry","authors":"N. Gruen","doi":"10.1111/1759-3441.12153","DOIUrl":"https://doi.org/10.1111/1759-3441.12153","url":null,"abstract":"This paper explores the Industry Assistance Commission's (IAC's) 1974 and 1981 reports on Australia's automotive industry. Although it is sympathetic with the Commission's pursuit of freer trade, it illustrates how the IAC's reports exemplified important foibles of economic expertise. As bureaucratic and political enthusiasm for trade liberalisation grew from the late 1960s on, the free trade versus protection dichotomy crowded out the significance of intra-industry trade for designing the transition to freer trade. The paper argues that in it's failure to properly consider intra-industry trade, the IAC and the professional milieu it embodied was not the simple product of technical inadequacies of economics at the time. Rather it was driven by the uncompromising failure of the conversation it conducted. The paper concludes with a postscript on developments since the Commission's 1981 report.","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132356594","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}
Vertical integration between providers of financial advice and producers of financial products is not uncommon. We consider the impact of disclosure where full disclosure of the incentives of an advisor to recommend the product of an upstream affiliate rather than from some other producer is not possible. We report the results of an experiment in which an informed advisor recommends to a less informed client one of two potential assets to purchase and also a price to offer. In one setting the incentives of the two players are fully aligned but in another the advisor receives an additional payment for selling one of the assets. We consider two treatments – with and without disclosure to the client of the advisor’s interests. With disclosure, the client is only informed of the presence but not the size of an additional payment the advisor receives for selling one of the assets. We find that an advisor’s conflict of interest influences their asset recommendation away from the asset that best serves the client’s interests. The partial disclosure of the advisor’s conflict of interest as common knowledge seems to influence neither the advisor’s recommended asset nor, more surprisingly, the client’s likelihood of rejecting the advisor’s recommendation. However, we do find that disclosure results in a larger financial payoff for the client in our experimental setup.
{"title":"Conflict of Interest, Disclosure and Vertical Relationships: An Experimental Analysis","authors":"Paul Chen, Martin Richardson","doi":"10.1111/1759-3441.12245","DOIUrl":"https://doi.org/10.1111/1759-3441.12245","url":null,"abstract":"Vertical integration between providers of financial advice and producers of financial products is not uncommon. We consider the impact of disclosure where full disclosure of the incentives of an advisor to recommend the product of an upstream affiliate rather than from some other producer is not possible. We report the results of an experiment in which an informed advisor recommends to a less informed client one of two potential assets to purchase and also a price to offer. In one setting the incentives of the two players are fully aligned but in another the advisor receives an additional payment for selling one of the assets. We consider two treatments – with and without disclosure to the client of the advisor’s interests. With disclosure, the client is only informed of the presence but not the size of an additional payment the advisor receives for selling one of the assets. We find that an advisor’s conflict of interest influences their asset recommendation away from the asset that best serves the client’s interests. The partial disclosure of the advisor’s conflict of interest as common knowledge seems to influence neither the advisor’s recommended asset nor, more surprisingly, the client’s likelihood of rejecting the advisor’s recommendation. However, we do find that disclosure results in a larger financial payoff for the client in our experimental setup.","PeriodicalId":340385,"journal":{"name":"Economic Papers: A journal of applied economics and policy","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131815912","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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