{"title":"Technology adoption in autocratic economies: The role of fiscal capacity","authors":"Thorsten Janus","doi":"10.1111/sjpe.12345","DOIUrl":"https://doi.org/10.1111/sjpe.12345","url":null,"abstract":"","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45193628","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper examines the usefulness of shadow rates to measure the monetary policy stance by comparing them to the official policy rates and those implied by three types of Taylor rules in both inflation‐targeting countries (the UK, Canada, Australia and New Zealand) and others that have only targeted inflation at times (the United States, Japan, the Euro Area and Switzerland) over the period from the early 1990s to December 2021. Shadow rates estimated from a dynamic factor model are shown to suggest a much looser policy stance than either the official policy rates or those implied by the Taylor rules, and generally to provide a more accurate picture of the monetary policy stance during both ZLB and non‐ZLB periods, since they reflect the full range of unconventional policy measures used by central banks. Furthermore, generalised impulse response analysis based on three alternative vector autoregression (VAR) models indicates that monetary shocks based on the shadow rates are more informative than those related to the official policy rates or to two‐ and three‐factor shadow rates, especially during the Global Financial Crisis and the recent COVID‐19 pandemic, when unconventional measures have been adopted. Finally, unconventional policy shocks seem to have less persistent effects on the economy in countries, which have adopted an inflation‐targeting regime.
{"title":"Shadow rates as a measure of the monetary policy stance: Some international evidence","authors":"Christina Anderl, Guglielmo Maria Caporale","doi":"10.1111/sjpe.12343","DOIUrl":"https://doi.org/10.1111/sjpe.12343","url":null,"abstract":"Abstract This paper examines the usefulness of shadow rates to measure the monetary policy stance by comparing them to the official policy rates and those implied by three types of Taylor rules in both inflation‐targeting countries (the UK, Canada, Australia and New Zealand) and others that have only targeted inflation at times (the United States, Japan, the Euro Area and Switzerland) over the period from the early 1990s to December 2021. Shadow rates estimated from a dynamic factor model are shown to suggest a much looser policy stance than either the official policy rates or those implied by the Taylor rules, and generally to provide a more accurate picture of the monetary policy stance during both ZLB and non‐ZLB periods, since they reflect the full range of unconventional policy measures used by central banks. Furthermore, generalised impulse response analysis based on three alternative vector autoregression (VAR) models indicates that monetary shocks based on the shadow rates are more informative than those related to the official policy rates or to two‐ and three‐factor shadow rates, especially during the Global Financial Crisis and the recent COVID‐19 pandemic, when unconventional measures have been adopted. Finally, unconventional policy shocks seem to have less persistent effects on the economy in countries, which have adopted an inflation‐targeting regime.","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":"281 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135644007","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Armed Conflicts and Women's Authority in Intra‐household Decision Making","authors":"Kien Le, My Nguyen","doi":"10.1111/sjpe.12342","DOIUrl":"https://doi.org/10.1111/sjpe.12342","url":null,"abstract":"","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42554256","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Political Regimes and Financial Crises","authors":"Rashad Hasanov, P. S. Bhattacharya","doi":"10.1111/sjpe.12341","DOIUrl":"https://doi.org/10.1111/sjpe.12341","url":null,"abstract":"","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47777428","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Aristotle vs. Plato: The Classical Origins of Capitalist & Socialist Political Economies","authors":"Theocharis N. Grigoriadis","doi":"10.1111/sjpe.12339","DOIUrl":"https://doi.org/10.1111/sjpe.12339","url":null,"abstract":"","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43738729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"On Competitive Balance in the Group Stage of the UEFA Champions League","authors":"F. Triguero‐Ruiz, Antonio Avila‐Cano","doi":"10.1111/sjpe.12338","DOIUrl":"https://doi.org/10.1111/sjpe.12338","url":null,"abstract":"","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42057478","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Model of Police Financing through Income and Consumption Taxes\u0000 *","authors":"Weiguang Deng, Xue Li, Zijun Luo","doi":"10.1111/sjpe.12337","DOIUrl":"https://doi.org/10.1111/sjpe.12337","url":null,"abstract":"","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41667647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Lobbying, Political Competition and the Welfare Effect of Campaign Contribution Tax","authors":"T. Le, E. Yalcin","doi":"10.1111/sjpe.12336","DOIUrl":"https://doi.org/10.1111/sjpe.12336","url":null,"abstract":"","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41798954","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Does Possessing an Installed Base Induce Proprietary Software Producer to Act Aggressively or Mildly in Pricing and Intrinsic Quality Provision?","authors":"C. Chou","doi":"10.1111/sjpe.12335","DOIUrl":"https://doi.org/10.1111/sjpe.12335","url":null,"abstract":"","PeriodicalId":47171,"journal":{"name":"Scottish Journal of Political Economy","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48461768","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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