E(6T. - Π) :.' cn' 4N 4 Π] (4K w5 gs 4 8 b C O!K M. . :] ) :9 Ux) )

Size: px
Start display at page:

Download "E(6T. - Π) :.' cn' 4N 4 Π] (4K w5 gs 4 8 b C O!K M. . :] ) :9 Ux) )"

Transcription

1 -36 *+,- /39 #$% "! / ! "0 + # 'M G (! * t ( 9 E ( :LN 4> 39//6 : 39/8/4: E(6T K 3 > ) : / GQ!< / 4 v O y90.e 4 8! ) 4 8 b ) 3 :5 5 Z9 ) 3 U.q b E w53 ) K3N) E V4K Z9 :/E )!GQ!> 3N) [+! K ]+ 8 K 5'!@N 4 :> H b 3N)!4 g : ([K)D? ) (:.' cn' 4N 3N) uq O) 3N)!4 ) 4 8 b!k ` (VAR)! - Π) :.' cn' 4N 4 Π] (4K w5 gs 4 8 b C O!K M Z4.3 4 ; !KZ!K Z4 )8 3E [K)D?. ;!) 4 8 b 4 4 y/!gq 4 Π) - Π) 3N)!4 [M* 4K: -5 '! 5!4G [K ) K3N>*!w5) 3E 4 3N) wn 3 4 (tc+ 4>) :. :] ) :9 Ux) ).C3 ( E4 ( O5 : JEL #(*$^.!!' _,G Z4 (3N)!4 (4 8 b :#( DU&" alahrezaee@yahoo.com j_hoseinzadeh@sci.org.ir faramarzi.ayoub@gmail.com m94975@yahoo.com (Z^ GQ!!=. GQ!!=. 8 4JK)D? :./ 3^K P/ ) GQ nn *.4

2 (*!GQ U.q FJ 3 :/L.E GQ 3N) 3N' M ) )49 TL ' U.q!K)!GQ ]F9< y90 ) KZ4E! [q ) y, e K ] U.q!K : ) :/E (!GQ I E ) 3 zg'.3 ; ) Z0+ :<' :!) y90 P9 = 4 5 )) :;!K4 8 [M* 350!K `) GQ TL K4> :N) (4 4?!> ) 4M ) 4 : ] GQ 3N) h? Q 3N)!K H :N)!K3!:<G' ) 3N)!eA (!GQ `4> ) 4 e : )!GQ 0g 4: K 4 8 b 0 :* B.3 * J A b Z>.3!GQ M53 V4K ) 5 +* FE 4: 4 4. :N) 4 4! ) `S :/! ) O+ R B 3N) I 3 J 4 8 b ) 5 :!K[ 3 Z 3 (:L 3JN -] vc< ] : 4Q a B 4 4. :* B ) 5 <!4N ) :N)!KMK a B 3 J 48 E) K3Q [K M ) :N b [K FE [KMK :N s! 3N) + ) KN [M*.: 3N)!4 [ 4 ŠM )!w5! :<G' [q!m@!" # 6"74 &5% / ! "0 + #34 b8 &. ) Kc' ) 3N)!GQ!K3N>* ).Q ] ) N+ TL : 3Q.O?: 3N)! 54!K> )" # 9J& #%)P "J.-!K ] ) K54 (!GQ!K3N>* 3N'! GQ FJ ) GQ O./ )4 K GQ 3N) P9 ) 3N' y,.3 E) :);!4E ) (!C 930!K v!4e `J ec GQ ) M* FJ 8 s 3 :.Q49 3N) :J (3 E) 3N) P9 ) K3 :> KeC `+ FJ! 3! p49 ) 3 ec.: 39 K3N ) m * bl) ) 3N9 4 v I.q GQ 3N) [+ 4> 930!K 930!K GQ 3N) 3N' y, m d,.: t, w I ;

3 39 $/ ' +, -. '()" *% /$0 " #,-&./ d, 970!K.!M!4 hkk ) OK K ) 3 * 5 `J GQ 3N) e 980!K.3* 5 `J *!K3N) ) 4? \ 5 K3N)!KMK 970!K [q 30 3N) [q ( G -= ) 3* 5 < 3N)./!4+/ [' A T [K ) GQ 3N) [+ (K ').4 5 FNR (! :8 :<G' B =!8 )!' `4> ` ) 4 v 5 * :.J!:<G' TL ')..4 Z0!4E ) :<G' [q (!' `4>!!d=/! E ) :*!>N 4+* :9 )!GQ (:/E ) * CP> ) y/ (- E!K K3N) 3 :.0Q ] 990!K!:<G' ) `4>? ]!4>!5.4 :.44!GQ K3N) 3N' K' ) 4 ' 3 e GQ 3N) J (Z). E) 3N) GQ O./ Z4 (:. B J; :.< E a.> 4.4: 0E -]!K: :> 3 4! B ) 4: GQ E) :S : !GQ 40 3N) 3 4+> Z4.3 Z0 Z4 (: / tq! ] 4/ GQ (:S 3 8 (3N) 4 < A (4K4 '.'4 39!E K3N) :>.3 4 v c ] ( '). 4K' :Q) ) 4K4 3 K3< * :9 4K': 4 c 9 3 e (4! 3.4K [M* 8 ) 4 ;9 8 4K': ˆK (4 J 4Q 5> 3N) E) ) :/E )!GQ d, 4K: :./ t= -= E) )4 ) 3 > K + 3E! = (K3N) : [+ 3.3 J > Z9!K 3*? ) d, (' z'!k:5d) K3N) )" #DE>&(& #%P " %0.- :0!Kc' ) a.!kc' ) Kc' : (3N)!4 y,. 5: Q : e K (!4O+ cl #%0 - uq : ] (: * 5 Q E K: 3N)!4 a. c' / : CQ ) :N!K4 8 (3N) : /!E (:N) [q :* G!KMK (3N) `!MK.3 :N 4 8 ) 3N) : /!E `L; 3. Development State 3

4 `N (4'! 3K :0 + 4K O GQ a. + J :0 + A (4K: S a. + 30! 4; /CB :0 + E :0 + < 4 3 :5D) 4Q* a. + 4: OK *!+ : V4K J E wn 4 5: Q ) Kq 3N)!4 a. + (3 4 8 b 3N)!4! :J Z9 K (... ) 3N)!E (3N)!w5 (3N) uq 4 ) a ZB 4: I E -CQ ) 4K 3N) m! 8 -CQ 3++9 :0 + E 3N)!GQ!K3N>*! 54!K> J8 O ).(305 :378 (O+?) 4K' '! <$ #%0 - F 4.4)8: OK + J 4K :Kc' (:0!Kc' E wn 4 5: Q ` / e :0!Kc' _L (: TL Kc' T a.: '? (! 3 / 3N)!4!4 0> ++, :J :(:.' ) :. cn' 4N : / uq 30 (UN ) J 8 (:?) 4A : / [q 4!).3 5)!>N (c'! 3N) cn' 4N : / uq 30 4>!) ) Q : 9 Q? (GQ 4 8 4» : 5: = )!GQ ) : ` / F9 :..«4: [M* M : / [q :0!4 c' H )? :(:.' ) :. cn' 4N :N)!w5 30 (t : / A Z4.3 (: / uq 4!>!KZ4» : E GQ :!KMK (: / [q 3 4K `Q (!GQ!> ) 4!N) `9 ) 3 ) O.> ( + ) Q (:4 O (`+ ) `9!KO ( 4 )!w5 3N) (> `9 I).4: s :!!w5!w5 4 `J (3N)!w5.4K:!!Kd!L / 4N!w5 ` 30 (>!) ZB 3 :<G'.4: [K :. cn' 4N : / [q!w5 30 ) [M* :. cn' 4 ),N!GQ ' ) I E 4 3N)!4 / c' ;.3 h? 4 A!w5 3N) [+ :!" # 6"74 &5% / ! "0 + #34. Wagner 4

5 39 $/ ' +, -. '()" *% /$0 " #,-&./ 3N) 4 ;5 5K :(:.' ) :. cn' 4N (: / `) E 30 (u P9 > E GQ 3 4 )!w5q (: /!d 4N 4!GQ U.q!K3N>* 0/ 4K 3N)!E :! cq J ) V4K > -4 K / E : `N ) 4: HJ> ) Z/ E 3N)!K3 :. cn' 4N (: / `) E 30 ) 3 3N)!K3N>*! :' c'. :* > 3N)!4! :0 c' 3N)!E! 30 :(:.' ) :. cn' 4N 3N)!E! 30 ( / 4: (3 :. cn' 4N :N 4 8 ) E `L; K :. cn' 4N!K4 8! 3K M 8 `N. 5 Q ]4 3N)!4! F :G' `, 3N)!KMK ˆA 5 (e^ :0 a 3 3N) : /!E ) :N H9 `N. )8 :J -] + `0Q (0/ s :N!K4 8 ( 4K'! : g! (Z? O=9 [M* ( Œ [K 30!w5 0 : g ON ) F (3 4K' K!E 3 : g :N) ) : s N a B I+* E.3 0/ s!k\) 4 8 ) E `L; 30 c' ( ) E (:;!K N)!4! :' c' 4: :. cn' 4N :N (4 3N)!4! :Kc' Z9 :` Z : / Z 30 (!),N 3N)! 4 : (4 (:N) :N? 49) 8!ME 4 :Kc' ` Z : / Z 30 ) Q ]4 :N) [q 4 * 5 : :N) [q!) 4> : : F 4 ( 4.Q 3N)!4 / y, 8-4/ ) :N) [q!) Z ) -9,N 3N)!4 ) '?. Q! o Kx -4 K [M5 ) T 3N)!4 / 4 * 5!Kc' (4 oc0q BK.3!GQ ' ) I E!+. 3N)!GQ!K3N>*!.!4 5 tq :K7! [? 4 c'.4 3N)!KMK 8 3 ( 5 Q ]4 4 3N)!KMK :!J (!4O+ A 5. u' 3N)!KMK 8 3* 5 ] :N+!K3'? 4 :N+!K3'? ) :N) (3!49 o* <!4O+ e 3N)!KMK : (:0/.: 3N)!4 4 M 8 N0 F0 (3N)!KMK `!4!0, 4+>!) ˆK. u' 4 :N+!K3'? (:!

6 :>Q) + N+ ( ) _E : + :>Q) + (3N) (378 (O+?).3 4 ; <$J #E(0 & P)L #". <& P)L.- [K FE :N) uq !KZ :B ' ++, :E 5 3N) :N!K4 8 ) uq (375) )? ! ) +* 0! 3N)!K3 : (384).3 4 :0 :> g8 4 ' :/E 3N4/ ) 4 3 e! E! 3N)!) ] ) 3'? :/E! ) K3 (t' : J9 > H 4!, ()8 E) ' ) -d 9C< `4>!K3 gs : (384) 5 )!49.w@ E '!K 4 K8 ) '? K ) MLE \) 4 8 b '!GQ :; g!j ) K3Q 4 ) 30p gs KN [M* (3N) uq [M* (!GQ ) - (:N)!KMK 4 = M (376)! b '.3! _ :M* g :N!K4 8 `!" # 6"74 &5% / ! "0 + #34 <A P)L.- :;! 3N) :9!K3 ) 4 8 = (975) 4 8 b / :K)D? (997) Z b Œ _ (:N)!KMK (- _ 4K: ) -= «4K w5 g 4! [K =!w5 Œ ) 4 Œ `+ ) > : 4 8 b :>Q) 3 :?!).3'? ( )!) OECD 4 8! : J 8! 3N) :/E!KMK ) :N)!K3!J ) - (3N)!KMK g K[K)D? p 3 w FN!4bE uq ` 30 L9 a+,.3 30p g!gq 4 ) :; 4 8 b b c' / :E F L ) 4 ; 3N)!4 c' / GDP 3N) b 3N)!4 gs : V4K ) 3 4 ; 4 8 g / /= /-.5/ /./'< ' 9- g5(m "N(D.3 4 -= >N H ˆK ) u' ) `' 4 -= >N E.4: :* > < Z4!K a+,. Bourgigan and Morrison. Sarel 3. Volscho 6

7 39 $/ ' +, -. '()" *% /$0 " #,-&./ :, b!kc' :J :(Gini) :E F L (UN G c' ( ( ) GDP.y.p Q ) MN :.' cn' 4N 3N) : / uq 30 :(GS) 3N)!4 (t.3 (CPI) :* G 4' ) Kd! c' 4 Œ : (P & ).3 (GDP!d 4<) :>Q) :.' cn' 4N 4 Œ : ( G D & P).3 3N)!4 - Œ (u!gq 4 ( o<gq : M d < a+,!;!k m 8 :!)4, ) 3 4!)8bE 8 M! 8! N )!M e!gq!k 5.3 ( ) ; (VAR %) < 9J& ;( " +".3-3 :M@E / 98 ) 980 (97!KZ M I! 5'! N)4 (FQ J) [4?.4 5 :* > OK \) :=C!K@N! HN 4+/ H. 4 ) :=GQ :! N)4 3 :+ OK * ) :!K: I' -@K : :C+/ ] E) * )!K@N wn 4: \q ) 4 0g!*!K? (w53. ; : :[?! :!'!K :./ I) 4!' I) _ G (! 5'!K@N ` / :>Q)! J./ :+Q ) ` /CB : D) H.3 w?te! 5'!@N ` (40 `J < : Z4 VAR : / Z4 :44 5,N Z4 A ` y y = ( Gini, GS, P&, GD& P) y = ϕ :3 OK' VAR!@N FNQ y Z9 o + 4 i= ϕ i y t + ε t 7. Consumer Price Index.O : tc+ 4> 3N)!4 `N :!)4, tq. 3. Sims 7

8 ϕllϕ4 Gini ϕo Ginit ε K.. GS ϕ o + GSt + ε P& K.. ϕ 3 P& o t ε 3 K.. K.. GDP & ϕ 4 GDP & o t ε4 ϕ4llϕ 44 a+, ;!K - : 4 3 -d! 5' Z4 q `0Q. > 0>!K> H!K;Q) 4> n ) O : ) :8 `>NnJ/ b I ; 3 4 :> [K)D? I) ) 4!K:? J./ : K :>EOK Z4 ˆK ) n)!m=. '? K (M " "(F : : ) K : (! 5' Z4! 5 ] 8 (K : : 3E K 8 :J.O -4Q K :.3 *O> N* -:J 5(M sd / ND) (H-N -"/ ]' F " -!? r.-', " (<F (/l %0 %5 % ADFO? (M -/63 -/99-3/73 -/49 Gini -/6 -/96-3/67-3/5 GS -/6 -/96-3/67-3/05 P & -/6 -/98-3/7 -/ G D P a+,!k* : t8j 5(M ' 4)( JP=) / ND) (H-N -"/ -!? r.-', " (<F (/l %0 %5 % ADFO? (M -/6 -/98-3/7-6/ Gini -/6 -/96-3/67-6/0 GS -/6 -/97-3/68-5/39 P & -/6 -/98-3/7-5/65 G D P a+,!k* : t8j. Stationary. Adjustment Dickey- Fuller!" # 6"74 &5% / ! "0 + #34 8

9 39 $/ ' +, -. '()" *% /$0 " #,-&./ :d _! 5`L; e *!K : 4K () ) () Z)4E E.4K B E 0F.5=I' / D) AD) `<9 B 3 '! 3K!;Q) cq VAR Z4 e.4k ec L * ' CE es8 ((SC) M > ˆK :;.q!k> (!;Q) > 3E ] 4!K> :!? ) Z)4E 0, (HQ) Ao-3 0; D /0 * 0/08 0/30 (SC) ) - D /33 * 0/73 /46 H.: ; (HQ) S 9 ((AIC). ( K = ) 3 e!;q) 4> * VAR.-H. (F 0F.=I' AD).3-', (ALC) Yo3? D /4 * 9/79 9/77 =I' 0 a+, :t8j.3 ] > 3 C/ * VAR.5 A_) (!;Q) 4> > ) : : n? `0Q [q 4 :9 B VAR!KZ4 (4) Z)4E < VAR Z4 q `<9 (O: )8 Eviews M*- ;.3 9. Error Terms.376 (: =5.W.!>N!. 9

10 Gini ( ) GS ( ) Gini 0/85 (0/09) 0/000 (0/00) GS -3/6 (0/0) 0/46 (0/8) VAR A_) r.4-', G DP & -06/03 (47/7) 0/48 (0/86) P & -30/7 (70/47) -/95 (/8) G 0/0005-0/0 0/44-0/43 DP & ( ) (0/0004) (0/04) (0/04) (0/30 ) P & -0/000-0/039 0/4 0/9 ( ) (0/000) (0/08) (0/36) (0/8 ) C R squared 0/064 (0/04) 0/83 0/3 (4/8) 0/39 44/ (3/7) 0/4 40/85 (34/3) 0/36 (u ' F(P) "? JDH B% pf [) : (4 ) M!.) VAR!@N!K :J 4 8 b `>NnJ/ () `J 3 K e K 4 8 E)!KW 30 5K.4K: G DP & ) P & ( GS!K W > V, e 30 3N) uq O) 3N) 4 > V, e!4 W e g : 4K () `J n ) 4: ' u) -A!KZ ) :! [M* y/ ((:.' cn' 4N e ).: 4> OKM?!KZ J 4: [K!4>!K).:! [M* y/ 4> -) Z )! [K y/ 4 - Œ W [M* y/ Z 4!GQ 4 > V, e!4 W e g ˆK.4K: [K! 4 8 n? ) :!!" # 6"74 &5% / ! "0 + #34. Impulse Response Function 30

11 39 $/ ' +, -. '()" *% /$0 " #,-&./ "H- (F "04 JDH B% pf -).-J B '.&) "F! e.3 4 :? J./ : 3E M e K ) W `+ K :0g: O n)!m=.:!m= 4 8! :!K e K ) >! F 4 4< 00 ) N) 3 () `J a0b.3 4 ; Kn)!) [M* (3 MA K O. 5: < \' I Gini,L 4Q 4K:.4: [M* Gini _L K gs (:.3 - Π) 3N)!4 4 4.!GQ 4 :54K_L?/ p!-) B '.&).-J a+,!k* :t8j 3. Variance Decomposition 3

12 (d, -%, <PAY% +") %\9 (( #L&.3- :! `J!GQ 4A 4 4. :N> I) > ) : ] m F L) :>EOK!K )8 ) > (\).: ; K \) :>EOK 8 )! 5'!@N F L ; K (4 4. :N> I)!@N F L!) :>EOK!K :5 )8: OK * J (K 4.: ; D) 4+ p49 8 ) 3.)8 3! 5' g 8 K :>EOK 8 -=! :: > < 5?!K@N e K :0 D) 4+ p49 ) g!k 8 ) / -3 4) )4 ) / - 4) ) 40 / ) ) ) / ) ) / -4 4) )4 8 D) 4+ p49 8 :N) beok 4+ p49 8 beok 8 ) 0OK 4 g 8 Z)!@N!!;Q) H p49 : ( g 8 (-)!@N.4: 4s p49 g 8 (-!@N. E) beok D) D) 4+ p49 ) g 8 H -A!@N. E) beok D) 4+ p49 D) 4+ 8 H ) 4 g 8 H O=?!@N -= ) E) beok. E) beok!" # 6"74 &5% / ! "0 + #34 Trace Max- Eigen p,5.5 /(F / D) AD). (F Q' l (\3 ; ' (L -!?.5-', H o H I.-H II.-H III.-H IV.-H V.-H r = o r 43/8 7/63 66/9 84/5 8/ 0 r r r r 3 r 3 r 4 r = o r = r r = r r = 3 r 3 r = 4 /3 8/97 /69 /68 /5 6/8 /68 37/50 8/4 6/7 34/3 9/07 /5 6/7 3/79 7/4 5/7 34/ 5/36 /4 5/7 48/46 0/34 8/4 35/79 8/ /9 8/4 46/5 9/86 7/76 34/94 6/8 /0 7/76 a+,!k* :t8j. Johansen. :@K * 4' f (.""&0/iI / "D,5 ' ; ' *".(378) 4, (: *. 3. Trace 4. Maximal Eigen Value 3

13 39 $/ ' +, -. '()" *% /$0 " #,-&./ s Z4! :>EOK e E) (D) + OM ) g!k 8 -= H.3 4 Z)4E 4: nj> K :N> I) 4 Z C /009 G DP & -0/03 P & -0/ "D,5 -!? r.6-', GS -0/056 Gini - (M ( /(F a+,!k* :t8j!kz :B!GQ 4 ) - Œ (3N)!4 (4 8 b :N>! (F 4 :48: 3 < Gini = /009 0/056 GS -0/009 0/03 G t 8 : (-/3) (5/8) (6/6) (7/) B _! 8,N K F L - d!n> : 4K BK 4 4. :N>!.: 4s K :N>! E) wn 3 :> 4< 5 4 ) - Œ ) 3N)!4 :;! (:!K d!n>.3 ( ) :!) 4 8 b!gq %W. " #D9.4 g OKq : zg'.): K!GQ O /L :J 3N)!4 ) !K ; a+, ().O= 4 8 b (3N)!4 (4 8 b!k ` K I) (! 5'!@N e : (*O> N* :J 8 ;.3* 5 Q : - )!GQ 4! 5`L; e a+,!k - 4 cq ) 3* 5 Q : K n (4 cq M M > 4s Z4!;Q) / e!;q).44 ˆK ) KW b [) (n)!m= ) :8 `>NnJ/ b ; 5 K 4 cq ) O 4K K FE 4 8 b :54K_L 4Q Z! [M* y/ 4 5 Z/ 3N)!4 > V, e!4 :!M= ; ˆK ) 3* [K 4 N) g!4>!k) n ) ! :54K_L 4Q 3N)!4 O4 = n) (K :>EOK 8 ; )C/ (3 b :; g 3N)!4 (4 4. H.O u q K (! 5 :E) ' H ) 4 3 a+, O!=

14 :; (4 8 b 3N)!4 g 4 4. (3 30p 4 8 b 3N)!4 g.3 `< :.!K3 C E : a+, `<9 H! 3N)!K3!V; (GQ 3N) 3N' M ) )49 > (: Q 44 (:<G' [q P9! :9!P* = )!G,4L!K3 7q (:<G' [q.e :... ) :E'!w5 ) :N 0+ m0!e :N m0p :M@E.3 3N) t.! 4 4 3E -d!kjk # ! "0 +!" # 6"74 &5% / 34

15 39 $/ ' +, -. '()" *% /$0 " #,-&./ 35 ++,!.=."#?/ p#!-) (#F +3 /ii.5r8 (L ".(376) pf0 `> (!.50-7 z (5 (!GQ #?/ p!-) (F./iI JD).5 (Lj)".(384) 5 ) 4, :./ (! z (70 (!GQ ++,!.=." ( / * :K)D? -:./!.G*." (# / #?/.(F (F ' (ln".(384)!k ) ( z (7 (:/E. :.""&0/iI / p,5 ' ; ' *".(378) 4, (: * Aly, H. and M. Strazicich (000). "Is Government Size Optimal in the Gulf Countries of the Middle East". J.E.L. E 6, H, 53. Blackburn, M.L. and D.E. Bloom (99). "The Distribution of Family Income: Measuring and Explaining Changes in the 980s for Canada and the United States". NBER Working Papers, No National Bureau of Economic Research, Inc. Branson, W., (976). "The Dual Rols of the Government Budget and the Balance of Payments in the Movement Form Short- run to Long- run Equilibrium". Quarterly Journal of Economics, 4 (4).PP Breen. R. and C. Garcia- Penalosa (005). "Income Inequality and Macroeconomic Volatility: An Empirical Investigation". Review of Development Economics, Vol.9, No. 3, PP Chu, K.H. Davoodi and S. Gupta (000). "Income Distribution and Tax and Government Social Spending Policies in Developing Countries". IMF Working Paper 00/6, Washington, International Monetary Fund. Dasgupta, P.A.Sen and D. Starret (973). "Notes of the Measurement of Inequality". Journal of Economic Theory, Vol. 6, pp, Fishlow, A., (995). "Inequality, Poverty, and Growth: Where Do We Stand". Annual World Bank Conference on Development Economics, PP Fluckiger, y. and M. Zarin- Nejadan (994). "The Effect for Macroeconomic Variables on the Distribution of Income: The Case of Switzerland". Journal of Income Distribution. Vol. 4, No., PP Jantti, M. and S. Jenkins (00). "Examining the Impact to Macro - Economic Conditions of Income Inequality". ISER Working Papers from Institute for Social and Economic Research, No Mehran. F. (975). "Income Distribution of Iran". Statistics of Inequality. ILO, Geneva. Olalla. L. F. and F. Vella (005). "Macroeconomic Activity and the Distribution of Income in Spain". Working Paper, European University Institute, PP

16 Volscho, T., (004). "Income Distribution in 4 OECD Nations, : Evidence from the Luxembourg Income Study". Working Paper, No. 386, Luxembourg Income Study. # ! "0 +!" # 6"74 &5% / 36

17 The Effect of Government Size on Income Distribution in Iran Asaad Alahrezaee, Javad Hoseinzadeh, Ayoub Faramarzi, Mansureh Yazdankhah Received: 6 October 03 Accepted: 5 February 04 Income distribution and income inequality are the most important issues in the field of public economics and development that have been noticed by governments and policy makers in various countries. On the other hand, viewpoints about government s role in economic development, increased. The aim of this study is to evaluate the effect of government size on income distribution in Iran. So we try to use vector autoregressive model that contain income distribution and government size and other important macro variables that affect income distribution such as economic growth and inflation rate. In this study data over for model estimation have used. The results shown that increasing in government size, inflation rate and economic growth have a negative effect on income distribution. So the government should give its economics roles to private sector focus on monitoring roles. JEL Classification: O5, E4, C3. Key Words: Income Distribution, Government Size, Vector Error Correction Model.

,E 4 *F G- H$ 0 5 0! "#E' +> #234 :.N G K ( :',

,E 4 *F G- H$ 0 5 0! #E' +> #234 :.N G K ( :', 87-06 *+,- 392 #$% "! 2 :.N G K ( :', 39222 : 3923 : E(6T 3M!42> ` 2 O :J w5 A 5.3)!K: ) (!)8 :.0B b (:0 [ GQ 4 ) 44E!Kd 4N )!K U ) ' C'!) ) :* [ ;! ) 3 > Z9!K!) [? `S

More information

E(6T. w5 (U.q ` / gs 3, 3 J9 ' [+!; ) M :B :N/ \ 8 f 4 :!=.1 4 :) :./ 3^K P/.

E(6T. w5 (U.q ` / gs 3, 3 J9 ' [+!; ) M :B :N/ \ 8 f 4 :!=.1 4 :) :./ 3^K P/. 107-133 *+,- /1392 #$% "! / ( #$ ->0) 5 "&0"0,=!I- 2 1 : C Nv) ( 49 :0= 1392/11/24 : 1392/8/6: E(6T!.4 gf 8!4 8 3E ) 3 J9! 3N0+ = - : d- -] e w5 (U.q ` / gs 3, 3 J9 ' [+!; :@@A ) M - \ @ 3N0+ M 2> = )

More information

/".#2 Q S:, Q C / Q :!"! hp://

/.#2 Q S:, Q C / Q :!! hp:// 1 2 : *+,! " #"$ % & ' () 7*+ + 8'. &" 24 510 6) - ().&/0 12 3 ) D E.&1 C4D ".) 9: ; ' ? 3 73 5,@+ 3 A -B ( 3 *+ ' I J K G L 5K4 = 5 2@GH. ' 9 0 3 =3 Q 9 12 R4' /.) K8 &"1 O P 2@GH 5 * + 8'. MN, &

More information

Oil price and macroeconomy in Russia. Abstract

Oil price and macroeconomy in Russia. Abstract Oil price and macroeconomy in Russia Katsuya Ito Fukuoka University Abstract In this note, using the VEC model we attempt to empirically investigate the effects of oil price and monetary shocks on the

More information

Adverse Effects of Monetary Policy Signalling

Adverse Effects of Monetary Policy Signalling Adverse Effects of Monetary Policy Signalling Jan FILÁČEK and Jakub MATĚJŮ Monetary Department Czech National Bank CNB Research Open Day, 18 th May 21 Outline What do we mean by adverse effects of monetary

More information

ECON607 Fall 2010 University of Hawaii Professor Hui He TA: Xiaodong Sun Assignment 2

ECON607 Fall 2010 University of Hawaii Professor Hui He TA: Xiaodong Sun Assignment 2 ECON607 Fall 200 University of Hawaii Professor Hui He TA: Xiaodong Sun Assignment 2 The due date for this assignment is Tuesday, October 2. ( Total points = 50). (Two-sector growth model) Consider the

More information

Trade Patterns, Production networks, and Trade and employment in the Asia-US region

Trade Patterns, Production networks, and Trade and employment in the Asia-US region Trade Patterns, Production networks, and Trade and employment in the Asia-U region atoshi Inomata Institute of Developing Economies ETRO Development of cross-national production linkages, 1985-2005 1985

More information

growth in a time of debt evidence from the uk

growth in a time of debt evidence from the uk growth in a time of debt evidence from the uk Juergen Amann June 22, 2015 ISEO Summer School 2015 Structure Literature & Research Question Data & Methodology Empirics & Results Conclusio 1 literature &

More information

A Horse-Race Contest of Selected Economic Indicators & Their Potential Prediction Abilities on GDP

A Horse-Race Contest of Selected Economic Indicators & Their Potential Prediction Abilities on GDP A Horse-Race Contest of Selected Economic Indicators & Their Potential Prediction Abilities on GDP Tahmoures Afshar, Woodbury University, USA ABSTRACT This paper empirically investigates, in the context

More information

Identifying the Monetary Policy Shock Christiano et al. (1999)

Identifying the Monetary Policy Shock Christiano et al. (1999) Identifying the Monetary Policy Shock Christiano et al. (1999) The question we are asking is: What are the consequences of a monetary policy shock a shock which is purely related to monetary conditions

More information

35H MPa Hydraulic Cylinder 3.5 MPa Hydraulic Cylinder 35H-3

35H MPa Hydraulic Cylinder 3.5 MPa Hydraulic Cylinder 35H-3 - - - - ff ff - - - - - - B B BB f f f f f f f 6 96 f f f f f f f 6 f LF LZ f 6 MM f 9 P D RR DD M6 M6 M6 M. M. M. M. M. SL. E 6 6 9 ZB Z EE RC/ RC/ RC/ RC/ RC/ ZM 6 F FP 6 K KK M. M. M. M. M M M M f f

More information

A simple macro dynamic model with endogenous saving rate: the representative agent model

A simple macro dynamic model with endogenous saving rate: the representative agent model A simple macro dynamic model with endogenous saving rate: the representative agent model Virginia Sánchez-Marcos Macroeconomics, MIE-UNICAN Macroeconomics (MIE-UNICAN) A simple macro dynamic model with

More information

The Effects of Unemployment on Economic Growth in Greece. An ARDL Bound Test Approach.

The Effects of Unemployment on Economic Growth in Greece. An ARDL Bound Test Approach. 53 The Effects of Unemployment on Economic Growth in Greece. An ARDL Bound Test Approach. Nikolaos Dritsakis 1 Pavlos Stamatiou 2 The aim of this paper is to investigate the relationship between unemployment

More information

f;g,7k ;! / C+!< 8R+^1 ;0$ Z\ \ K S;4 i!;g + 5 ;* \ C! 1+M, /A+1+> 0 /A+>! 8 J 4! 9,7 )F C!.4 ;* )F /0 u+\ 30< #4 8 J C!

f;g,7k ;! / C+!< 8R+^1 ;0$ Z\ \ K S;4 i!;g + 5 ;* \ C! 1+M, /A+1+> 0 /A+>! 8 J 4! 9,7 )F C!.4 ;* )F /0 u+\ 30< #4 8 J C! 393/09/0 393//07 :,F! ::!n> b]( a.q 5 O +D5 S ١ ; ;* :'!3Qi C+0;$ < "P 4 ; M V! M V! ; a 4 / ;0$ f;g,7k ;! / C+!< 8R+^ ;0$ Z\ \ K S;4 "* < 8c0 5 *

More information

!" #$% & $' ()$'* Javid_

! #$% & $' ()$'*   Javid_ 1367-1386 1367-1386 :!" #$% & $' ()$'* 87/12/20 : 87/9/30 : * VAR &' # ()! "!# $ % 1367-1386 " 8! ', +% 7 %./ ' 0 *#1,# +! 2 3 '4 5( %+% #,-. C D% / 5(: / % / 5(: 2" / #9% # : % ;- 0 #( /?> 4@ AB0

More information

Estimating and Accounting for the Output Gap with Large Bayesian Vector Autoregressions

Estimating and Accounting for the Output Gap with Large Bayesian Vector Autoregressions Estimating and Accounting for the Output Gap with Large Bayesian Vector Autoregressions James Morley 1 Benjamin Wong 2 1 University of Sydney 2 Reserve Bank of New Zealand The view do not necessarily represent

More information

The causal relationship between energy consumption and GDP in Turkey

The causal relationship between energy consumption and GDP in Turkey The causal relationship between energy consumption and GDP in Turkey Huseyin Kalyoncu1, Ilhan Ozturk2, Muhittin Kaplan1 1Meliksah University, Faculty of Economics and Administrative Sciences, 38010, Kayseri,

More information

J# k# JOH Q } ` = ~ [~ H < [24-294] Neglect of mathematics works injury to all knowledge. Jx K # ~ [~ H

More information

Identifying SVARs with Sign Restrictions and Heteroskedasticity

Identifying SVARs with Sign Restrictions and Heteroskedasticity Identifying SVARs with Sign Restrictions and Heteroskedasticity Srečko Zimic VERY PRELIMINARY AND INCOMPLETE NOT FOR DISTRIBUTION February 13, 217 Abstract This paper introduces a new method to identify

More information

THE LONG-RUN DETERMINANTS OF MONEY DEMAND IN SLOVAKIA MARTIN LUKÁČIK - ADRIANA LUKÁČIKOVÁ - KAROL SZOMOLÁNYI

THE LONG-RUN DETERMINANTS OF MONEY DEMAND IN SLOVAKIA MARTIN LUKÁČIK - ADRIANA LUKÁČIKOVÁ - KAROL SZOMOLÁNYI 92 Multiple Criteria Decision Making XIII THE LONG-RUN DETERMINANTS OF MONEY DEMAND IN SLOVAKIA MARTIN LUKÁČIK - ADRIANA LUKÁČIKOVÁ - KAROL SZOMOLÁNYI Abstract: The paper verifies the long-run determinants

More information

MFx Macroeconomic Forecasting

MFx Macroeconomic Forecasting MFx Macroeconomic Forecasting Structural Vector Autoregressive Models Part II IMFx This training material is the property of the International Monetary Fund (IMF) and is intended for use in IMF Institute

More information

Tornado, Squalls Strike Kinston Area

Tornado, Squalls Strike Kinston Area q k K A V N 28 #/K N /WANE CO A AON-CHEY ON A N F W N H W D M D H U x 30 M k k M D 945 E M A A k - A k k k A C M D C 030 D H C C 0645 000 200 W j A D M D k F E- HAUNNG CALL - A A x U M D M j A A 9000 k

More information

Nonperforming Loans and Rules of Monetary Policy

Nonperforming Loans and Rules of Monetary Policy Nonperforming Loans and Rules of Monetary Policy preliminary and incomplete draft: any comment will be welcome Emiliano Brancaccio Università degli Studi del Sannio Andrea Califano andrea.califano@iusspavia.it

More information

wi& be demonstrated. Ilexbert Arkro,

wi& be demonstrated. Ilexbert Arkro, 8( P C B E L B A k> D A 10 O N O k jk \ CH 12 B R Z G kxj7~53> P C C 20 A A P O P 3 x G H kv 7 B5! &$ L N M k APO HM M B / Bk K j R 3(330 C BH& B k C j 2jB A D C & Dk M L 12 H R > APO k L E k M k APO M

More information

Combining Macroeconomic Models for Prediction

Combining Macroeconomic Models for Prediction Combining Macroeconomic Models for Prediction John Geweke University of Technology Sydney 15th Australasian Macro Workshop April 8, 2010 Outline 1 Optimal prediction pools 2 Models and data 3 Optimal pools

More information

ECONOMETRIC METHODS II TA session 2 Estimating VAR(p) processes

ECONOMETRIC METHODS II TA session 2 Estimating VAR(p) processes ECONOMETRIC METHODS II TA session 2 Estimating VAR(p) processes Fernando Pérez Forero May 3rd, 2012 1 Introduction In this second session we will cover the estimation of Vector Autoregressive (VAR) processes

More information

Some functional (Hölderian) limit theorems and their applications (II)

Some functional (Hölderian) limit theorems and their applications (II) Some functional (Hölderian) limit theorems and their applications (II) Alfredas Račkauskas Vilnius University Outils Statistiques et Probabilistes pour la Finance Université de Rouen June 1 5, Rouen (Rouen

More information

Introduction to Numerical Methods

Introduction to Numerical Methods Introduction to Numerical Methods Wouter J. Den Haan London School of Economics c by Wouter J. Den Haan "D", "S", & "GE" Dynamic Stochastic General Equilibrium What is missing in the abbreviation? DSGE

More information

1.2. Structural VARs

1.2. Structural VARs 1. Shocks Nr. 1 1.2. Structural VARs How to identify A 0? A review: Choleski (Cholesky?) decompositions. Short-run restrictions. Inequality restrictions. Long-run restrictions. Then, examples, applications,

More information

Structural VAR Models and Applications

Structural VAR Models and Applications Structural VAR Models and Applications Laurent Ferrara 1 1 University of Paris Nanterre M2 Oct. 2018 SVAR: Objectives Whereas the VAR model is able to capture efficiently the interactions between the different

More information

",#+")* %&'( "#$"! : : 01234 0!.# $% & '(") *!+ *!, -! ".#=).#.

More information

Department of Economics, UCSB UC Santa Barbara

Department of Economics, UCSB UC Santa Barbara Department of Economics, UCSB UC Santa Barbara Title: Past trend versus future expectation: test of exchange rate volatility Author: Sengupta, Jati K., University of California, Santa Barbara Sfeir, Raymond,

More information

Graduate Macro Theory II: Notes on Quantitative Analysis in DSGE Models

Graduate Macro Theory II: Notes on Quantitative Analysis in DSGE Models Graduate Macro Theory II: Notes on Quantitative Analysis in DSGE Models Eric Sims University of Notre Dame Spring 2011 This note describes very briefly how to conduct quantitative analysis on a linearized

More information

Projektbereich B Discussion Paper No. B-393. Katrin Wesche * Aggregation Bias in Estimating. European Money Demand Functions.

Projektbereich B Discussion Paper No. B-393. Katrin Wesche * Aggregation Bias in Estimating. European Money Demand Functions. Projektbereich B Discussion Paper No. B-393 Katrin Wesche * Aggregation Bias in Estimating European Money Demand Functions November 1996 *University of Bonn Institut für Internationale Wirtschaftspolitik

More information

Solutions for Homework #4

Solutions for Homework #4 Econ 50a (second half) Prof: Tony Smith TA: Theodore Papageorgiou Fall 2004 Yale University Dept. of Economics Solutions for Homework #4 Question (a) A Recursive Competitive Equilibrium for the economy

More information

Sticky News. Also our Facebook page is now live.

Sticky News. Also our Facebook page is now live. Sk Nw k j v #07 WINTER 2011 Fm Ow C W! W w bk w v b v m m b k w v m m Y w m m w v v m! T P C Sm B, T C, Gvv H K R w b v M C S A Fbk w v YI v v w m bk m b m w A H O w bk w w v w m m b m v qk w I w k ABC

More information

Chapter 30 Design and Analysis of

Chapter 30 Design and Analysis of Chapter 30 Design and Analysis of 2 k DOEs Introduction This chapter describes design alternatives and analysis techniques for conducting a DOE. Tables M1 to M5 in Appendix E can be used to create test

More information

Econometría 2: Análisis de series de Tiempo

Econometría 2: Análisis de series de Tiempo Econometría 2: Análisis de series de Tiempo Karoll GOMEZ kgomezp@unal.edu.co http://karollgomez.wordpress.com Segundo semestre 2016 IX. Vector Time Series Models VARMA Models A. 1. Motivation: The vector

More information

Government expense, Consumer Price Index and Economic Growth in Cameroon

Government expense, Consumer Price Index and Economic Growth in Cameroon MPRA Munich Personal RePEc Archive Government expense, Consumer Price Index and Economic Growth in Cameroon Ngangue NGWEN and Claude Marius AMBA OYON and Taoufiki MBRATANA Department of Economics, University

More information

Quarterly Journal of Economics and Modelling Shahid Beheshti University SVAR * SVAR * **

Quarterly Journal of Economics and Modelling Shahid Beheshti University SVAR * SVAR * ** 1392 Quarterly Journal of Economics and Modelling Shahid Beheshti University : SVAR * ** 93/9/2 93/2/15 SVAR h-dargahi@sbuacir esedaghatparast@ibiacir ( 1 * ** 1392 13 2 SVAR H30, C32, E62, E52, E32 JEL

More information

176 5 t h Fl oo r. 337 P o ly me r Ma te ri al s

176 5 t h Fl oo r. 337 P o ly me r Ma te ri al s A g la di ou s F. L. 462 E l ec tr on ic D ev el op me nt A i ng er A.W.S. 371 C. A. M. A l ex an de r 236 A d mi ni st ra ti on R. H. (M rs ) A n dr ew s P. V. 326 O p ti ca l Tr an sm is si on A p ps

More information

LOWELL. MICHIGAN, THURSDAY, AUGUST 16, Specialty Co. Sells to Hudson Mfg. Company. Ada Farmer Dies When Boat Tips

LOWELL. MICHIGAN, THURSDAY, AUGUST 16, Specialty Co. Sells to Hudson Mfg. Company. Ada Farmer Dies When Boat Tips K N» N - K V XXXV - N 22 N 5 V N N q N 0 " " - x Q- & V N -" Q" 24-?? 2530 35-6 9025 - - K ; ) ) ( _) ) N K : ; N - K K ) q ( K N ( x- 89830 z 7 K $2000 ( - N " " K : K 89335 30 4 V N

More information

3 The Life Cycle, Tax Policy,

3 The Life Cycle, Tax Policy, 3 The Life Cycle, Tax Policy, and the Current Account C 1 + I 1 + C 2 + I 2 = Y 1 T 1 + Y 2 T 2. (1) G 1 + G 2 = T 1 + T 2, (2) C 1 + I 1 + C 2 + I 2 = Y 1 G 1 + Y 2 G 2, Foundations of International Macroeconomics

More information

Procedure for Measuring Swing Bearing Movement on 300 A Series Hydraulic Excavators {7063}

Procedure for Measuring Swing Bearing Movement on 300 A Series Hydraulic Excavators {7063} Page 1 of 7 Procedure for Measuring Swing Bearing Movement on 300 A Series Hydraulic Excavators {7063} Excavator: 307 (S/N: 2PM1-UP; 2WM1-UP) 311 (S/N: 9LJ1-UP; 5PK1-UP; 2KM1-UP) 312 (S/N: 6GK1-UP; 7DK1-UP;

More information

A L A BA M A L A W R E V IE W

A L A BA M A L A W R E V IE W A L A BA M A L A W R E V IE W Volume 52 Fall 2000 Number 1 B E F O R E D I S A B I L I T Y C I V I L R I G HT S : C I V I L W A R P E N S I O N S A N D TH E P O L I T I C S O F D I S A B I L I T Y I N

More information

Macro I - Practice Problems - Growth Models

Macro I - Practice Problems - Growth Models Macro I - Practice Problems - Growth Models. Consider the infinitely-lived agent version of the growth model with valued leisure. Suppose that the government uses proportional taxes (τ c, τ n, τ k ) on

More information

-$! " #$%&! ' () * +,,,)* -./ ( 01! 6 %&! +,,.: - 1?* 'F! %&! '3*4 -$ ):7 +,,

-$!  #$%&! ' () * +,,,)* -./ ( 01! 6 %&! +,,.: - 1?* 'F! %&! '3*4 -$ ):7 +,, ((((( +,-. ()* $%&' "#! : :!, %& ' ()*+ $ " -$! " #$%&! ' () * +,,,)* -. ( 01! '% 6):7 -$'1& '*6 )78 %&! +,, 79.& 2* '3*4 0 (A 6>* & ' BC D$!E.?@$* '*! ;4 6 %&! +,,.: - 1?* 'F! %&! '3*4 -$ ):7

More information

ARDL Cointegration Tests for Beginner

ARDL Cointegration Tests for Beginner ARDL Cointegration Tests for Beginner Tuck Cheong TANG Department of Economics, Faculty of Economics & Administration University of Malaya Email: tangtuckcheong@um.edu.my DURATION: 3 HOURS On completing

More information

Endogenous Growth: AK Model

Endogenous Growth: AK Model Endogenous Growth: AK Model Prof. Lutz Hendricks Econ720 October 24, 2017 1 / 35 Endogenous Growth Why do countries grow? A question with large welfare consequences. We need models where growth is endogenous.

More information

S p e c i a l M a t r i c e s. a l g o r i t h m. intert y msofdiou blystoc

S p e c i a l M a t r i c e s. a l g o r i t h m. intert y msofdiou blystoc M D O : 8 / M z G D z F zw z z P Dẹ O B M B N O U v O NO - v M v - v v v K M z z - v v MC : B ; 9 ; C vk C G D N C - V z N D v - v v z v W k W - v v z v O v : v O z k k k q k - v q v M z k k k M O k v

More information

Supplementary Information

Supplementary Information If f - - x R f z (F ) w () () f F >, f E jj E, V G >, G >, E G,, f ff f FILY f jj ff LO_ N_ j:rer_ N_ Y_ fg LO_; LO_ N_; N_ j:rer_; j:rer_ N_ Y_ f LO_ N_ j:rer_; j:rer_; N_ j:rer_ Y_ fn LO_ N_ - N_ Y_

More information

Foundations of Modern Macroeconomics B. J. Heijdra & F. van der Ploeg Chapter 7: A Closer Look at the Labour Market

Foundations of Modern Macroeconomics B. J. Heijdra & F. van der Ploeg Chapter 7: A Closer Look at the Labour Market Foundations of Modern Macroeconomics: Chapter 7 1 Foundations of Modern Macroeconomics B. J. Heijdra & F. van der Ploeg Chapter 7: A Closer Look at the Labour Market Foundations of Modern Macroeconomics:

More information

T h e C S E T I P r o j e c t

T h e C S E T I P r o j e c t T h e P r o j e c t T H E P R O J E C T T A B L E O F C O N T E N T S A r t i c l e P a g e C o m p r e h e n s i v e A s s es s m e n t o f t h e U F O / E T I P h e n o m e n o n M a y 1 9 9 1 1 E T

More information

General Examination in Macroeconomic Theory

General Examination in Macroeconomic Theory General Examination in Macroeconomic Theory Fall 2003 You have FOUR hours Solve all questions The exam has 4 parts Each part has its own sheet Please spend the following time on each part I 60 minutes

More information

Macroeconomics II Money in the Utility function

Macroeconomics II Money in the Utility function McCless]Prof. McCless UCEMA Prof. McCless UCEMA Macroeconomics II Money in the Utility function [ October, 00 Money in the Utility function Money in the Utility function Alternative way to add money to

More information

Random Matrix Theory and the Failure of Macro-economic Forecasts

Random Matrix Theory and the Failure of Macro-economic Forecasts Random Matrix Theory and the Failure of Macro-economic Forecasts Paul Ormerod (Pormerod@volterra.co.uk) * and Craig Mounfield (Craig.Mounfield@volterra.co.uk) Volterra Consulting Ltd The Old Power Station

More information

IEEE..- AD-A INDICATORS OF COMPARATIVE EAST-EST ECONOMIC STRENGTH 171

IEEE..- AD-A INDICATORS OF COMPARATIVE EAST-EST ECONOMIC STRENGTH 171 AD-A145 450 INDICATORS OF COMPARATIVE EAST-EST ECONOMIC STRENGTH 171 IEEE..- 198f(U) BUREAU OF INTELLIGENCE AND RESEARCH (STATE) WASHINGTON DC ASSESSMENTS AND RESEARCH L KORNEI UNCLASSIFIED 07 DEC 82 512-AR

More information

Homework 3 - Partial Answers

Homework 3 - Partial Answers Homework 3 - Partial Answers Jonathan Heathcote Due in Class on Tuesday February 28th In class we outlined two versions of the stochastic growth model: a planner s problem, and an Arrow-Debreu competitive

More information

THE TOURIST DEMAND IN THE AREA OF EPIRUS THROUGH COINTEGRATION ANALYSIS

THE TOURIST DEMAND IN THE AREA OF EPIRUS THROUGH COINTEGRATION ANALYSIS THE TOURIST DEMAND IN THE AREA OF EPIRUS THROUGH COINTEGRATION ANALYSIS N. DRITSAKIS Α. GIALITAKI Assistant Professor Lecturer Department of Applied Informatics Department of Social Administration University

More information

Volume 31, Issue 1. Mean-reverting behavior of consumption-income ratio in OECD countries: evidence from SURADF panel unit root tests

Volume 31, Issue 1. Mean-reverting behavior of consumption-income ratio in OECD countries: evidence from SURADF panel unit root tests Volume 3, Issue Mean-reverting behavior of consumption-income ratio in OECD countries: evidence from SURADF panel unit root tests Shu-Yi Liao Department of Applied Economics, National Chung sing University,

More information

DEPARTMENT OF ECONOMICS

DEPARTMENT OF ECONOMICS ISSN 0819-64 ISBN 0 7340 616 1 THE UNIVERSITY OF MELBOURNE DEPARTMENT OF ECONOMICS RESEARCH PAPER NUMBER 959 FEBRUARY 006 TESTING FOR RATE-DEPENDENCE AND ASYMMETRY IN INFLATION UNCERTAINTY: EVIDENCE FROM

More information

Author: Yesuf M. Awel 1c. Affiliation: 1 PhD, Economist-Consultant; P.O Box , Addis Ababa, Ethiopia. c.

Author: Yesuf M. Awel 1c. Affiliation: 1 PhD, Economist-Consultant; P.O Box , Addis Ababa, Ethiopia. c. ISSN: 2415-0304 (Print) ISSN: 2522-2465 (Online) Indexing/Abstracting Forecasting GDP Growth: Application of Autoregressive Integrated Moving Average Model Author: Yesuf M. Awel 1c Affiliation: 1 PhD,

More information

Parts Manual. EPIC II Critical Care Bed REF 2031

Parts Manual. EPIC II Critical Care Bed REF 2031 EPIC II Critical Care Bed REF 2031 Parts Manual For parts or technical assistance call: USA: 1-800-327-0770 2013/05 B.0 2031-109-006 REV B www.stryker.com Table of Contents English Product Labels... 4

More information

Identifying Aggregate Liquidity Shocks with Monetary Policy Shocks: An Application using UK Data

Identifying Aggregate Liquidity Shocks with Monetary Policy Shocks: An Application using UK Data Identifying Aggregate Liquidity Shocks with Monetary Policy Shocks: An Application using UK Data Michael Ellington and Costas Milas Financial Services, Liquidity and Economic Activity Bank of England May

More information

Macroeconomics Field Exam. August 2007

Macroeconomics Field Exam. August 2007 Macroeconomics Field Exam August 2007 Answer all questions in the exam. Suggested times correspond to the questions weights in the exam grade. Make your answers as precise as possible, using graphs, equations,

More information

M $ 4 65\ K;$ 5, 65\ M $ C! 4 /2 K;$ M $ /+5\ 8$ A5 =+0,7 ;* C! 4.4/ =! K;$,7 $,+7; ;J zy U;K z< mj ]!.,,+7;

M $ 4 65\ K;$ 5, 65\ M $ C! 4 /2 K;$ M $ /+5\ 8$ A5 =+0,7 ;* C! 4.4/ =! K;$,7 $,+7; ;J zy U;K z< mj ]!.,,+7; V 3U. T, SK I 1393/08/21 :,F! 1393/10/29 ::!n> 2 1 /M + - /E+4q; Z R :'!3Qi M $,7 8$ 4,!AK 4 4/ * /;K "FA ƒf\,7 /;G2 @;J\ M $ 4 65\ K;$ 5, 65\ M $ C! 4 /2 K;$ M $ /+5\ 8$ A5 =+0,7 ;* C! 4.4/ =! K;$,7 $,+7;

More information

Statistical Mechanics of Money, Income, and Wealth

Statistical Mechanics of Money, Income, and Wealth Statistical Mechanics of Money, Income, and Wealth Victor M. Yakovenko Adrian A. Dragulescu and A. Christian Silva Department of Physics, University of Maryland, College Park, USA http://www2.physics.umd.edu/~yakovenk/econophysics.html

More information

problem. max Both k (0) and h (0) are given at time 0. (a) Write down the Hamilton-Jacobi-Bellman (HJB) Equation in the dynamic programming

problem. max Both k (0) and h (0) are given at time 0. (a) Write down the Hamilton-Jacobi-Bellman (HJB) Equation in the dynamic programming 1. Endogenous Growth with Human Capital Consider the following endogenous growth model with both physical capital (k (t)) and human capital (h (t)) in continuous time. The representative household solves

More information

A primer on Structural VARs

A primer on Structural VARs A primer on Structural VARs Claudia Foroni Norges Bank 10 November 2014 Structural VARs 1/ 26 Refresh: what is a VAR? VAR (p) : where y t K 1 y t = ν + B 1 y t 1 +... + B p y t p + u t, (1) = ( y 1t...

More information

Extended IS-LM model - construction and analysis of behavior

Extended IS-LM model - construction and analysis of behavior Extended IS-LM model - construction and analysis of behavior David Martinčík Department of Economics and Finance, Faculty of Economics, University of West Bohemia, martinci@kef.zcu.cz Blanka Šedivá Department

More information

Neoclassical Business Cycle Model

Neoclassical Business Cycle Model Neoclassical Business Cycle Model Prof. Eric Sims University of Notre Dame Fall 2015 1 / 36 Production Economy Last time: studied equilibrium in an endowment economy Now: study equilibrium in an economy

More information

Macroeconomics Theory II

Macroeconomics Theory II Macroeconomics Theory II Francesco Franco FEUNL February 2011 Francesco Franco Macroeconomics Theory II 1/34 The log-linear plain vanilla RBC and ν(σ n )= ĉ t = Y C ẑt +(1 α) Y C ˆn t + K βc ˆk t 1 + K

More information

CO INTEGRATION: APPLICATION TO THE ROLE OF INFRASTRUCTURES ON ECONOMIC DEVELOPMENT IN NIGERIA

CO INTEGRATION: APPLICATION TO THE ROLE OF INFRASTRUCTURES ON ECONOMIC DEVELOPMENT IN NIGERIA CO INTEGRATION: APPLICATION TO THE ROLE OF INFRASTRUCTURES ON ECONOMIC DEVELOPMENT IN NIGERIA Alabi Oluwapelumi Department of Statistics Federal University of Technology, Akure Olarinde O. Bolanle Department

More information

Approximating Fixed-Horizon Forecasts Using Fixed-Event Forecasts

Approximating Fixed-Horizon Forecasts Using Fixed-Event Forecasts Approximating Fixed-Horizon Forecasts Using Fixed-Event Forecasts Malte Knüppel and Andreea L. Vladu Deutsche Bundesbank 9th ECB Workshop on Forecasting Techniques 4 June 216 This work represents the authors

More information

Political Cycles and Stock Returns. Pietro Veronesi

Political Cycles and Stock Returns. Pietro Veronesi Political Cycles and Stock Returns Ľuboš Pástor and Pietro Veronesi University of Chicago, National Bank of Slovakia, NBER, CEPR University of Chicago, NBER, CEPR Average Excess Stock Market Returns 30

More information

W I T H M i A. L I O E T O W A R D ISTOlNrE ^ I S T D C H A. n i T Y F O R - A L L. "

W I T H M i A. L I O E T O W A R D ISTOlNrE ^ I S T D C H A. n i T Y F O R - A L L. J/ H L D N D H Y F L L L N LLL KN NY H Y 2 95 HL N NG F L G NG F LNDD H H J F NH D K GN L _ L L :? H F K b H Y L DD Y N? N L L LD H LL LLL LNNG LL J K N 3 ND DL6 N Lb L F KF FH D LD3 D ND ND F ND LKKN

More information

1. Shocks. This version: February 15, Nr. 1

1. Shocks. This version: February 15, Nr. 1 1. Shocks This version: February 15, 2006 Nr. 1 1.3. Factor models What if there are more shocks than variables in the VAR? What if there are only a few underlying shocks, explaining most of fluctuations?

More information

APPENDIX TO RESERVE REQUIREMENTS AND OPTIMAL CHINESE STABILIZATION POLICY

APPENDIX TO RESERVE REQUIREMENTS AND OPTIMAL CHINESE STABILIZATION POLICY APPENDIX TO RESERVE REQUIREMENTS AND OPTIMAL CHINESE STABILIZATION POLICY CHUN CHANG ZHENG LIU MARK M. SPIEGEL JINGYI ZHANG Abstract. This appendix shows some additional details of the model and equilibrium

More information

Simple New Keynesian Model without Capital

Simple New Keynesian Model without Capital Simple New Keynesian Model without Capital Lawrence J. Christiano Gerzensee, August 27 Objective Review the foundations of the basic New Keynesian model without capital. Clarify the role of money supply/demand.

More information

Y'* C 0!),.1 / ; ')/ Y 0!)& 1 0R NK& A Y'. 1 ^. ]'Q 1 I1 )H ;". D* 1 = Z)& ^. H N[Qt C =

Y'* C 0!),.1 / ; ')/ Y 0!)& 1 0R NK& A Y'. 1 ^. ]'Q 1 I1 )H ;. D* 1 = Z)& ^. H N[Qt C = (-) 393 F!/ $5 $% T K&L =>-? J (&A )/>2 I B!" GH 393/05/07 :K 393/07/23 :7b +B 0 )NO M / Y'* C a23 N/ * = = Z)& ^. ;$ 0'* Y'2 8 OI 53 = ;" ~" O* Y.b ;" ; ')/ Y'* C 0!),. / ; ')/ Y 0!)& 0R NK& A Y'. ^.

More information

Output correlation and EMU: evidence from European countries

Output correlation and EMU: evidence from European countries 1 Output correlation and EMU: evidence from European countries Kazuyuki Inagaki Graduate School of Economics, Kobe University, Rokkodai, Nada-ku, Kobe, 657-8501, Japan. Abstract This paper examines the

More information

P a g e 5 1 of R e p o r t P B 4 / 0 9

P a g e 5 1 of R e p o r t P B 4 / 0 9 P a g e 5 1 of R e p o r t P B 4 / 0 9 J A R T a l s o c o n c l u d e d t h a t a l t h o u g h t h e i n t e n t o f N e l s o n s r e h a b i l i t a t i o n p l a n i s t o e n h a n c e c o n n e

More information

PANEL DISCUSSION: THE ROLE OF POTENTIAL OUTPUT IN POLICYMAKING

PANEL DISCUSSION: THE ROLE OF POTENTIAL OUTPUT IN POLICYMAKING PANEL DISCUSSION: THE ROLE OF POTENTIAL OUTPUT IN POLICYMAKING James Bullard* Federal Reserve Bank of St. Louis 33rd Annual Economic Policy Conference St. Louis, MO October 17, 2008 Views expressed are

More information

Government Expenditure and Economic Growth in Iran

Government Expenditure and Economic Growth in Iran International Letters of Social and Humanistic Sciences Online: 2013-09-26 ISSN: 2300-2697, Vol. 11, pp 76-83 doi:10.18052/www.scipress.com/ilshs.11.76 2013 SciPress Ltd., Switzerland Government Expenditure

More information

Volume 29, Issue 1. Price and Wage Setting in Japan: An Empirical Investigation

Volume 29, Issue 1. Price and Wage Setting in Japan: An Empirical Investigation Volume 29, Issue 1 Price and Wage Setting in Japan: An Empirical Investigation Shigeyuki Hamori Kobe University Junya Masuda Mitsubishi Research Institute Takeshi Hoshikawa Kinki University Kunihiro Hanabusa

More information

Animal Spirits, Fundamental Factors and Business Cycle Fluctuations

Animal Spirits, Fundamental Factors and Business Cycle Fluctuations Animal Spirits, Fundamental Factors and Business Cycle Fluctuations Stephane Dées Srečko Zimic Banque de France European Central Bank January 6, 218 Disclaimer Any views expressed represent those of the

More information

The Relationship among Exports, Imports and Economic Growth in Turkey

The Relationship among Exports, Imports and Economic Growth in Turkey MPRA Munich Personal RePEc Archive The Relationship among Exports, Imports and Economic Growth in Turkey Sayef Bakari and Mohamed MABROUKI Department of Economics Science, LIEI, Faculty of Economic Sciences

More information

Suggested Solutions to Problem Set 2

Suggested Solutions to Problem Set 2 Macroeconomic Theory, Fall 03 SEF, HKU Instructor: Dr. Yulei Luo October 03 Suggested Solutions to Problem Set. 0 points] Consider the following Ramsey-Cass-Koopmans model with fiscal policy. First, we

More information

The Dynamic Relationships between Oil Prices and the Japanese Economy: A Frequency Domain Analysis. Wei Yanfeng

The Dynamic Relationships between Oil Prices and the Japanese Economy: A Frequency Domain Analysis. Wei Yanfeng Review of Economics & Finance Submitted on 23/Sept./2012 Article ID: 1923-7529-2013-02-57-11 Wei Yanfeng The Dynamic Relationships between Oil Prices and the Japanese Economy: A Frequency Domain Analysis

More information

Econ Review Set 2 - Answers

Econ Review Set 2 - Answers Econ 4808 Review Set 2 - Answers EQUILIBRIUM ANALYSIS 1. De ne the concept of equilibrium within the con nes of an economic model. Provide an example of an economic equilibrium. Economic models contain

More information

Expectations, Learning and Macroeconomic Policy

Expectations, Learning and Macroeconomic Policy Expectations, Learning and Macroeconomic Policy George W. Evans (Univ. of Oregon and Univ. of St. Andrews) Lecture 4 Liquidity traps, learning and stagnation Evans, Guse & Honkapohja (EER, 2008), Evans

More information

Volume 30, Issue 3. Causal order between money, income and price through graph theoretic approach for Pakistan

Volume 30, Issue 3. Causal order between money, income and price through graph theoretic approach for Pakistan Volume 30, Issue 3 Causal order between money, income and price through graph theoretic approach for Pakistan Zahid Asghar Quaid-i-Azam University, Islamabad Nighat Jahandad Quaid-i-Azam University, Islamabad

More information

EC408 Topics in Applied Econometrics. B Fingleton, Dept of Economics, Strathclyde University

EC408 Topics in Applied Econometrics. B Fingleton, Dept of Economics, Strathclyde University EC48 Topics in Applied Econometrics B Fingleton, Dept of Economics, Strathclyde University Applied Econometrics What is spurious regression? How do we check for stochastic trends? Cointegration and Error

More information

Neoclassical Growth Models: II

Neoclassical Growth Models: II Neoclassical Growth Models: II Mark Huggett 2 2 Georgetown November, 2017 Growth Model: Balanced Growth Neoclassical Growth Model is the workhorse model in macroeconomics. Solow (1956) provided a theoretical

More information

Toulouse School of Economics, Macroeconomics II Franck Portier. Homework 1. Problem I An AD-AS Model

Toulouse School of Economics, Macroeconomics II Franck Portier. Homework 1. Problem I An AD-AS Model Toulouse School of Economics, 2009-2010 Macroeconomics II Franck Portier Homework 1 Problem I An AD-AS Model Let us consider an economy with three agents (a firm, a household and a government) and four

More information

International Monetary Policy Spillovers

International Monetary Policy Spillovers International Monetary Policy Spillovers Dennis Nsafoah Department of Economics University of Calgary Canada November 1, 2017 1 Abstract This paper uses monthly data (from January 1997 to April 2017) to

More information

Constrained optimization.

Constrained optimization. ams/econ 11b supplementary notes ucsc Constrained optimization. c 2016, Yonatan Katznelson 1. Constraints In many of the optimization problems that arise in economics, there are restrictions on the values

More information

Bonn Summer School Advances in Empirical Macroeconomics

Bonn Summer School Advances in Empirical Macroeconomics Bonn Summer School Advances in Empirical Macroeconomics Karel Mertens Cornell, NBER, CEPR Bonn, June 2015 In God we trust, all others bring data. William E. Deming (1900-1993) Angrist and Pischke are Mad

More information