This paper conducts an empirical analysis of influence of fiscal expenditure supporting agriculture monetary supply on rural residents' s consumption by adopting a vector auto-regression model,based on the data fr...This paper conducts an empirical analysis of influence of fiscal expenditure supporting agriculture monetary supply on rural residents' s consumption by adopting a vector auto-regression model,based on the data from 1978 to 2011.The study indicated that:in the short term,fiscal policy is the Granger reason of rural residents' consumption,monetary policy is not the Granger reason of rural residents' consumption;in the long term,the comprehensive function of fiscal policy and monetary policy has a great influence on the of rural residents' consumption.Under the background of Economic Transition and Urbanization,Expanding Domestic Demand is the slogan.We should coordinate fiscal policy and monetary policy to promote the rural residents' consumption.展开更多
This article investigates the macroeconomic consequences of foreign asset-freezing sanctions,a tool utilized by several Western nations amid recent geopolitical tensions.Specifically,it examines the repercussions of s...This article investigates the macroeconomic consequences of foreign asset-freezing sanctions,a tool utilized by several Western nations amid recent geopolitical tensions.Specifically,it examines the repercussions of such sanctions on open economies,finding that they may experience a sharp recession and currency crisis.To quantify the impact,we develop a new Keynesian dynamic stochastic general equilibrium model with financial frictions and an asset-freezing channel for an open economy.We also calibrate our model to capture the unique structures of the Russian economy.The quantitative analysis of the model demonstrates that an abrupt asset-freezing sanction would lead to large output losses and high inflation increases.Our counterfactual examination reveals that higher elasticity of import substitution and lower elasticity of export substitution could alleviate the impact of foreign sanctions,whereas more aggressive monetary policy may have positive but limited stabilization effects.Notably,the monetary authority must navigate a trade-off between stabilizing output and managing inflation resulting from the cash-in-advance channel.展开更多
Andersen and Jordan （1968） aimed to measure efficiency of monetary and fiscal actions on real GDP by employing a time-series model which was called as St. Louis Model afterwards. Although the model is performed in m...Andersen and Jordan （1968） aimed to measure efficiency of monetary and fiscal actions on real GDP by employing a time-series model which was called as St. Louis Model afterwards. Although the model is performed in many countries similarly, the results differ from each other in accordance with the economic structure of relevant country In this regard, the aim of this paper is to investigate the effectiveness of monetary and fiscal policies on real activity and to find out causal relationship among questioned variables using OLS and causality methodologies in Turkish economy over the period 1998：1-2010： IV. Empirical findings indicate that only monetary policy has a significant positive effect on economic activity in the short run, Nonetheless, neither monetary nor fiscal policy has significant impact on real output in the long run. Causality analysis shows that there exists a unidirectional causality running from real output and money stock to government expenditures. Moreover, not surprisingly, it is also found that crisis experiences of Turkey in sample period have highly adverse impact on real activity. Causality analysis suggests us considering government expenditures as explained variable instead of real output. Hence, it can be concluded that St. Louis Model total spending equation is not applicable for Turkish economy during 1998-2010 periods展开更多
基金Supported by Chongqing Humanities and Social Science Key Research Institute Fund Project(11SKB36,12SKB003)Key Project Sponsored by the National Education Science 11th Five Year Plan Program of the Ministry of Education(DJA090268)Fundamental Research Funds for the Central Universities(SWU1309375,SWU1309386)
文摘This paper conducts an empirical analysis of influence of fiscal expenditure supporting agriculture monetary supply on rural residents' s consumption by adopting a vector auto-regression model,based on the data from 1978 to 2011.The study indicated that:in the short term,fiscal policy is the Granger reason of rural residents' consumption,monetary policy is not the Granger reason of rural residents' consumption;in the long term,the comprehensive function of fiscal policy and monetary policy has a great influence on the of rural residents' consumption.Under the background of Economic Transition and Urbanization,Expanding Domestic Demand is the slogan.We should coordinate fiscal policy and monetary policy to promote the rural residents' consumption.
基金the National Natural Science Foundation of China(Nos.72150003 and 72125007).
文摘This article investigates the macroeconomic consequences of foreign asset-freezing sanctions,a tool utilized by several Western nations amid recent geopolitical tensions.Specifically,it examines the repercussions of such sanctions on open economies,finding that they may experience a sharp recession and currency crisis.To quantify the impact,we develop a new Keynesian dynamic stochastic general equilibrium model with financial frictions and an asset-freezing channel for an open economy.We also calibrate our model to capture the unique structures of the Russian economy.The quantitative analysis of the model demonstrates that an abrupt asset-freezing sanction would lead to large output losses and high inflation increases.Our counterfactual examination reveals that higher elasticity of import substitution and lower elasticity of export substitution could alleviate the impact of foreign sanctions,whereas more aggressive monetary policy may have positive but limited stabilization effects.Notably,the monetary authority must navigate a trade-off between stabilizing output and managing inflation resulting from the cash-in-advance channel.
文摘Andersen and Jordan （1968） aimed to measure efficiency of monetary and fiscal actions on real GDP by employing a time-series model which was called as St. Louis Model afterwards. Although the model is performed in many countries similarly, the results differ from each other in accordance with the economic structure of relevant country In this regard, the aim of this paper is to investigate the effectiveness of monetary and fiscal policies on real activity and to find out causal relationship among questioned variables using OLS and causality methodologies in Turkish economy over the period 1998：1-2010： IV. Empirical findings indicate that only monetary policy has a significant positive effect on economic activity in the short run, Nonetheless, neither monetary nor fiscal policy has significant impact on real output in the long run. Causality analysis shows that there exists a unidirectional causality running from real output and money stock to government expenditures. Moreover, not surprisingly, it is also found that crisis experiences of Turkey in sample period have highly adverse impact on real activity. Causality analysis suggests us considering government expenditures as explained variable instead of real output. Hence, it can be concluded that St. Louis Model total spending equation is not applicable for Turkish economy during 1998-2010 periods
