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1
Pulford, Andrew L. "MONETARY FACTORS and the U.S. RETAIL FOOD PRICE LEVEL". DigitalCommons@CalPoly, 2012. https://digitalcommons.calpoly.edu/theses/685.
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The following study assesses whether an economic relationship exists between the money supply (i.e. M2), interest rates, and the exchange rate and the retail food price level in the United States. Data for the M2 classification of the United States money supply, the Effective Federals Funds (interest) Rate, and the United States Trade Weighted Exchange Index: Major Currencies for the period from January 1974 through December 2007 are evaluated as they relate to the United States Consumer Price Index for all Urban Consumers: Food for the same period. The statistical analysis involves an examination of the autocorrelation and partial autocorrelation functions of each variable, a test for the presence of stationarity in each variable(Augmented Dickey-Fuller test), Johansen’s test for co-integrating equations of the variables considered, Granger’s test for causality, and finally an estimation of regression models of United States retail food prices as a function of the money supply, interest rates, and exchange rates.
Results indicate that a statistically significant relationship exists among the variables tested. A causal relationship exists between the Federal Funds Rate and the money supply, the money supply and the retail level of food prices, and also between the exchange rate and the retail level of food prices. The implications of the results are assessed through the lens of agricultural producers and processors, investors, lenders, consumers, and monetary and agricultural policymakers.
Keywords: retail food prices, money supply, Federal Funds Rate, exchange rate, augmented Dickey-Fuller, Johansen’s test for co-integration, Granger causality
2
Roeger, Edward A. "Investigating a countercyclical price level with procyclical inflation". Diss., Columbia, Mo. : University of Missouri-Columbia, 2007. http://hdl.handle.net/10355/6031.
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Thesis (M.A.)--University of Missouri-Columbia, 2007.The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file. Title from title screen of research.pdf file (viewed on April 16, 2009) Includes bibliographical references.
3
Anwar, Muslimin. "Modelling exchange rates and monetary policy in emerging Asian economies : non-linear econometric approach". Thesis, Brunel University, 2007. http://bura.brunel.ac.uk/handle/2438/4865.
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In this thesis we examine exchange rates and monetary policy of four emerging Asian countries, namely Indonesia, Malaysia, the Philippines and South Korea. We model equilibrium exchange rates using a general behavioural specification consistent with a variety of theoretical approaches; and short-run dynamics using a general non-linear adjustment model. We find in all countries examined, equilibrium nominal and real exchange rates are a function of permanent relative output and one or more variables from domestic and foreign price levels, nominal and real interest rate differentials, the level of and changes in net foreign assets, and a time trend. These results imply that individual countries present significant elements of idiosyncratic behaviour, casting doubt on empirical models using panel-data techniques. We also obtain evidence of non-linear exchange rate dynamics, with the speed of adjustment to equilibrium being in all cases a function of the size, and in two cases, the sign of the misalignment term. With respect to monetary policy, we examined these countries' monetary policy reaction function based on an open economy augmented Taylor rule including the exchange rate and the foreign interest rate. Using a formal testing approach, our tests reject linearity, suggesting that monetary authorities in these four emerging economies are subject to nonlinear inflation effects and that they respond more vigorously to inflation when it is further from the target. Our results also lead us to speculate that policymakers in three countries may have been attempting to keep inflation within the range, while those in the other country may have been pursuing a point inflation target. Finally, we also find monetary policy is asymmetric as policy makers respond differently to upward and downward deviations of inflation away from the target.
4
Denk, Ann. "Interest Rate and Commodity Price Impacts on Farm-Level Financials". Thesis, North Dakota State University, 2019. https://hdl.handle.net/10365/31149.
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The agriculture industry has been around for hundreds of years. Although farmers and ranchers work every day to put food on the tables of billions of people from all around the world, most agricultural producers require assistance to finance their operations and continue production. This research is motivated by recent changes in interest rates and the downturn in agricultural commodity prices. This study examines how farm-level financial statements are impacted by changes in interest rates and agricultural commodity market prices. A Monte Carlo simulation is used to model several stochastic variables and derive key financial calculations. This study shows how the financial statements of different agricultural operations change due to factors that are largely beyond the control of agricultural producers.
5
Nyaoke, David Ochieng. "Factors Determining Sugarcane Price at the Farm Level in Kenya". OpenSIUC, 2014. https://opensiuc.lib.siu.edu/theses/1357.
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Kenya's current sugar consumption stands at 700,000 MT. The country is only able to produce approximately 500,000MT. The deficit is covered by cheap imported sugar from other countries. Weak import policies together with other supply demand factors have impacted negatively on the sugarcane price at the farm level. The study reviews the current sugar policies with an aim of formulating better solutions to help protecting farmers and the local industries. In addressing the problems facing the sugar industry in Kenya, the study also evaluates the roles played by various sugar stakeholders in Kenya, their effectiveness, and impacts to the general performance of this vital industry. This study also investigated the sugar supply and demand factors resulting in low sugarcane price at the farm level using a price transmission model (Kinnucan 1987). In analyzing these sugar supply demand factors, the empirical results revealed that all the identified variables apart from cheap imported sugar has significant impact on the sugarcane price at the farm level hence could explain the low cane price. Coefficient of determination between sugarcane price and the supply and demand factors shows that 95.4% of sugarcane price is explained by the identified variables. The study concludes that among the factors identified, imported sugar price is not significant in explaining the sugarcane price at the farm level in Kenya. The study recommends that farmers diversify if they have to maximize revenues from their farms.
6
Minsch, Rudolf. "Relative prices and inflation : an empirical analysis of firm-level price data from selected Swiss service industries /". Bamberg : Difo-Dr, 2002. http://www.gbv.de/dms/zbw/356765334.pdf.
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Waldenlind, Stefan. "Forecasting Price-Level on Trades of Financial Instruments using Orderbook Activity". Thesis, KTH, Matematisk statistik, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-105810.
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In today’s highly competitive trading climate it is getting more important to understand the fundamentals of the orderbook and how it works in practice in order to stand out in the competition. Better knowledge of the orderbook statistics can be applied in areas such as high frequencyand execution trading. Therefore the focus of this study is to determine the probabilities of the settlement prices of financial instruments traded on a public order-driven market exchange i.e to predict the probabilities regarding whether the next executed trade will happen on the bid or on the ask side. The mathematical methods used in this study are logistic regression and Maximum Likelyhood (ML)-estimation for optimization of parameters. First the parameter matrix was optimized using orderbook data on the OMXS30 future and then use the estimated model on an out-ofsample test. Keywords: Logistic Regression, Orderbook, level-2 dataI dagens marknad råder hög konkurens vilket gör det viktigt att förstå fundamentan bakom orderboken och hur handeln med finansiella instrument fungerar i praktiken. Det utvecklas flera nya och förbättrade informationsystem och tradingalgoritmer varje dag och detta skärper konkurensen och försvårar möjligheten att tjäna pengar på tradingverksamhet. Med ökad förståelse för orderboken och dess fundamenta kan utvecklingen inom databaserad handel exempelvis exekverings- och högfrekvenshandel drivas på. Därför fokuserar jag denna studie på orderboken genom att försöka uppskatta sannolikheten för om nästkommande trade kommer att ske på köp- eller säljsidan av orderboken på en orderdriven marknad som Stockholmsbörsen. I undersökningen har logistisk regression och Maximum Likelyhood (ML)-skattning använts för att bestämma koefficienterna i den skattade statistiska modellen. Data är hämtade från OMXS30 terminen där kovariaterna är volymen på varje prisnivå för köp- respektive säljsidan i orderboken. Den skattade modellen testas på andra data än som använts för att skatta modellen. Nyckelord: Orderbok, logistisk regression, Maximum Likelyhood
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Osipenko, G. S., T. N. Korzh i E. K. Ershov. "Dynamics of price-level, national income and cost of money interaction". Thesis, ДИАЙПИ, 2012. http://essuir.sumdu.edu.ua/handle/123456789/63865.
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Dynamics of a macroeconomic system in which national income, cost of
money and price-level are in close interaction is studied. Such an interaction
is simulated with the help of discrete dynamic system in R3. The
system has a curve formed by fixed points, which describe a balanced state
of money, goods and service markets. It has been shown that there is a foliation
which is transversal to the curve, each layer being invariant for the
system. There are layers where balanced state can be both stable and unstable.
The system dynamics is changing from layer to layer.
9
Hatcher, Michael C. "Should central banks switch from inflation to price-level targeting? : quantifying the benefits from long-term price stability". Thesis, Cardiff University, 2011. http://orca.cf.ac.uk/54454/.
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Economic researchers have not yet quantified the long-term benefits of price-level targeting. Consequently, central banks are unable to conduct a full cost-benefit analysis vis-a-vis inflation targeting. The primary contribution of this thesis is to quantify these benefits within a dynamic stochastic general equilibrium framework, thereby laying the foundations for a full cost-benefit analysis. The thesis focuses on three key areas: consumption volatility social welfare and inflation risk premia on long-term nominal contracts. Conventional wisdom holds that the main benefit of price-level targeting is a reduction in long-term inflation risk. However, the current workhorse model for monetary analysis cannot be used to evaluate this benefit, because long-term inflation risk does not affect agents' welfare. This thesis therefore builds and simulates overlapping generations models in which long-term inflation risk matters for social welfare. In these models, consumers save over a long horizon for old age using indexed and nominal government bonds that offer imperfect insurance against inflation risk. Importantly, the extent of nominal indexation is chosen endogenously in response to monetary policy in order to address the Lucas critique and to allow for heterogeneities across countries and over time, three separate models are simulated in which consumers have access to different assets. Key findings are as follows. First, price-level targeting reduces long-term inflation risk substantially compared to inflation targeting, leading to an increase in social welfare and a reduction in consumption volatility. Second, price-level targeting reduces by an order of magnitude the inflation risk premium on nominal bonds. Finally, optimal indexation of government bonds is substantially lower under price-level targeting. Notably, there is considerable heterogeneity in results across model specifications. The estimated welfare gain from price-level targeting ranges from 0.01 to 0.17 per cent of aggregate consumption, and the estimated reduction in consumption risk ranges from 13 to 95 per cent.
10
Cai, Mengmeng. "A Profit-Neutral Double-price-signal Retail Electricity Market Solution for Incentivizing Price-responsive DERs Considering Network Constraints". Diss., Virginia Tech, 2020. http://hdl.handle.net/10919/99094.
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Emerging technologies, including distributed energy resources (DERs), internet-of-things and advanced distribution management systems, are revolutionizing the power industry. They provide benefits like higher operation flexibility and lower bulk grid dependency, and are moving the modern power grid towards a decentralized, interconnected and intelligent direction. Consequently, the emphasis of the system operation management has been shifted from the supply-side to the demand-side. It calls for a reconsideration of the business model for future retail market operators. To address this need, this dissertation proposes an innovative retail market solution tailored to market environments penetrated with price-responsive DERs. The work is presented from aspects of theoretical study, test-bed platform development, and experimental analysis, within which two topics relevant to the retail market operation are investigated in depth.
The first topic covers the modeling of key retail market participants. With regard to price-insensitive participants, fixed loads are treated as the representative. Deep learning-based day-ahead load forecasting models are developed in this study, utilizing both recurrent and convolutional neural networks, to predict the part of demands that keep fixed regardless of the market price. With regard to price-sensitive participants, battery storages are selected as the representative. An optimization-based battery arbitrage model is developed in this study to represent their price-responsive behaviors in response to a dynamic price. The second topic further investigates how the retail market model and pricing strategy should be designed to incentivize these market participants. Different from existing works, this study innovatively proposes a profit-neutral double-price-signal retail market model. Such a design differentiates elastic prosumers, who actively offer flexibilities to the system operation, from normal inelastic consumers/generators, based on their sensitivities to the market price. Two price signals, namely retail grid service price and retail energy price, are then introduced to separately quantify values of the flexibility, provided by elastic participants, and the electricity commodity, sold/bought to/from inelastic participants. Within the proposed retail market, a non-profit retail market operator (RMO) manages and settles the market through determining the price signals and supplementary subsidy to minimize the overall system cost. In response to the announced retail grid service price, elastic prosumers adjust their day-ahead operating schedules to maximize their payoffs. Given the interdependency between decisions made by the RMO and elastic participants, a retail pricing scheme, formulated based on a bi-level optimization framework, is proposed. Additional efforts are made on merging and linearizing the original non-convex bi-level problem into a single-level mixed-integer linear programming problem to ensure the computational efficiency of the retail pricing tool.
Case studies are conducted on a modified IEEE 34-bus test-bed system, simulating both physical operations of the power grid and financial interactions inside the retail market. Experimental results demonstrate promising properties of the proposed retail market solution: First of all, it is able to provide cost-saving benefits to inelastic customers and create revenues for elastic customers at the same time, justifying the rationalities of these participants to join the market. Second of all, the addition of the grid service subsidy not only strengthens the profitability of the elastic customer, but also ensures that the benefit enjoyed per customer will not be compromised by the competition brought up by a growing number of participants. Furthermore, it is able to properly capture impacts from line losses and voltage constraints on the system efficiency and stability, so as to derive practical pricing solutions that respect the system operating rules. Last but not least, it encourages the technology improvement of elastic assets as elastic assets in better conditions are more profitable and could better save the electricity bills for inelastic customers. Above all, the superiority of the proposed retail market solution is proven. It can serve as a promising start for the retail electricity market reconstruction.Doctor of Philosophy
The electricity market plays a critical role in ensuring the economic and secure operation of the power system. The progress made by distributed energy resources (DERs) has reshaped the modern power industry bringing a larger proportion of price-responsive behaviors to the demand-side. It challenges the traditional wholesale-only electricity market and calls for an addition of retail markets to better utilize distributed and elastic assets. Therefore, this dissertation targets at offering a reliable and computational affordable retail market solution to bridge this knowledge gap. Different from existing works, this study assumes that the retail market is managed by a profit-neutral retail market operator (RMO), who oversees and facilitates the system operation for maximizing the system efficiency rather than making profits. Market participants are categorized into two groups: inelastic participants and elastic participants, based on their sensitivity to the market price. The motivation behind this design is that instead of treating elastic participants as normal customers, it is more reasonable to treat them as grid service providers who offer operational flexibilities that benefit the system efficiency. Correspondingly, a double-signal pricing scheme is proposed, such that the flexibility, provided by elastic participants, and the electricity commodity, generated/consumed by inelastic participants, are separately valued by two distinct prices, namely retail grid service price and retail energy price. A grid service subsidy is also introduced in the pricing system to provide supplementary incentives to elastic customers. These two price signals in addition to the subsidy are determined by the RMO via solving a bi-level optimization problem given the interdependency between the prices and reaction of elastic participants. Experimental results indicate that the proposed retail market model and pricing scheme are beneficial for both types of market participants, practical for the network-constrained real-world implementation, and supportive for the technology improvement of elastic assets.
11
Shan, Yaowen School of Banking & finance UNSW. "Analysts' forecasts and future stock return volatility: a firm-level analysis for NYSE Firms". Awarded by:University of New South Wales. School of Banking & finance, 2006. http://handle.unsw.edu.au/1959.4/26963.
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This study demonstrates that financial analysts significantly affect short-term stock prices, by examining how non-accounting information particularly contained in analysts' forecasts contributes to the fluctuation of future stock returns. If current non-accounting information of future earnings is more unfavourable or more volatile, we could observe a larger shift in the current stock return. The empirical evidence strongly supports these theoretical predictions that stem from the combination of the accounting version of Campbell-Shiller model (Campbell and Shiller (1988) and Vuolteenaho (2002)) and Ohlson????s information dynamics (1995). In addition, the results are also valid for measures of both systematic and idiosyncratic volatilities.
12
Nilsson, Johanna. "Price convergence in the EMU : a study on the price level changes in the EMU from 1980 to 2005". Thesis, Uppsala University, Department of Economics, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-8064.
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According to the different studies regarding customs unions and monetary unions, both these types of economic integration will lead to increased trade which in turn affects the price level.
In this study, the changes in the price levels across Europe are investigated in order to see if the changes can be attributed to the EMU and the Euro. By using the PPPs calculated by OECD based on the theory of Purchasing Power Parity price levels in different countries become comparable between the countries and over time. The result is that there seems to be a clear convergence towards an average European price level in the observed period 1980-2005.
In order to investigate if this convergence is an effect of the EMU a panel regression on relevant data is run and the result shows that there has been a convergence in the EMU-price level, but it can most likely not be attributed to the Euro, but other factors like for example increased degrees of openness.
13
Melichar, Mark Alan. "Essays on the macroeconomic effects of energy price shocks". Diss., Kansas State University, 2013. http://hdl.handle.net/2097/15994.
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Doctor of PhilosophyDepartment of Economics
Lance Bachmeier
In the first chapter I study the effects of oil price shocks on economic activity at the U.S. state-level, an innovative feature of this dissertation. States which rely more heavily on manufacturing or tourism are more adversely affected by adverse oil price shocks, while states which are major energy producers either benefit or experience insignificant economic changes from historically large oil price increases. Additionally, oil price increases from 1986 to 2011 have not impacted state-level economies to the same degree as increases from 1976 to 1985. This discrepancy can be attributed to a fundamental change in the structure of the U.S. economy, for example, a declining manufacturing sector or an increase in the efficiency with which energy is used in the production process. In the second chapter I explore the effects of alternative measures of energy price shocks on economic activity and examine the relative performance of these alternative measures in forecasting macroeconomic activity. The alternative energy prices I consider are: gasoline, diesel, natural gas, heating oil and electricity. I find that alternative measures of energy price shocks produce different patterns of impulse responses than oil price shocks. The overwhelming evidence indicates that alternative energy price models, excluding a model containing gasoline prices, outperforms the baseline model containing oil prices for many states, particularly at short-to-mid forecast horizons. In the third chapter, which is coauthored with Lance Bachmeier, we determine whether accounting for oil price endogeneity is important when predicting state-level economic activity. We find that accounting for endogeneity matters for in-sample fit for most states. Specifically, in-sample fit would be improved by using a larger model which contains both regular oil price and endogenous oil price movements. However, we conclude that accounting for endogeneity is not important for out-of-sample forecast accuracy, and a simple model containing only the change in the price of oil produces equally accurate forecasts. Accounting for endogeneity is particularly important in an environment in which rising oil prices were caused by a growing global economy, such as in the years 2004-2007.
14
SONNERVIG, MARCOS KIEHL. "THE FISCAL THEORY OF THE PRICE LEVEL WITH NOMINAL REVENUES AND EXPENDITURES". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2017. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=31795@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROCOORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
PROGRAMA DE EXCELENCIA ACADEMICA
A hipótese usual de que a política fiscal é definida em termos reais não é nem realista, nem inócua. Neste artigo, propomos um modelo que leva em consideração a existência de receitas e despesas nominais. Essa característica cria um canal inexplorado pelo qual as políticas monetária e fiscal interagem. Nós mostramos que, neste ambiente, o nível de preços pode ser fiscalmente determinado, mesmo quando toda a dívida do governo é real. Além disso, os efeitos das políticas monetária e fiscal são sensíveis ao grau de indexação no orçamento do governo. Usando técnicas de estimação Bayesiana, nós estimamos o modelo para a economia norte-americana e encontramos que a corrosão do valor real das despesas desempenha um papel importante no financiamento dos déficits do governo, sob o regime de dominância fiscal.
The usual assumption that fiscal policy is set in real terms is neither realistic nor innocuous. In this article, we propose a model that accounts for the existence of nominal revenues and expenditures. This creates an unexplored channel through which monetary and fiscal policies interact. We show that, in this environment, the price level can be fiscally determinate, even when all government debt is real. Also, the effects of monetary and fiscal policies are sensitive to the degree of indexation in the government budget. Using Bayesian techniques, we estimate the model for the US economy and find that the revaluation of these nominal components plays an important role as a source of fiscal financing, under a fiscally dominant regime.
15
Yoon, Joon-Hui. "Information asymmetry in direction and volatility price process and transactional level analysis /". [Gainesville, Fla.] : University of Florida, 2009. http://purl.fcla.edu/fcla/etd/UFE0024812.
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Kwak, Kyuseop. "Price response in multiple item choice spillover effects of reference price /". Diss., University of Iowa, 2007. http://ir.uiowa.edu/etd/143.
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Lockshin, Lawrence S. "The price/quality relationship in wine : differential effect of price and oak level on quality perceptions of consumers and wholesalers /". The Ohio State University, 1991. http://rave.ohiolink.edu/etdc/view?acc_num=osu1487687485808301.
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Ahmad, Zulfiqar. "Modelling the impact of agricultural policy at the farm level in the Punjab, Pakistan". Thesis, University of Nottingham, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.389368.
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Kuang, Chen, Jin Ying i Li Yumin. "Energy Crisis : wind Power Market in China". Thesis, Högskolan Kristianstad, Sektionen för hälsa och samhälle, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-10865.
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Purpose/aim The aim is to explore which price policy of the Chinese wind power is the most suitable for the market. Design/methodology/approach Data has been collected through questionnaires. The analysis includes the statistical test in form of chi-square. Additionally the whole thesis followed the onion process put forward by Saunders. Findings The analysis showed that the price policy which is based on the local price of coal is more suitable for the market than the price policy decided by concession projects. Originality/value An original idea is given the relationship between ages, education levels and two policies. Further, the empirical data is collected from a comprehensive online-forum, so that the samples are randomly selected. The data shows that the businesses which want to enter the Chinese wind power market should choose the price policy which is based on the local price of coal. This choice should be useful in the real life.
20
Levy, Tal Z. (Tal Ze'ev). "Unexpected consequences of demand response : implications for energy and capacity price level and volatility". Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/90054.
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Thesis: S.M. in Technology and Policy, Massachusetts Institute of Technology, Engineering Systems Division, Technology and Policy Program, 2014.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 90-94).
Historically, electricity consumption has been largely insensitive to short term spot market conditions, requiring the equating of supply and demand to occur almost exclusively through changes in production. Large scale entry of demand response, however, is rapidly changing this paradigm in the electricity market located in the mid-Atlantic region of the US, called PJM. Greater demand side participation in electricity markets is often considered a low cost alternative to generation and an important step towards decreasing the price volatility driven by inelastic demand. Recent experience in PJM, however, indicates that demand response in the form of a peaking product has the potential to increase energy price level and volatility. Currently, emergency demand response comprises the vast majority of demand side participation in PJM. This is a peaking product dispatched infrequently and only during periods of scarcity when thermal capacity is exhausted. While emergency demand response serves as a cheaper form of peaking resource than gas turbines, it has recently contributed to increases in energy price volatility by setting price at the $1,800/MWh price cap, substantially higher than the marginal cost of most thermal generation. Additionally, the entry of demand response into the PJM capacity market is one of primary drivers for capacity prices declining by over fifty percent. This study investigates the large penetration of emergency demand response in PJM and the implications for the balance between energy and capacity prices and energy price volatility. A novel model is developed that dynamically simulates generation entry and exit over a long term horizon based on endogenously determined energy and capacity prices. The study finds that, while demand response leads to slight reductions in total generation cost, it shifts the bulk of capacity market revenues into the energy market and also vastly increases energy price volatility. This transition towards an energy only market will send more accurate price signals to consumers as costs are moved out of the crudely assessed capacity charge and into the dynamic energy price. However, the greater volatility will also increase the risk faced by many market participants. The new market paradigm created by demand response will require regulators to balance the importance of sending accurate price signals to consumers against creating market conditions that decrease risk and foster investment.
by Tal Z. Levy.
S.M. in Technology and Policy
21
Levy, Malcolm. "The use and perceived usefulness of IAS 29 general price level information in Zimbabwe". Master's thesis, University of Cape Town, 2003. http://hdl.handle.net/11427/10957.
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Bibliography: leaves 66-70.Hyperinflation, as defined in IAS 29, was identified in Zimbabwe in November 1999. Accordingly, the standard, and its General Price Level adjustments, was adopted for financial years beginning on 1st January 2000. However, there has been much resistance to the implementation of the standard, which is considered to require the provision of costly, meaningless information that is not used by anyone in the investment process. This study attempts to determine the use and perceived usefulness of IAS 29 in Zimbabwe and to identify the significant problems and weaknesses in the restatement process that have caused this. The study found both the use and perceived usefulness of IAS 29 General Price Level information to be extremely low. The major reason cited for this was the lack of user understanding. The other major problems related to the perception of inconsistent methods and assumptions in the restatement process, as well as the use of the CIP, accused of being manipulated by government, as the basis of restatement. These issues need to be addressed by the Institute of Chartered Accountants, in consultation with the other accounting regulatory bodies, before the use and perceived usefulness of the IAS 29 General Price Level information can improve. Further, the study indicates that, whilst the preparers of financial information are extremely undecided as to the manner in which the accounting regulatory bodies in Zimbabwe should proceed, the analysts using such information are very much in favour of retaining the disclosure of inflation adjusted figures in some form, until such time as the inherent usefulness of the information is either proved or disproved.
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Kiefer, Leonard Carl. "Disinflations with sticky information". Columbus, Ohio : Ohio State University, 2007. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1180537823.
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Sodoma, Jiří. "Obchodování futures - price action a order flow analýza". Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-205707.
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The thesis purpose is to show that small time frame discretionary e-mini market trading does not mean only blind betting without long term success. Carefully built trading plan, risk management optimization and self-control mastering are the key elements for successful financial market speculation. The first part of the thesis focuses on basics of market mechanism, price activity and order flow. Practical part summarizes findings of theoretical part of the thesis to comprehensive concept, trading plan which is tested through one month demo account trading e-mini Dow market.
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Borén, Christofer, i Felix Ewert. "Assessing the Effect of the Riksbank Repo Rate on National Output and Price Level in Sweden : Focusing on Employment and Housing Prices". Thesis, KTH, Matematisk statistik, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-228969.
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There is no single commonly adapted model that explains the influence that various monetary policy instruments carry for the economy. During 2011-2017, the Swedish inflation rate has remained below the 2 percent target which has led the Riksbank to take measures aimed at stimulating the inflation. As of May 2018, the repo rate has experienced a number of decreases and is now at 0:50% which represents an unprecedentedly low level. With the inflation rate remaining below the target whilst the housing market has experienced substantial growth and recent decline, the question arises regarding what impact the repo rate exerts on various macroeconomic measures. In this paper, a statistical time series analysis is conducted using a Vector Autoregression model and the impulse responses are studied. A model of 7 economic variables is constructed to specially study the effect of the repo rate on employment and housing prices. Results demonstrate that rational expectations exist in the economy. Furthermore, results show that the repo rate influences factors affected by inflation rapidly, exerting maximum influence during the first year after the shock. On the other hand, real variables based on quantitative measures that are adjusted for inflation experience the greatest influence of the repo rate after a delay of 6 to 7 quarters. Employment experiences the greatest negative response to a repo rate shock after 7 quarters, with a magnitude of 0.317 standard deviations per standard deviation in the repo rate shock. Housing prices experience the greatest negative response to a repo rate shock after 4 quarters, with a magnitude of 0.209 standard deviations per standard deviation in the repo rate shock.Det finns ingen allmänt vedertagen modell som beskriver olika penningpolitiska instruments påverkan på ekonomin. Under 2011-2017 har Sveriges inflationstakt legat under 2-procentsmålet vilket har fått Riksbanken att vidta åtgärder i syfte att stimulera inflationen. Fram till maj 2018 har upprepade sänkningar av reporäntan genomförts och den ligger i dagsläget på 0:50% vilket är den lägsta nivån någonsin. Då inflationstakten inte nått målet samtidigt som bostadsmarknaden har upplevt kraftig tillväxt och nylig nedgång uppstår frågan gällande vilken effekt som reporäntan utlovar på diverse makroekonomiska mått. I denna rapport genomförs en statistisk tidsserieanalys med en vektorautoregression och impuls-responserna studeras. En modell med 7 ekonomiska variabler skapas för att specifikt studera effekten av reporäntan på sysselsättning och bostadspriser. Resultaten visar att rationella förväntningar finns i ekonomin. Vidare visar resultaten att reporäntan influerar inflationspåverkade variabler omgående, med maximal påverkan inom det första året efter chocken. Å andra sidan påverkas volymbaserade variabler som justeras för inflation maximalt först efter en fördröjning på 6 till 7 kvartal. Sysselsättningen upplever störst negativ påverkan från en reporäntechock efter 7 kvartal motsvarande 0.317 standardavvikelser per standardavvikelse i chocken. Bostadspriser upplever störst negativ påverkan från en reporäntechock efter 4 kvartal motsvarande 0.209 standardavvikelser per standardavvikelse i chocken.
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Sujarwo, Rakhma [Verfasser]. "Palm Oil and Rubber Price and Trader’s Behavior at International towards Local Level / Rakhma Sujarwo". Göttingen : Niedersächsische Staats- und Universitätsbibliothek Göttingen, 2021. http://d-nb.info/1235757137/34.
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Gerhard, Frank. "Empirical models of the intraday process of price changes and liquidity : a transaction level approach /". [S.l. : s.n.], 2003. http://www.bsz-bw.de/cgi-bin/xvms.cgi?SWB10280136.
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Dunbar, Anna. "The value of electrical energy storage : a comparison between commercial and system level benefits". Thesis, University of Edinburgh, 2016. http://hdl.handle.net/1842/25438.
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There is a drive to transform the electricity industry in the UK from one based largely on fossil fuels to one based on low or zero carbon sources. The challenge of this transition, enabling a secure and sustainable electricity industry at an acceptable cost to consumers, has been dubbed the Energy Trilemma. Grid-connected electrical energy storage presents a potential solution to this challenge. However, the benefits of storage are split across different sectors of the electricity industry and there are a number of regulatory barriers preventing access to revenue streams. One accessible revenue stream is energy trading or price arbitrage. In current market conditions, arbitrage cannot provide sufficient revenue for electricity storage to cover its capital costs; however, some studies have suggested that with increased penetration of intermittent renewable power, electricity price volatility will increase enabling storage to become commercially viable through price arbitrage alone. This thesis examines the hypothesis that: Increased wind penetration leads to increased commercial opportunities for energy storage through price arbitrage. A linear programme is used to define the optimum operating strategy for a storage device, subject to the constraints of maximum storage capacity, charging and discharging rates, conversion efficiency and self-discharge. Initially, historic electricity prices from the British electricity market are used to investigate the value of storage with a low penetration of intermittent wind power. The results show that revenue is dependent on storage characteristics, with the performance of different technologies varying substantially. Furthermore, revenue is highly dependent on changes in market structure and fuel price variations from one year to the next. The thesis describes the development of a fundamental electricity price model based on the stacked merit order dispatch of thermal generation bidding to produce electricity in a competitive market centred around marginal generation costs. For peaking plant, an exponential uplift in price is applied to represent scarcity of supply. The implications of increasing wind power output are examined using projections of the location and capacity of future wind farms and spatially distributed hind cast wind speed data generated from a mesoscale atmospheric model. The analysis highlights that despite increased value being placed on storage in an energy system with a high penetration of wind power, opportunities for arbitrage are, in fact, reduced. This is a result of an oversupply of electricity on windy days suppressing peak electricity prices and reducing the daily price spread, which arbitrage exploits.
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Landberg, Nils. "The Swedish Housing Market : An empirical analysis of the real price development on the Swedish housing market". Thesis, KTH, Entreprenörskap och Innovation, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-182691.
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This thesis discusses the real price development on the Swedish housing market and the effects by qualitative variables. The housing market shows signs of being overpriced and this paper investigates if these qualitative values significantly effect the real price development. Valueguard Corporation has supplied Price development data. Focus magazine has supplied data regarding a large dataset for Swedish municipalizes which measures which state of quality of living prevailing in the investigated area. Empirical results show that qualitative variables and increased population have a positive effect on the real price development. Increased cost of interest rates has a significant negative effect on the price development. Increased amortizing rates and interest rates are assumed to slow down an unsustainable price development.
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Anku, Hilarious Edem. "Sources of Currency Depreciation in Ghana". OpenSIUC, 2018. https://opensiuc.lib.siu.edu/theses/2444.
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This paper investigates the factors driving the real exchange rate in the Ghanaian economy. The paper aimed at finding the principal factor(s) that influence the real exchange rate and explains the channels by which these factors exert their influence using standard empirical methods of vector autoregressive (VAR) models. The paper established that inflation rate differentials and interest rate differentials influence the exchange rate through the expectations medium. Domestic and foreign money supplies which are exogenous macroeconomic variables were also found to be important in the Ghanaian money market as far as the exchange rate matters. The paper also highlighted how the great recession in the United States may have affected the cedi/dollar rate of exchange after this economic event swept through the United States generating spillover effects on economies around the world.
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Service, Bruce Dale. "What Goes Up Must Come Down: The Relationship between the Housing Market Boom and the Subsequent Economic Downturn: Evidence from the MSA Level". Scholarship @ Claremont, 2017. http://scholarship.claremont.edu/cmc_theses/1502.
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Using MSA level data, the paper shows, that geographic areas which experienced the largest housing bubble generally suffered a more serious subsequent economic downturn. More specifically, the paper establishes that MSAs with larger declines in housing permits had larger increases in unemployment. There also appears to be strong evidence of a correlation between the magnitude of a housing boom and the timing of the decline in housing permits. MSAs which experienced larger real housing inflation offered early indications of the subsequent Great Recession.
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Nåbo, Axel, i Oscar Wahlgren. "The Impact of Fiscal Policy on Inflation : A panel data analysis on government spending and the price level". Thesis, Jönköping University, Internationella Handelshögskolan, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-53086.
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Dai, Weiyi, i Jiayi Jin. "The Impact of Population Aging o nReal-estate Price : An empirical application at the provincial level in China". Thesis, Jönköping University, IHH, Nationalekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-53133.
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Many previous studies have shown that the aging population correlates with housing prices. Studies in Japan, Korea and Scotland have shown different results. The results that disagree with each other may be due to the differences of each sample. The differences include cultural diversity, population size and wealth gaps. To find more about the correlations of housing prices with population aging. This study picks China as an example, gathers data on China between the years 2004 to tear 2019, then applies economic methods such as OLG to figure out the correlations between these two factors. China has a large data size and cultural diversity, which will be a good example to test the hypothesis in this study. By data analysis, the study shows a result of significantly less than 1% which indicates the aging population and house prices do have positive correlations. In other words, the aging of a country does increase the house price. These results are based on fixed effects tests.
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Mahmood, Ahsan. "What is the correlation level between returns of real estate price index and stock exchange index in Sweden during the period 1989-2008? : Correlation between Three types of Real Estate price index and OMX Stockholm 30 price index". Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-37820.
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Isabella, Giuliana. "Hedonic and utilitarian purchases and construal level theory in the perception of justice and price fairness: behavioral and physiological perspectives". Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-30092015-111840/.
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Consumers make purchasing decisions every day. Among their purchases, consumers shop for hedonic and utilitarian products. In general, hedonic consumption is related to fun, pleasure, excitement, fantasy, experimental situations, or sensual pleasure. On the other hand, utilitarian consumption is related to instrumental and functional needs or products. Studies in psychology have shown that the information processes used to understand words and pictures are different. Since marketing researchers employ both types of stimuli, it is necessary to test how different stimuli can influence consumer behavior. Therefore, this study verified the influence of hedonic and utilitarian purchases and presentation types (pictures versus words) on consumers\' perceptions of justice and price fairness based on anger as a mediators and construal level theory. Because discriminatory pricing is a widely employed market practice, it was used the price changing (increasing or decreasing) contexts in the studies to manipulate perception of justice and price fairness. Based on that, ten hypotheses were developed and divided into sub items, which were tested with behavioral or physiological studies. The physiological data were collected by an electrocardiogram, electrodermal, and electromyography. The data analyses were done with analyses of variance (ANOVA), analyses of covariance (ANCOVA), and generalized estimation equations (GEE). The main result was that in picture presentations (low construal level), when consumers pay more than others to purchase utilitarian products, they perceive the situation as less just and more price unfairness compared to when the product is hedonic. In a word presentation (high construal level), the perceptions of justice, price fairness, perception of value, and the intention to repurchase are lower with the presentation of utilitarian products compared to hedonic products. In terms of physiological analyses, attention, arousal, and valence were tested to compare the product and presentation types. This study is relevant to marketing theory, as many academics utilize words and pictures as stimuli, but few address the differences due to representation types. By studying different products, such as hedonic and utilitarian, and using consumers\' affective and rational properties, it was found that the anger evoked in consumers by products are mediators in price fairness perception. This dissertation also contributes to understanding product evaluations in post-purchase situations, as opposed to during the choice process, which is found in the literature most often. For practitioners, this study makes important contributions by showing that the way a product is exposed (with words or pictures) influences the perception of justice when consumers realize that discriminatory pricing is being practiced.Os consumidores tomam decisões de compra frequentemente, envolvendo produtos hedônicos e utilitários. Em geral, o consumo hedonista está relacionado com diversão, prazer, excitação, fantasia, prazer sensitivo até mesmo experienciar a compra. Por outro lado, o consumo utilitário está relacionado com as necessidades ou produtos instrumentais e funcionais. Estudos em psicologia têm mostrado que os processos de captação das informações para o entendimento das palavras e imagens são diferentes. Já que os pesquisadores de marketing empregam os dois tipos de estímulos em seus estudos, é importante testar como as diferentes formas de estímulos podem influenciar o comportamento do consumidor. Desta forma, esta dissertação buscou verificar a influência de diferentes formas de apresentação dos produtos (por figuras e palavras) hedônicos e utilitários na percepção de justiça e na justiça de preços, e seu mediador (raiva) com base na teoria de construal level quando existe uma mudança de preço pago pelo consumidor. Como preços discriminatórios é uma prática amplamente utilizada no mercado, é relevante entender como os consumidores percebem e reagem em situações de mudança (aumento ou diminuição) de preços. Com base neste contexto, dez hipóteses com subitens foram desenvolvidas. Estas foram testadas por meio de estudos comportamentais ou fisiológicos. Os dados fisiológicos foram coletados por meio de eletrocardiograma, condutância da pele e eletromiografia. As análises de dados foram realizadas com análise de variância (ANOVA), análise de covariância (ANCOVA), e equações de estimação generalizadas (GEE). Os principais resultados desse estudo foram que quando o estímulo foi a apresentação de produtos por figura (baixo nível de interpretação), e quando os consumidores pagaram mais que outras pessoas, em compras de produtos utilitários, eles perceberam a situação como menos justa e o preço mais injusto quando comparados a compras de produtos hedônicos. Entretanto, em apresentações de produtos por palavras (alto nível de interpretação), a percepção de justiça, de justiça de preço, percepção de valor e de intenção de recompra foram menores quando os produtos eram utilitários comparados aos produtos hedônicos. Em relação às análises fisiológicas, foram testados os produtos e a forma de apresentação quanto a sua atenção, excitação e valência. Ao estudar os diferentes tipos de compra hedônicas e utilitárias e as propriedades afetivas e cognitivas dessa compra, verificou-se que a raiva evocadas pelos consumidores na situação de preço mais elevado é um mediador da percepção de justiça de preço. Esta dissertação contribui para a compreensão das avaliações de produtos em situações de pós-venda, ao contrário da maioria dos estudos da literatura que focam no processo de escolha de um produto. Para o mercado, este estudo faz importantes contribuições ao mostrar que a forma como o produto é exposto (com palavras ou imagens) influencia na percepção de justiça quando os consumidores percebem que preços discriminatórios estão sendo praticados.
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Sonora, Robert James. "Real exchange rates between United States cities : an empirical investigation of relative price level behavior in a common currency area". The Ohio State University, 1998. http://rave.ohiolink.edu/etdc/view?acc_num=osu1261246064.
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Matos, Silvia Maria. "Micro evidence on brazilian price stickiness and its consequences for sectoral real exchange rate and inflation persistence". reponame:Repositório Institucional do FGV, 2010. http://hdl.handle.net/10438/8051.
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The purpose of this thesis is to investigate the price-setting behavior in Brazil and, in particular, the effects on inflation and good-level real exchange rate persistence. This thesis is composed by three Chapters. In the first Chapter, we present the main stylized facts about the behavior of retail prices in Brazil using micro data from the CPI index computed by the Fundação Getulio Vargas. Moreover we construct time series of price-setting statistics and relate them to macroeconomic variables using regression analyses. In Chapter 2, we investigated the relevance of heterogeneity in countries price stickiness on good-level real exchange rate persistence, considering a newly constructed panel data set of relative prices of 115 common products between the U.S. and Brazil. Chapter 3 is devoted to the relation between sectoral price stickiness and inflation persistence.
O objetivo desta tese é investigar as estratégias de precificação no Brasil, enfatizando os efeitos sobre a persistência da inflação e da taxa de câmbio real setorial. Esta tese é composta por três capítulos. No primeiro capítulo, nós apresentamos as principais características do comportamento dos preços no Brasil, utilizando os microdados do Índice de Preços ao Consumidor, computado pela Fundação Getúlio Vargas. Adicionalmente, nós construímos as séries de tempo das estatísticas de price-setting e as relacionamos com as variáveis macroeconômicas utilizando análise de regressão. No capítulo 2, nós investigamos o efeito da heterogeneidade da rigidez de preços entre países sobre a persistência da taxa de câmbio real setorial, considerando um painel de preços relativos de 115 produtos comuns entre Brasil e EUA. Por fim, o capítulo 3 explora a relação entre rigidez de preço setorial e persistência inflacionária.
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Sonora, Robert James. "Real exchange rates between United States cities : an empirical investigation of relative price level behavior in an [sic] common currency area /". Connect to resource, 1998. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1261246064.
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Kavila, William. "A dynamic analysis of the influence of monetary policy on the general price level in Zimbabwe under periods of hyperinflation and dollarisation". Thesis, Nelson Mandela Metropolitan University, 2015. http://hdl.handle.net/10948/3889.
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This thesis analyses the influence of monetary policy on the general price level in Zimbabwe during periods of hyperinflation and dollarisation. The first part of the analysis covers the period January 2006 to July 2008 when the country experienced high inflation and ultimately hyperinflation. The second part covers the period 2009 to 2012, when the country adopted the multi-currency system and became fully dollarised. In terms of motivation, the study firstly sought to empirically examine the factors that led to hyperinflation in Zimbabwe, paying particular attention to the influence of monetary policy. Secondly, the thesis sought to determine the major factors that influenced price formation in a dollarised Zimbabwean economy; a completely new macro-economic environment. A significant development in this new macro-economic environment was the loss of monetary policy autonomy of the central bank, which also contributed to the relevance of the study. This thesis makes two contributions. The first contribution is the finding that hyperinflation in Zimbabwe was caused by expansionary monetary policy as a result of the activities of an unrestrained and unaccountable central bank. The second contribution was the empirical finding that in the fully dollarised economy inflation is largely determined by external factors. This implies that the domestic economy has no control over domestic inflation developments and as such, Zimbabwean authorities should formulate appropriate economic policies to respond to the impact of external shocks on domestic price formation when the need arises. The role of monetary policy in Zimbabwe’s hyperinflation episode is assessed using the Autoregressive Distributed Lag (ARDL) and the Error Correction Model (ECM) approaches with monthly data from January 2006 to July 2008. The impact of monetary policy on hyperinflation is captured by the coefficient of broad money supply and the interest rate. Results indicate that hyperinflation was caused by expansionary monetary policy, the exchange rate premium and inflation expectations for both the short and long term. Zimbabwe’s hyperinflation episode which peaked during the period 2007 to 2008 brings to the fore the importance of ensuring that the central bank is independent in executing its mandate of influencing the monetary policy process in a manner that ensures price stability. The ARDL and ECM approaches are also used to explore the dynamics of inflation in the dollarised Zimbabwean economy, with monthly data from January 2009 to December 2012. The main drivers of inflation under the multi-currency system were found to be the United States of America dollar/South African rand exchange rate, international oil prices, inflation expectations and the South African inflation rate. The findings contrast with the hyperinflationary era, where empirical studies have cited excessive money supply growth as the major driver of inflation dynamics in Zimbabwe. The results also suggest a higher exchange rate pass-through to domestic prices, consistent with empirical literature which postulates that inflation in dollarised economies is largely explained by movements in the exchange rate of major trading partners and international prices. The policy implication from the analysis is the need for policy makers to aggressively promote policies that ensure increased productivity of the economy. An improvement in productivity would influence the relative prices of tradable and non-tradable goods and ultimately the general price level in the economy. The study also quantified the independence of the Reserve Bank of Zimbabwe (RBZ) using the Mathew (2006), “new index for institutional quality” and the results showed that the RBZ is not an independent central bank. The central bank is found to have a low index of central bank independence (CBI), against a high level of inflation. While this relationship does not imply causality it can be inferred that the lack of independence of the RBZ could have influenced inflation dynamics in Zimbabwe. Only a subordinated central bank can be compelled to engage in inflationary deficit financing and also fund quasi-fiscal activities. The provisions of the RBZ Act [Chapter 22:15] in their current form make the central bank an appendage of the Ministry of Finance and Economic Development and this has, to a large extent, resulted in conflict between the political goals of government and the central bank’s primary objective of achieving price stability. In the event that Zimbabwe reintroduces its own currency in future, the achievement of the primary goal of price stability by the central bank will only be realised if the apex bank is given more autonomy.
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Staggs, Carl Stephen. "Aviation depot level repairable carcass tracking and billing : the effect of the two price system on budgeting and flying hour cost reporting". Thesis, Monterey, California. Naval Postgraduate School, 1991. http://hdl.handle.net/10945/26392.
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Vieira, Kelmara Mendes. "Modelagem de equações estruturais aplicada à reação a splits : integrando as hipóteses de liquidez, sinalização e nível ótimo de preços". reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2006. http://hdl.handle.net/10183/7958.
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Dentre as decisões adotadas pelos gestores quanto à política acionária em suas empresas, está a realização splits. Como a sua realização não altera a posição relativa dos investidores e não interfere nas políticas de investimento, de financiamento e de distribuição de resultados, espera-se, a luz da teoria financeira, que os splits sejam apenas eventos cosméticos. Entretanto, grande parte das pesquisas empíricas desenvolvidas ao longo dos últimos anos demonstra que o mercado reage positivamente ao splits. As possíveis explicações para este comportamento são ainda inconclusivas. Dentre as diversas hipóteses levantadas pela literatura três se destacam: sinalização, liquidez e nível ótimo de preços. Este trabalho tem como objetivo principal o desenvolvimento de um modelo capaz de considerar, simultaneamente, o papel destas hipóteses na explicação da reação dos investidores aos splits. Para avaliar a influência de cada uma das hipóteses e das suas inter-relações utiliza-se um modelo híbrido de equações estruturais. No modelo de mensuração, foram definidos quatro construtos: negociação, spread, tamanho e preço. O modelo estrutural define as relações existentes a partir da proposição de 22 hipóteses. Para a avaliação do modelo utilizou-se uma amostra de 321 splits realizados no mercado brasileiro entre 1990 e 2004. Os resultados da análise fatorial confirmatória apontaram para a validade e coerência dos quatro construtos, validando o modelo de mensuração. Após a eliminação das hipóteses não significativas e da inserção de algumas correlações entre os erros das variáveis, o modelo estrutural confirmou 12 das hipóteses levantadas originalmente e apresentou índices de ajuste adequados. De maneira geral, os resultados apontam para a pequena influência da assimetria informacional, dentre eles, o fato do tipo de split (bonificações ou desdobramentos) e do split fator não influenciarem a reação e a não significância das hipóteses que envolvem a maioria das variáveis relacionadas à assimetria. Quanto à decisão de realizar os splits, observou-se que o gestor leva em consideração principalmente a volatilidade e o preço para a escolha do split fator.Among the decisions that managers make concerning stock policies in their companies, one can find the splits. As splits do not effect changes in the relative position of investors nor influences the policies for investment, financing and distribution of results, it is expected that, according to financial theory, splits play a cosmetic role and nothing else. Nonetheless, a great deal of current empirical research shows that the market reacts positively to splits. Possible explanations for such a behavior are yet inconclusive. Among the several hypotheses that were raised so far in the literature, three can be given special attention: signaling, liquidity, and optimal price level. The preset work develops a model able to take simultaneously the role of these hypotheses to explain the reaction of investors to the splits. In order to assess the influence of each hypothesis and interrelationships, a hybrid model of structural equations is deployed. Four constructs were defined in the measurement model: trading activity, spread, size, and price. The structural model defines extant relations from the proposition of 22 hypotheses. A sample of 321 splits performed in the Brazilian market between 1990 and 2004 was used for assessing the model. Confirmatory factor analysis revealed the validity and coherence of the four constructs, thus enabling one to claimabout the validity of the measurement model. After eliminating non-significant hypotheses and adding some correlations for the errors in variables, the structural model confirmed 12 original hypotheses and exhibited adequate fit indexes. Broadly, findings suggest that there is little influence from the informational asymmetry, among which the facts that the type of split (stock dividends or stock splits) and the split factor do not influence the reaction and the non-significance of the hypotheses that comprise most variables related to asymmetry. In what comes to deciding to do splits, it was clear that the manager mainly takes into account the volatility and the price for choosing the split factor.
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Sun, Yu-Hua Christine. "The effect of price, brand name, and level of advertising on perceived service quality, perceived service value, and purchase intention of the lodging industry". Diss., Virginia Tech, 1995. http://hdl.handle.net/10919/38102.
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Kim, Seung Hwan. "Empirical examination of effects of web assurance seals on perceived level of assurance and price tolerance with a focus being placed on CPA-associated seals /". Available to subscribers only, 2008. http://proquest.umi.com/pqdweb?did=1594493881&sid=3&Fmt=2&clientId=1509&RQT=309&VName=PQD.
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Bai, Yuting. "Essays on interaction between monetary and fiscal policy". Thesis, University of Exeter, 2013. http://hdl.handle.net/10871/14404.
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This thesis consists of three essays on the discretionary interactions of fiscal and monetary policy authorities when they stabilise a single economy against shocks in the dynamic setting. In the first essay, I investigate the stabilization bias that arises in a model of noncooperative monetary and fiscal policy stabilisation of the economy, when the monetary authority implements price level targeting but fiscal authority remains benevolent. I demonstrate that the gain in welfare depends on the level of steady state debt. If the steady state level of the government debt is relatively low, then the monetary price level targeting unambiguously leads to social welfare gains, even if the fiscal authority acts strategically and faces different objectives and has incentives to pursue its own benefit and therefore may offset some or all of monetary policy actions. Moreover, if the fiscal policymaker is able to conduct itself as an intra-period leader then the social welfare gain of the monetary price level targeting regime can be further improved. However, if the economy has a relatively high steady state debt level, the gain of the price level targeting is outweighed by the loss arising from the conflicts between the policy makers, and such policy leads to a lower social welfare than under the cooperative discretionary inflation targeting. In the second essay I study the macroeconomic effect of the interaction between discretionary monetary policy which re-optimises every period and discretionary fiscal policy which reoptimises less frequently. I demonstrate the existence of two discretionary equilibria if the frequency of fiscal policy re-optimizes annually while monetary policy adjusts quarterly. Following a disturbance to the debt level, the economy can be stabilised either in a ‘fast but volatile‘ or ‘slow but smooth’ way, where both dynamic paths satisfy the conditions of optimality and time-consistency. I study several delegation regimes and demonstrate that the policy of partial targeting the debt level results in far worse welfare outcomes relative to a strict inflation targeting policy. In the third essay, I extend the framework developed in the second essay to the case with Blanchard-Yaari type of consumers. This brings in two effects. First, an increase in debt results in higher consumption via the wealth effect, the marginal cost is higher so the need for higher interest rate and higher taxation will increase, therefore the dynamic complementarity between actions of the two policymakers become stronger. Second, higher inflation affects consumption via the average propensity to consume and this effect is likely to weaken the dynamic complementarity. I show that when the households are assigned a mortality rate, overall the first effect dominates the second. The transition paths of the economic variables back to the steady state will be more volatile and the multiple equilibriums are more likely to arise.
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Wei-Chang, Ting, i 丁維昌. "Mainland China Monetary Policy：An Empirical Price Level". Thesis, 2001. http://ndltd.ncl.edu.tw/handle/07298147208100535068.
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碩士淡江大學
大陸研究所
89
Title of Thesis：Mainland China Monetary Policy ：An Empirical Price Level Total Pages：102 Key Words：Monetary Policy, Empirical, Price Level, Mainland China. Name of Institute：Graduate Institute of China Study, Economic-Trade Division, Tamkang University. Gaduate date：June 2001 Degree conferred：MBA Name of student：Ting Wei-Chang Advisor:Dr.Kauo Charng Abstract： The thesis was adopted two kinds of method, which include the Analysis of information and second data research and the analysis of contrast. By collecting scholar’s research and analyze whose report andpoint out the hypothesis which was needed test and take it be my research base. The second part of the thesis was adopted statistic method. By usingthe statistic method test the relationship of money supply and price levelin China. Therefore, the content of this thesis was included： 1.To analyze all the economics scholar who how to use the money supply affecting the economic. 2.To analyze the monetary policy’s goals of Mainland China since 1979.3.To analyze the monetary policy''s tools of Mainland China. 4.To test the relationship between money supply and price level of Mainland China. 5.Is the Monetary Quantity Theory（MV＝PY）suit the situation of Mainland China.
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Chen, Hsiao-Tzu, i 陳孝慈. "Convergence of United States cities price level". Thesis, 2008. http://ndltd.ncl.edu.tw/handle/78824498218467452525.
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碩士淡江大學
產業經濟學系博士班
96
Price is currently the subject of greatest concern, this paper we use 18 major cities in the United States, 1979-2006 to investigate, whether Price Index in U.S cities have a conditional convergence. In the past to discuss regional economic growth convergence issues, use convergence model of neo-classical growth theory to investigate, so this applied to the U.S. cities of price convergence analysis. When use regional data, regression may have a spatial correlation to cause heterogeneity of error term. Therefore, in order to take the city for the regional units of the U.S. price convergence analysis. Spatial correlation analysis of U.S. cities to test whether the Price Index has spatial dependence, the test found Price Index in the United States cities has a positive spatial correlation, in order to solve the heterogeneity of the regression cause an estimated bias, therefore we use spatial econometrics to estimate. According to the type of information we use Panel data analysis, because the cities have different characteristics of the region, to use the fixed effect in spatial lag and spatial error model. In our study found Price Index in U.S. cities have conditional convergence when we control regional characteristic variables. In the control variables, spatial lag and spatial error coefficient have a positive relationship between cities inflation because mobile of factor, technology diffusion and knowledge spillovers have a spatial spillover effects. In addition, the study found that Price Level in United States has a structural change, the empirical analysis found price index in the United States has convergence of the slow rate after 1994.
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吳盈賢. "The Price Level, Stock Price and Interest Rate to the Exchange Rate Fluctuation". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/50339572594463505419.
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Chao, Yeh-Hong, i 趙億豐. "Is Taiwan''s general price level perfectly flexible?" Thesis, 2002. http://ndltd.ncl.edu.tw/handle/77174561692531469222.
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碩士逢甲大學
經濟學系
90
Abstract Recently, the issues of sticky price have been discussed in the foreign literature of the macroeconomics field. In order to illustrate sticky price, these authors, called New Keynesians, shown that, in a rational expectation model, an induction of constraint of labor contract has lead wages not to adjust to equilibrium level immediately, which in turn would lead prices to have stagnant adjustment. Besides, New Keynesian sticky-price model has received attention increasingly in monetary policy analysis in more recent year. It could be shown using Taiwan''s annual data for 1982-2001 that the average annual growth rate of money supply (M2) was 15.62%, and the average annual growth rates of real GNP and price were 6.9% and 2%, respectively. In words, with stable money velocity, there existed a large gap around 6.5%, accordance with classical money quantity theory. Wu and Lin (1994) emphasized that exchange rate could reasonably play a key role to block up this big gap. They emphasized that the sharply appreciation in exchange rate was the reason why the high growth rates of money supply during the 1980s in Taiwan did not cause high inflation rates. From a different point of view, the fact that highly money supply growth rates and lowly inflation rates revealed by Taiwan''s data can also be illustrate by a postulate that price may never perfectly flexible in Taiwan. Therefore, from a viewpoint of macroeconomics, the method, a variation of AD-AS model, developed by Dutkowsky (1996), is employed in this thesis to derive a testable econometric model, which the hypothesis of perfectly flexible price can be examined. Using this empirical model, Taiwan''s macro data are, in turn, adopted to test the hypothesis of stick price. Generally speaking, price level may follow three ways to adjust－perfect flexibility, stagnancy (stickiness) and perfect rigidity. The empirical results in this thesis show that price level may not be perfectly flexible in Taiwan. In addition, the general price level, shown from Taiwan''s macro time series data, appears stable growth over time. Combining empirical results and actuality phenomenon above can lead us to conclude that the adjustment of general price level in Taiwan may be approximately stagnant, which supports new Keynesians viewpoint of sticky price.
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"Two essays in money and price level control". Tulane University, 1988.
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This dissertation is comprised of two essays. The first essay uses a rational expectations-quantity theory model of inflation to develop evidence on the empirical relation between inside money, outside money, and inflation over the 1953-1986 period. The second essay extends the rational expectations literature on price level determination by including the Federal Reserve's currency policy in the specification of the monetary policy rule The results of the empirical analysis confirm that major differences exist between the impact of inside money growth and outside money growth on inflation. We find that outside money growth is the dominant monetary factor causing inflation. There is no evidence that nominal deposit growth, either narrowly or broadly defined, has an impact on U.S. inflation The results of the theoretical analysis indicate that the currency sterilization assumption is crucial to ascertaining whether or not the price level is determined, and if it is determined, which aggregate is relevant for determination. The setting of the sterilization parameter governs which nominal asset the Federal Reserve is controlling and by implication, which aggregate determines the price level. When increases in the public's demand for currency are completely sterilized by increases in reserves, the price level is determined by reserves. When there is no sterilization, the price level is determined by the monetary base. Assuming partial sterilization, the price level is not determined by either aggregateacase@tulane.edu
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Pei-JungHuang i 黃珮蓉. "The Impact of Website Social Presence and Price Level on Perceptions of Price Fairness". Thesis, 2010. http://ndltd.ncl.edu.tw/handle/22304852197098138776.
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碩士國立成功大學
企業管理學系碩博士班
98
Customers usually require convenience and reasonable prices when they are shopping online. Charging customers who buy the same product differently based on the multi-channel (such as online store and offline store) pricing strategy affects their perception of price fairness. Thus, the purpose of this study is to investigate how the price level influences consumers’ cognitive (perceptions of price fairness), affection (emotion and satisfaction), and behavioral reactions (inertia, self-protection, revenge) in a situation in which the buyer is charged a higher price in the online store than in the physical store. In addition, this study also explores how website social presence (elements of human warmth and sociability) positively impacts the effects of differential pricing on consumer perceptions of price fairness, emotion, and satisfaction. In this study, a six factor between-subject experiment was conducted to simulate the several situations. ANOVA and multiple regression analysis were used to analyze 431 samples. An empirical study was undertaken to investigate the impact of high levels of price on perceptions of price unfairness. Second, price fairness positively influenced both emotion and satisfaction. Third, customer emotion had a positive influence on satisfaction. Fourth, emotion had a negative effect on inertia and positive effect on self-protection and revenge, while satisfaction affected behavioral response. Fifth, the website social presence positively influenced both emotion and satisfaction. Finally, this study suggests that managers could improve website social presence when consumers perceive price unfairness.
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Huang, Chu-Tzu, i 黃竹慈. "the optimal price of the inventory-level dependent demand". Thesis, 2007. http://ndltd.ncl.edu.tw/handle/11932014441537808906.
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碩士國立中央大學
工業管理研究所
95
In this paper we study optimal dynamic pricing strategies for the seasonal goods with consider of inventory-level dependent demand in retail stores. The main assumptions that determine the pricing policy in our paper are the finite planning horizon, the perishable of the products, and the fact that, after deciding the initial inventory, the cost of the goods is a sunk cost. On the other hand, the salvage value of the unsold units is zero after the selling horizon. Practically, in the fashion industry that it’s perishable and its market vary fast, in general, consumers willing to pay lower price to buy toward the end of the season. But it is influenced that consumers’ purchase will is not merely decreased progressively by time, also influenced by the quantity of the surplus stock, number of design. We use the periodic pricing review policies as a benchmark against which we compare more rational and more accurate models that consider inventory-level dependent demand factor. We also show the difference that the initial pricing and the expecting profit of the models which we present.