Measuring real and nominal macroeconomic shocks and their international transmission under different monetary systems

Article Abstract:

The study focuses on the assessment and analysis of real and nominal shocks of the U.S. and U.K. economies over the last 135 years. The transmission of these shocks between countries and the effects of the monetary systems are taken into account by studying the correlations between the real and nominal shocks of the two countries. The VAR methodology using long-run restrictions is used to study and assess the economic shocks. Analysis reveals that under a floating rate system, the two economies were isolated the most from each other's nominal shocks.

Research and Development in the Physical, Engineering, and Life Sciences, Economics, Research and Development in the Social Sciences and Humanities, Statistics, United Kingdom, Case studies, United States economic conditions, Business cycles, International finance, Statistics (Mathematics)

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Separability and aggregate shocks in the life-cycle model of consumption: evidence from Spain

Article Abstract:

A study a consumer behavior in Spain lends support for the assumption that changes in income will have a positive effect on consumption only when the income change is permanent rather than transient. Government policies such as provision of consumer tax breaks during low-consumption periods have negligible effects on consumption. Also, fluctuations in employment status do not affect consumption. The latter observation indicates that increase of leisure time does not necessarily hike consumption levels.

Consumer Behavior, Research, Models, Purchasing, Spain, Consumption (Economics), Labor market, Income, Tax abatement

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