Monetary policy centralization, rules, discretion, and conservative central bankers in the European Monetary System (EMS)

Article Abstract:

The implications of the European Monetary System (EMS) is evaluated using a two-country macroeconomic model for rules and discretion. The centralization policy used in participating nations may produce a Pareto improvement, deterioration or noncomparability. Greater conservatism may improve welfare conditions in some cases while the opposite may be true for others. It is not clear which country best represents an EMS policy.

Evaluation, Economic policy, European Union, Monetary unions, European Monetary System, European Community

---

Tobin's Q, intangible capital, and financial policy

Article Abstract:

The inclusion of such factors as intangible capital into the Tobin Q model of investment behavior provides it with a stronger base and refutes criticisms aired by Chirinko and Klock that the model is basically unsound. Such criticisms are based on the use of both macro- and microeconomic time series statistics. Reliance on conventionally measurable data using the Q model is doomed to failure.

Models, Capital investments

---

Understanding the behavior of financial ratios: the adjustment process

Article Abstract:

The Bayesian hierarchical model explains the behavior of financial ratios. With the help of this model we can make robust estimations of the average partial adjustment coefficient of a set of financial ratio series corresponding to a group of firms.

Bayesian statistical decision theory, Bayesian analysis, Financial analysis

Similar abstracts:

• Abstracts: Monetary policy uncertainty and inflation: the role of central bank accountability. The recent failure of U.S. monetary policy
• Abstracts: Federal control over education: crisis, deception, and institutional change. Does school integration generate peer effects? Evidence from Boston's Metco program
• Abstracts: Foreign exchange market efficiency revisited. Integration, cointegration and the forecast consistency of structural exchange rate models
• Abstracts: Impact of free trade on industrial pollution: do pollution havens exist? Policy conflicts in Indonesia: the impact of the current account deficit target on growth, equity and stability

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.