Moreover, the shift in the long-run equilibrium can be explained by differences in subprime originations across housing markets. We also find that short run price dynamics is driven by momentum in both segments of the market.doi:10.2139/ssrn.2722342Damianov, Damian S...
The industry is in long-run equilibrium when in addition to the equality of long-run supply of and demands for the industry’s product, all firms are in equilibrium and also there is neither a tendency for the new firms to enter the industry, nor for the existing firms t...
First, there is a long-run relationship between the two exchange rates with a coefficient of unity, implying a constant black-market premium. Second, the speed of adjustment of the black-market premium to its long-run equilibrium is fast, taking approximately 3.5 months. Third, the black-...
The long run Phillips curve is vertical, because the tradeoff that exists between unemployment and inflation in the short run doesn't exist in the long run. After a short run deviation, prices adjust, and the curve moves back towards its long-run equilibrium as employers and employees adjust ...
This paper presents a dynamic general equilibrium model that allows the distinct short-run and long-run effects of monetary policy to be explained. There are two main features of the model. The first is the consideration of a financial intermediary that must use money to meet legal reserve requ...
Finally, we establish that a minimum environmental policy is required to obtain a sustainable equilibrium in the market economy and that it is possible to implement a win–win environmental policy. 展开 关键词: growth environment overlapping generations human capital health ...
there exists a long-run equilibrium relationship between two or more variables: BitCoin, Ethereum, LiteCoin, Dash, PeerCoin, NameCoin, NxT, CounterParty, SuperNET and the aggregated altcoin price index (ALT100). 5.1.1. Interdependencies between BitCoin and altcoin prices ARDL test results confirm ...
Therefore, adjustment takes place 25.1% per year toward the long-run equilibrium. The large value of computed F-statistics reveals that the explanatory variable included in the ARDL model has a strong and significant effect on economic progress. The high R2 value is 0.980, which suggest that 98...
We consider that ordinary least squares (OLS) regression is inappropriate, leading to a biasedness in estimating the long-run equilibrium relationship. In this paper, we apply fully modified ordinary least squares (FMOLS) in order to take the endogeneity problems, as well as the serial correlation...
This suggests that while real shocks have a more long-lasting effect on the nominal and real exchange rate, real shocks tend to lead to an overshooting in the short-run which, however, corrects itself as the market converges to its new long-run equilibrium. This is consistent with the ...