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... (i) MC = 0 at q = 0, (ii) MC > 0 at q > 0 with convex MC curve. In other words, cassava production usually bears positive opportunity costs at most production levels, although it can be minimal at q = 0. The condition (i) is due to the following reasons. First, cassava can grow on marginalized infer ...
... (i) MC = 0 at q = 0, (ii) MC > 0 at q > 0 with convex MC curve. In other words, cassava production usually bears positive opportunity costs at most production levels, although it can be minimal at q = 0. The condition (i) is due to the following reasons. First, cassava can grow on marginalized infer ...
Recent Global Food Price Shocks: Causes, Consequences by
... increase between 2002 and March 2008. But the most impressive boom was experienced by rice: its price rise started in 2004 from very low levels and accelerated in late 2007 to reach 430 percent of its 2002 value in April 2008. Maize prices peaked somewhat later in June, followed by sorghum and soybe ...
... increase between 2002 and March 2008. But the most impressive boom was experienced by rice: its price rise started in 2004 from very low levels and accelerated in late 2007 to reach 430 percent of its 2002 value in April 2008. Maize prices peaked somewhat later in June, followed by sorghum and soybe ...
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... term averages of the real exchange rate between currencies turn out to predict crash risks. Utilising the predictability that is demonstrated I construct “real convergence strategies” that use the real exchange rate information to form portfolios. Since the real exchange rates predicts crashes these ...
... term averages of the real exchange rate between currencies turn out to predict crash risks. Utilising the predictability that is demonstrated I construct “real convergence strategies” that use the real exchange rate information to form portfolios. Since the real exchange rates predicts crashes these ...
Interest Rate Elasticity of Residential Housing Prices
... widely⎯roughly from zero to minus 8 (Appendix I). In reviewing the studies, we have identified two potential causes of the wide variance in estimates: the use of unsuitable estimation techniques; and differences in the average estimates derived from single-country datasets and cross-country panel da ...
... widely⎯roughly from zero to minus 8 (Appendix I). In reviewing the studies, we have identified two potential causes of the wide variance in estimates: the use of unsuitable estimation techniques; and differences in the average estimates derived from single-country datasets and cross-country panel da ...
The Political Economy of Persistent Current Account Imbalances
... Why do some countries run persistent current account surpluses? Why do others run deficits, often over decades, leading to enduring global financial imbalances? A current account deficit means that a country spends more on imports and interest payments than it earns from exports and investments abro ...
... Why do some countries run persistent current account surpluses? Why do others run deficits, often over decades, leading to enduring global financial imbalances? A current account deficit means that a country spends more on imports and interest payments than it earns from exports and investments abro ...
New evidence on the puzzles: Results from agnostic identification
... recursive identifications and impose at most rather mild sign restrictions or shape restrictions a priori. In response to monetary policy shocks they find no robust results regarding the timing of the peak response of the exchange rate, but robust evidence in favor of large deviations from UIP due to ...
... recursive identifications and impose at most rather mild sign restrictions or shape restrictions a priori. In response to monetary policy shocks they find no robust results regarding the timing of the peak response of the exchange rate, but robust evidence in favor of large deviations from UIP due to ...
DP2007/09 Local linear impulse responses for a small open economy
... problem is that cointegration tests often indicate too few, or occasionally too many, unit roots in the VECM and therefore lead to misspecification.5 In addition, Marcellino, Stock, and Watson (2006) describe empirical situations, like low-order autoregressions, where direct forecasting is useful. T ...
... problem is that cointegration tests often indicate too few, or occasionally too many, unit roots in the VECM and therefore lead to misspecification.5 In addition, Marcellino, Stock, and Watson (2006) describe empirical situations, like low-order autoregressions, where direct forecasting is useful. T ...
L - Spring Branch ISD
... Gala Land produces three final goods: bread, water, and fruit The table above shows this year's output and price for each good. A. Calculate this year's nominal gross domestic product (GOP). B. Assume that in Gala Land the GOP deflator (GOP price index) is 100 in the base year and 150 this year. Cal ...
... Gala Land produces three final goods: bread, water, and fruit The table above shows this year's output and price for each good. A. Calculate this year's nominal gross domestic product (GOP). B. Assume that in Gala Land the GOP deflator (GOP price index) is 100 in the base year and 150 this year. Cal ...
Introducing a Semi-Structural Macroeconomic Model for Rwanda
... coupled with ample donor support, have allowed the economy to sustain a real annual growth of around 8 percent over the past decade. The sectors that have contributed most to growth are agriculture and services. Targeted policies and improving productivity have increased the contribution of the agri ...
... coupled with ample donor support, have allowed the economy to sustain a real annual growth of around 8 percent over the past decade. The sectors that have contributed most to growth are agriculture and services. Targeted policies and improving productivity have increased the contribution of the agri ...
NBER WORKING PAPER SERIES THE DOLLAR AND ITS DISCONTENTS Olivier Jeanne
... The global stock of dollar reserves was increasing at a faster pace than the stock of US Treasury securities before the crisis, so that by 2007 the two curves were about to cross each other. This trend was interrupted by the crisis and the stock of US Treasury securities started to increase faster t ...
... The global stock of dollar reserves was increasing at a faster pace than the stock of US Treasury securities before the crisis, so that by 2007 the two curves were about to cross each other. This trend was interrupted by the crisis and the stock of US Treasury securities started to increase faster t ...
Working Paper 12-10: The Dollar and Its Discontents
... The global stock of dollar reserves was increasing at a faster pace than the stock of US Treasury securities before the crisis, so that by 2007 the two curves were about to cross each other. This trend was interrupted by the crisis and the stock of US Treasury securities started to increase faster t ...
... The global stock of dollar reserves was increasing at a faster pace than the stock of US Treasury securities before the crisis, so that by 2007 the two curves were about to cross each other. This trend was interrupted by the crisis and the stock of US Treasury securities started to increase faster t ...
DP2008/03 Changes in the transmission mechanism of monetary policy in New Zealand
... The New Zealand economy is currently enjoying both the longest and strongest uninterrupted expansion in aggregate economic activity on record RBNZ (2007a). In part, this expansion is thought to have been driven by a sequence of positive ‘shocks’, including a surge in net migration peaking at over 1 ...
... The New Zealand economy is currently enjoying both the longest and strongest uninterrupted expansion in aggregate economic activity on record RBNZ (2007a). In part, this expansion is thought to have been driven by a sequence of positive ‘shocks’, including a surge in net migration peaking at over 1 ...
Unit-Labor-Cost Based Competitiveness Indicators for South Africa
... their adverse effects on employment and domestic firms have been a focus of considerable concern in South Africa. It is consequently important to understand the determinants of exports and imports in the South African case. We focus especially on price and cost competitiveness of South Africa’s manu ...
... their adverse effects on employment and domestic firms have been a focus of considerable concern in South Africa. It is consequently important to understand the determinants of exports and imports in the South African case. We focus especially on price and cost competitiveness of South Africa’s manu ...
Monetary Policy Report. May 2016
... of monetary and financial stability, employment and economic development with social equity, to the extent of its powers and within the policies adopted by the national government”. This order in its mandates clearly identifies monetary stability as the priority aim of the Central Bank. For this rea ...
... of monetary and financial stability, employment and economic development with social equity, to the extent of its powers and within the policies adopted by the national government”. This order in its mandates clearly identifies monetary stability as the priority aim of the Central Bank. For this rea ...
Indian Currency, Exchange Rate Regime and Policy (PDF
... who ruled India during 270 BC to 30 BC, were predominantly of copper, lead and silver. These coins had motifs of elephants, lions, bulls, horses etc. The silver coins of Satavahanas also carried portraits and bilingual legends. Between 1st and 4th century AD the coins of Western Kshatraps generally ...
... who ruled India during 270 BC to 30 BC, were predominantly of copper, lead and silver. These coins had motifs of elephants, lions, bulls, horses etc. The silver coins of Satavahanas also carried portraits and bilingual legends. Between 1st and 4th century AD the coins of Western Kshatraps generally ...
Purchasing power parity
Purchasing power parity (PPP) is a component of some economic theories and is a technique used to determine the relative value of different currencies.Theories that invoke purchasing power parity assume that in some circumstances (for example, as a long-run tendency) it would cost exactly the same number of, say, US dollars to buy euros and then to use the proceeds to buy a market basket of goods as it would cost to use those dollars directly in purchasing the market basket of goods.The concept of purchasing power parity allows one to estimate what the exchange rate between two currencies would have to be in order for the exchange to be at par with the purchasing power of the two countries' currencies. Using that PPP rate for hypothetical currency conversions, a given amount of one currency thus has the same purchasing power whether used directly to purchase a market basket of goods or used to convert at the PPP rate to the other currency and then purchase the market basket using that currency. Observed deviations of the exchange rate from purchasing power parity are measured by deviations of the real exchange rate from its PPP value of 1.PPP exchange rates help to minimize misleading international comparisons that can arise with the use of market exchange rates. For example, suppose that two countries produce the same physical amounts of goods as each other in each of two different years. Since market exchange rates fluctuate substantially, when the GDP of one country measured in its own currency is converted to the other country's currency using market exchange rates, one country might be inferred to have higher real GDP than the other country in one year but lower in the other; both of these inferences would fail to reflect the reality of their relative levels of production. But if one country's GDP is converted into the other country's currency using PPP exchange rates instead of observed market exchange rates, the false inference will not occur.