Identification of new Keynesian Phillips curves from a global perspective

This paper is concerned with the estimation of New Keynesian Phillips Curves (NKPC) and focuses on two issues: the weak instrument problem and the characterization of the steady states. It proposes some solutions from a global perspective. Using a global vector autoregressive (GVAR) model steady states are estimated as long-horizon expectations and valid instruments are constructed from the global variables as weighted averages. The proposed estimation strategy is illustrated using estimates of the NKPC for eight developed industrial countries. The GVAR generates global factors that are valid instruments and help alleviate the weak instrument problem. The steady states also reflect global influences and any long-run theoretical relationships that might prevail within and across countries in the global economy. The GVAR measure of the steady state performed better than the HP measure, and the use of foreign instruments substantially increased the precision of the estimates of the output coefficient

Supply, demand and monetary policy shocks in a multi-country new Keynesian model

This paper estimates and solves a multi-country version of the standard DSGE New Keynesian (NK) model. The country-specific models include a Phillips curve determining inflation, an IS curve determining output, a Taylor Rule determining interest rates, and a real effective exchange rate equation. The IS equation includes a real exchange rate variable and a countryspecific foreign output variable to capture direct inter-country linkages. In accord with the theory all variables are measured as deviations from their steady states, which are estimated as long-horizon forecasts from a reduced-form cointegrating global vector autoregression. The resulting rational expectations model is then estimated for 33 countries on data for 1980Q1-2006Q4, by inequality constrained IV, using lagged and contemporaneous foreign variables as instruments, subject to the restrictions implied by the NK theory. The multi-country DSGE NK model is then solved to provide estimates of identified supply, demand and monetary policy shocks. Following the literature, we assume that the within country supply, demand and monetary policy shocks are orthogonal, though shocks of the same type (e.g. supply shocks in different countries) can be correlated. We discuss estimation of impulse response functions and variance decompositions in such large systems, and present estimates allowing for both direct channels of international transmission through regression coefficients and indirect channels through error spillover effects. Bootstrapped error bands are also provided for the cross country responses of a shock to the US monetary policy

Passion for Justice

The 1999 Jacoby-Lunin Humanitarian Lectureship at Fairfield University. [Morris Dees] co-founder and chief trial counsel for the Southern Poverty Law Center. In the 1980\u27s, Morris Dees bankrupted the Klu Klux Klan with a series of historic lawsuits. Today, he focuses his attention on anti-government militia.https://digitalcommons.fairfield.edu/bennettcenter-posters/1196/thumbnail.jp

Long Run Macroeconomic Relations in the Global Economy

This paper focuses on testing long run macroeconomic relations for interest rates, equity, prices and exchange rates within a model of the global economy. It considers a number of plausible long run relationships suggested by arbitrage in financial and goods markets, and uses the global vector autoregressive (GVAR) model in Dees, di Mauro, Peseran and Smith (2007) to test for long run restrictions in each country/region conditioning on the rest of the world. Bootstrapping is used to compute both the empirical distribution of the impulse responses and log-likelihood ratio statistic for over-identifying restrictions. The paper also examines the speed with which adjustments to the long tun relations take place via the persistence profiles. We find strong evidence in favour of the uncovered interest parity and to a lesser extent the Fisher equation across a number of countries, but our results for the PPP are much weaker. Also as to be expected, the transmission of shocks and subsequent adjustments in financial markets are much faster than those in goods markets

They Do It Here: A Case Study of How Public Space is Used in a Research Library

The evaluation of academic library space and its use is not a new concept within the world of academic libraries. For a number of years, librarians and libraries have been asked to prove their worth by documenting services and use within their physical library buildings. Space within the J.D. Williams Library, the main library at the University of Mississippi, became a concern due to consistent and, for several years, increasing freshman enrollment. Library staff reported hearing students complain about lack of space and electrical outlets. Much of the information available to library administration about the use of library space by patrons was anecdotal. In order to provide a more accurate image of student use of library space, an observational study using a modified version of the Visual Traffic Sweep (VTS) method was used to collect patron actions within the library

It\u27s SO Boring: Improving Library Orientation Sessions for First-Year Students

Instruction librarians sometimes face challenges in planning and implementing successful one-shot sessions for students. Librarians understand the strain of assessing student learning for the university as well as the desire to teach every student important information literacy skills. The difficulties are managing limited time, uncontrollable space, faculty collaboration, and student motivation in order to develop and achieve class goals. There are a variety of factors that can lead to student boredom or frustration with the library. Library layout can lead to a potentially frustrating first impression with students because of their unfamiliarity with the physical space, library classification system, and the extensive online system. Therefore, a simple task of finding a book can be overwhelming for first-year students acclimating to a multi-million volume research library

Exploring the international linkages of the Euro area: a global VAR analysis

We presents a global model linking individual country vector error-correcting models in which domestic variables are related to country-specific variables as an approximate solution to a global common factor model. The model is estimated for 26 economies. It provides a theoretical framework where the GVAR is derived as an approximation to a global unobserved common factor model, and using average pair-wise cross-section error correlations, the approach is shown to be quite effective in dealing with common factor interdependencies and international co-movements of business cycles. In addition to generalised impulse response functions, we propose an identification scheme to derive structural impulse responses. We focus on identification of shocks to the US economy, particularly the monetary policy shocks, and consider the time profiles of their effects on the euro area. To this end we include the US model as the first country model and consider alternative orderings of the US variables