Substituting a Substitute Currency – The Case of Estonia

This study evaluates substitution of foreign currency balances in Estonia, a transition economy neighbouring countries participating in EMU. The focus is on substitution between dollar and euro balances in the three basic functions of money - unit of account, store of value and means of payment. While traditional models for currency substitution concentrate on substitution between a domestic currency and aggregate foreign currency balances, we look for substitution between the dollar and the euro or euro-related foreign currency balances. We find substitution between dollarization and euroization to be asymmetric in the short run, which suggests that inertia, irreversibility and ratchet effects favour the euro. No significant evidence of asymmetries in the long run was detected. In general, the traditional model for currency substitution explains the dynamics of the euro and dollar as substitute foreign currencies.euro; dollar; currency substitution; currency demand

Substituting a Substitute Currency – The Case of Estonia

This study evaluates substitution of foreign currency balances in Estonia, a transition economy neighbouring countries participating in EMU. The focus is on substitution between dollar and euro balances in the three basic functions of money – unit of account, store of value and means of payment. While traditional models for currency substitution concentrate on substitution between a domestic currency and aggregate foreign currency balances, we look for substitution between the dollar and the euro or euro-related foreign currency balances. We find substitution between dollarization and euroization to be asymmetric in the short run, which suggests that inertia, irreversibility and ratchet effects favour the euro. No significant evidence of asymmetries in the long run was detected. In general, the traditional model for currency substitution explains the dynamics of the euro and dollar as substitute foreign currencies.euro, dollar, currency substitution, currency demand

Straw composting as a source of CO2 for greenhouses = Koldioxid till växthuset från halmkompost

Nykyiset kasvihuonekasvien hiilidioksidilannoitusmenetelmät ovat melko kalliita ja ne lisäävät usein huomattavasti tuotantokustannuksia. Tässä julkaisussa kerrotaan vaihtoehtoisesta tavasta tuottaa olkikompostista hiilidioksidia kasvihuoneeseen tehokkaasti, turvallisesti ja taloudellisesti. Tutkimus käsitti kirjallisuuskatsauksen ja 13 kenttäkompostointikoetta neljällä eri kompostointilaitteella toteutettuna. Tuore silputtu olki tuotti hiilidioksidia paremmin kuin paalattu olki. Lämpöeristetyssä kompostorissa 100 kg silputtua olkea tuotti noin 55 kg hiilidioksidia. Tehokas kompostointiaika oli kuukaudesta puoleentoista kuukautta. Muovilla peitetyssä kompostissa 100 kg suurpaaliin paalattua olkea tuotti puolestaan 11,2 kg hiilidioksidia kahden ensimmäisen ja 3,4 kg kahden seuraavan kuukauden aikana. Kompostihiilidioksidin arvioiduksi hinnaksi tuli 0,37-0,6 mk/kg. Vertailun vuoksi säiliöhiilidioksidin hinta on arviolta 1-2 mk/kg. Kompostikaasu ei juurikaan lisää kasvihuoneilman mikrobimäärää eikä kompostissa syntynyt kasveille tai ihmiselle haitallisia kaasuja. Kompostointimenetelmällä pystytään kasvihuoneissa ylläpitämään tai ylittämään normaalin ilman hiilidioksiditaso, kunhan vain kompostin koko on riittävän suuri. Menetelmä soveltuu parhaiten pienille alle 1000 m2 tiloille ja luomutuotantoon.As part of a 3-year research project, 13 large-scale experiments were conducted with a small composter, a drum composter, an insulated box composter and a non-insulated round bale compost. The aim was to develop an environmentally sound and economical method of straw composting as alternative fertilization of CO2 in greenhouses. A round bale compost consisting of eight bales (volume 15.2 m3, dry matter 1474 kg, 97 kg/m3) produced 438 kg of CO2 during the 4-month period of experimentation. The CO2 content in the composting gas varied between 900 and 5000 ppm. CO2 level of 356 ppm was exceeded in the greenhouse, even with increased luminosity and ventilation. No diseases or organisms derived from the compost were found. The raw material price of the CO2 produced by composting was USD 0.12/kg. Non-insulated composts only functioned satisfactorily during the warm cultivation period. In the box composter a 10 m3 charge of fresh crushed straw (dry matter 450 kg, 45 kg/m3) produced 220 kg of CO2 during the 2-month period of experimentation. The CO2 content in the composting gas fluctuated between 650 and 47 000 ppm. The raw material price of the CO2 produced was USD 0.08/kg. The price of commercial CO2 was USD 0.2-0.4 USD/kg. The composter also worked well in winter. Composting was tested with small composters. The optimal moisture of compost is 60-70%. The drum composter was not suitable for straw because the straw could not be treaded and so it did not compost properly. More work and know-how are required to further improve the insulated composting of straw.vokKirjasto Aj-

Nihkeän kasvun vuosikymmenet – Ennustelaitosten pitkän aikavälin ennusteet Suomen talouskasvulle vuosille 2023–2033 ja 2033–2043

Tässä artikkelissa esitämme kokoavan yhteenvedon ja joitakin huomiota uusista Suomen taloutta koskevista pitkän aikavälin kasvuarvioista. Kysymyksessä ovat arviot, joita talousennusteita tekevät laitokset esittelivät Jyväskylän yliopiston taloustutkijoiden kesäseminaarissa kesäkuussa 2023. Arvionsa esittelivät Elinkeinoelämän tutkimuslaitos ETLA, Työn ja talouden tutkimus LABORE, Pellervon taloustutkimus PTT, Suomen Pankki ja valtiovarainministeriö. Ennustajilla on merkittäviä näkemyseroja talouskasvun suuruudesta parin seuraavan vuosikymmenen aikana ja erot ovat myös suuremmat kuin neljä vuotta aikaisemmin laadituissa arvioissa.  Laitoksilta pyydettiin arvioita myös T&K-panostusten kehityksestä. Arvioiden mukaan T&K-toiminta vilkastuu, mutta tällä ja ensi vuosikymmenelläkin jäädään jälkeen tavoitteeksi asetetusta neljän prosentin panostuksista suhteessa bruttokansantuotteeseen.&nbsp

The euro-dollar exchange rate and equity flows

I examine equity flows between the US and the euro area and their impact on the euro-dollar exchange rate. I explain equity flows by examining the behavior of an international investor who maintains a minimum variance portfolio. An excess of euro area equity returns over US equity returns generates a flow of equity from the euro area to the US. The equity flow, the purchase of US equities by the euro-area residents, causes appreciation (depreciation) of the dollar (euro), while the purchase of euro area equities by US residents causes appreciation (depreciation) of the euro (dollar).Equity portfolio Euro-dollar Exchange rate Equity flows

Stationarity of the European real exchange rates-evidence from panel data

This paper employs a panel unit root test for the real exchange rates of 13 EU member countries. The estimation period covers the EMS period from 1980:1 to 1992:2 In contrast with the earlier panel unit root studies concerning purchasing power parity (PPP), effective real exchange rates are used. As a result, the non-stationarity of the real exchange rate was rejected. However, the half-life of the real exchange rate adjustment turned out to be long. Potential reasons for this might be the relatively short estimation period and the nature of the data.

Money and equity returns in the Euro area

This study examines the impacts of liquidity on equity returns in the euro area during the period 1987-2001. The main contribution of the study is that the money demand is carefully considered while estimating the liquidity. We provide evidence that in part the impact of money on equity returns depended on the measure used for liquidity (real money supply, real money gap and monetary overhang). However, a unanimous inference was made that over time an increase in liquidity has a negative impact on equity returns. This is interpreted as being due to the positive impact of money on inflation. Accordingly, an increase in liquidity generated expectations of inflation, which led to a decrease in aggregate supply. Lower output, in turn, produced a lower dividend yield, which decreased equity prices. The results indicate that liquidity also has some predictive power for equity returns for periods exceeding three quarters.Monetary policy Equity returns Money demand Inflation

Aluetaloustieteen opetus ja tutkimus Jyväskylän yliopistossa

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Uma estreita passagem: o conceito de corpo nas obras de Schopenhauer e Freud, de Eduardo Ribeiro da Fonseca

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