17 research outputs found
Tourism income and economic growth in Greece: Empirical evidence from their cyclical components
This paper examines the relationship between the cyclical
components of Greek GDP and international tourism income for
Greece for the period 1976â2004. Using spectral analysis the authors
find that cyclical fluctuations of GDP have a length of about nine
years and that international tourism income has a cycle of about
seven years. The volatility of tourism income is more than eight
times the volatility of the Greek GDP cycle. VAR analysis shows that
the cyclical component of tourism income is significantly influencing
the cyclical component of GDP in Greece. The findings support the
tourism-led economic growth hypothesis and are of particular
interest and importance to policy makers, financial analysts and
investors dealing with the Greek tourism industry
Policy rules for inflation targeting
SIGLEAvailable from British Library Document Supply Centre-DSC:3597.9512(1999) / BLDSC - British Library Document Supply CentreGBUnited Kingdo
Financial stability and the Fed
This article retraces how financial stability considerations interacted with US monetary policy before and during the Great Recession. Using text-mining techniques, this article innovates by constructing indicators for financial stability sentiment expressed during testimonies of five Federal Reserve Chairs. Including these text-based measures adds explanatory power to Taylor-rule models. Negative financial stability sentiment coincided with a more accommodative monetary policy stance than implied by standard Taylor-rule factors, even during the decades before the Great Recession. These findings are consistent with a preference for monetary policy reacting to financial instability rather than acting pre-emptively to a perceived build-up of risks