An Empirical Analysis of the Markets for Goods, Money, and Credit

Fackler, James S.

doi:10.2307/1992504

Cited by 46 publications

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“…For Jordan, the results (see tests 3 and 13 in Table 5) strongly support a unidirectional causality from population to income changes. The results, though, do not provide a clear answer as whether the net effect of population on income is positive or negative since these results are based on reduced-form models without wellestablished structural bases (Sims, 1982;Fackler, 1985). Interestingly, population has no discernible influence on the accumulation of human capital (see test 11), nor is there any significant feedback from human capital to population expansion (see test 15).…”

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confidence: 92%

“…Given the difficulty of interpreting coefficient estimates obtained from reduced-form models seeSims (1982) andFackler (1985), these coefficient estimates are not reported here, but they are available from the authors upon request. 9 Although the same symbol chart is used for the variables in the four countries, the estimated parameters clearly vary across the four models.548 A. F. Darrat and D. A. Yousef Downloaded by [McMaster University] at 13:27 03 December 2014…”

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confidence: 99%

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Fertility, human capital, and macroeconomic performance: long-term interactions and short-run dynamics

Darrat

Yousef

2004

Applied Financial Economics

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Long-run interactions and short-run dynamics among the fertility rate, the accumulation of human capital and macroeconomic performance are examined in several developing countries. While fertility and human capital influence how fast countries grow as traditionally believed, it is argued that both of these growth-promoting factors may themselves be driven by income changes. Past research also neglects the theoretical possibility that the growth consequences of fertility and human capital are inherently slow to develop and require broader models that incorporate long- as well as short-term effects. Two main inferences emerge from the empirical analysis: (a) there exists a robust long-term (cointegrating) relation linking together fertility, human capital and economic growth in all countries studied. Thus, the failure of previous studies to account for the underlying long-term relation could seriously bias their inferences regarding the impact of fertility and/or human capital on economic growth in developing countries, and (b) coherent evidence is also obtained from a whole range of tests and models supportive of a pivotal role of human capital accumulation in shaping macroeconomic performance in the sample.

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confidence: 92%

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confidence: 99%

Fertility, human capital, and macroeconomic performance: long-term interactions and short-run dynamics

Darrat

Yousef

2004

Applied Financial Economics

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“…In other words, the model chosen by the FPE is not likely to be the true model. Fackler (1985) provides an excellent discussion of the FPE as a model selection 'In Sephton (1988) I employed the rate of change in the price level, which turns out to be non-stationary by the familiar unit root tests of Dickey and Fuller. Here, the change in the inflation rate is stationary, as was reported by King et al (1987).…”

Section: Tests O F T H E P O L I C Y I N E F F E C T I V E N E S S P mentioning

confidence: 99%

Does anticipated monetary policy matter? More evidence

Sephton

1990

Applied Economics

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“…(2) Other authors such as Leamer (1985) and Fackler (1985) have voiced some concerns about the validity of the VAR. The major concern is: under what circumstances can we interpret VAR results as structural and hence draw conclusions about policy questions.…”

Section: Introductionmentioning

confidence: 99%

The Role of Money in Saudi Arabia: A Dynamic Analysis

Al-Bazai¹

1999

eco

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ABSTRACT. This paper examines the role of money in the economy of Saudi Arabia using a vector autoregressive approach (VAR). Unit root tests show that logs of money supply (LM1), non-oil GDP (LNOY), and price level (LP) are difference stationary and cointegrated. Variance decompositions and impulse response functions reveal that there exists a bi-directional causation between money supply and nominal non-oil GDP and a unidirectional causation runs from LM1 to LP and from LNOY to LP. These findings suggest that inflation in Saudi Arabia may happen as a result of bottlenecks in supply side and/or a growth in money supply more than the growth in income. These results also lend partial support to the monetarist theory of inflation. Based on these results, it can be said that Saudi Monetary Agency (SAMA) might be able to successfully maintain price stability at consumer's level by targeting narrow money stock. However, tight monetary policy could have a strong feedback on output. Therefore, simultaneous fiscal measures may help in achieving a longer-term sustainable economic growth.

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An Empirical Analysis of the Markets for Goods, Money, and Credit

Cited by 46 publications

References 0 publications

Fertility, human capital, and macroeconomic performance: long-term interactions and short-run dynamics

Fertility, human capital, and macroeconomic performance: long-term interactions and short-run dynamics

Does anticipated monetary policy matter? More evidence

The Role of Money in Saudi Arabia: A Dynamic Analysis

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