Out‐of‐sample performance of bias‐corrected estimators for diffusion processes

Guo, Zi-Yi

doi:10.1002/for.2720

Cited by 5 publications

(5 citation statements)

References 43 publications

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“…The Keynesian theory of monetary policy assumes that the interest rate cannot be negative-an assumption which has been seen to be violated by deliberate policy in recent years (see Kirsch (2021), Bhansali (2020), Czudaj (2020), Dickler (2020), Lopez et al (2020)). Monetary policy has real world impact through multiple channels-through housing decisions and decision to save for retirement (see Scholz et al (2006), Case et al (2013); for an interesting approach to forecasting see Guo (2021)). I am not aware of any theoretical development in Keynesian theory of monetary policy incorporating negative interest rates.…”

Section: Discussionmentioning

confidence: 99%

Optimal Retirement Age and Lower Bound on Interest Rate

Bhattacharyya

2023

AFR

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For a long time now, the monetary policies in the US and other industrialized countries have been a regime of cheap money with the interest rate often being negative. A low interest rate in the framework of the Keynesian monetary policy stimulates demand but is hard on the retirees who are mostly on a fixed income. This paper generates a simple model to understand the interaction between current wealth, savings rate, interest rate and retirement age. The model also suggests a lower bound on the interest rate. The minimum interest rate at which Americans of median age with median wealth and median income, and retiring at the age of 67, turns out to be 10%.

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Section: Discussionmentioning

confidence: 99%

Optimal Retirement Age and Lower Bound on Interest Rate

Bhattacharyya

2023

AFR

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“…Transparency in local authorities can be enhanced by adopting reliable and accurate estimation and forecasting methods. When local authorities use appropriate estimators and forecasting techniques, it improves the accuracy and reliability of their financial and operational information (Guo, 2020). This, in turn, contributes to greater transparency by providing more reliable data for citizens and other stakeholders to evaluate the performance and decision-making of local authorities.…”

Section: Figure 3 Transparency Easinessmentioning

confidence: 99%

Malaysian Local Authorities: Are They Transparent?

Mahmud,

Mohd Azhari,

Mohd Aripin

et al. 2023

AFR

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Transparency among the local authorities is crucial as local authorities are expected to perform their stewardship roles to meet the demand of their stakeholders. Due to information asymmetry between the local authorities and citizens, there is a tendency for citizens to have unfavourable perceptions towards local authorities’ activities. Literature suggests that transparent information will mitigate this issue. Thus, the study seeks to investigate the level of transparency of Malaysian local authorities by examining 19 of them covering the periods from 2015 to 2019. Available information from the website and the local authorities annual reports were obtained. Adopting agency theory and stewardship theory, the study suggests that the level of transparency in the form of non-financial information transparency, citizen transparency and transparency easiness among the Malaysian local authorities is regarded to be high. It indicates that the information asymmetry between the local authorities and the stakeholders is generally minimised. However, this study highlights that the transparency level in the form of financial information still needs to be improved, and local authorities should be more transparent in disclosing such information. Besides providing insights into local authorities' transparency, this study is beneficial to local authorities and regulators in establishing policies; and citizens and stakeholders in assessing the transparency level of local authorities. Future research should consider factors that influence transparency among local authorities in Malaysia. A comparison between local authorities should also be made to find the best practices for stimulating transparency in local authorities.

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“…Moreover, to estimate the single threshold effect, a 300-bootstrap replication is employed. The bootstrap estimator that was introduced by Tang and Chen ( 2009) is adopted to reduce the estimation bias substantially (Guo, 2020).…”

Section: Threshold Estimationmentioning

confidence: 99%

Public Debt, Current Account Balance, and Fiscal Balance: The Threshold Effects in Selected ASEAN Countries

Soo

Ab-Rahim

Yau

2023

BER

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Indebtedness is a huge global issue faced by all economies around the world since the older time until today. The high and increasing debt levels have become a concern, and public debt has become the core of the turmoil that began a few years ago. When the government's spending in a year exceeds its revenue, there will be a budget deficit for that fiscal year. Hence, it must use debt to fill the funding gap. This situation creates an annual deficit, which cannot end until the accumulated debt becomes unsustainable and the government's finances collapse. Hence, this study is aimed to assess the impact of the public debt threshold on current account balance and fiscal balance in selected ASEAN countries (Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam) by adopting annual data from 1990 to 2021. In panel long run estimation by pooled mean group (PMG) estimator, public debt affects twin balances to have a positive relationship. In the empirical analysis, the single threshold sample splitting model is employed to assess the impact of the public debt threshold on the current account balance and fiscal balance either below or above the threshold level. The outcomes indicate that the public debt threshold level is at 63.36%. When the public debt threshold is below 63.36%, there is a negative relationship between the current account balance and fiscal balance; whereas when the public debt threshold is higher than 63.36%, there is positive nexus between the current account balance and fiscal balance. This result implies the situation of twin divergence situation when exceeding the public debt threshold level.

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Out‐of‐sample performance of bias‐corrected estimators for diffusion processes

Cited by 5 publications

References 43 publications

Optimal Retirement Age and Lower Bound on Interest Rate

Optimal Retirement Age and Lower Bound on Interest Rate

Malaysian Local Authorities: Are They Transparent?

Public Debt, Current Account Balance, and Fiscal Balance: The Threshold Effects in Selected ASEAN Countries

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