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Michele Vollaro - One of the best experts on this subject based on the ideXlab platform.

  • the impact of the single farm payments on the Expenditure on fertilizers and crop protection inputs a comparative study of the italian agriculture
    Food Economics, 2012
    Co-Authors: Michele Vollaro
    Abstract:

    Abstract The Mid Term Review (MTR) of the European Common Agricultural Policy (CAP) in 2003 sped up the process of policy reforms toward decoupled payments in order to urge agricultural production to respond to market signals. However, since the elimination of coupled subsidies could produce a shift in commodity relative prices and decoupled payments could generate “coupled” effects on production, it remains questionable how Single Farm Payment (SFP) alters agricultural intensification. Therefore, through a comparative statistical analysis applied on Italian FADN regional data, this article aims at evaluating whether the MTR had positive impacts on the Aggregate Expenditure on fertilizers and crop protection inputs. From the results, it is observed that the expansion of profitable crops like vegetables, flowers, and vineyards, along with the receipt of SFP increased the Expenditure of fertilizers and crop protection inputs. Such findings suggest that the MTR has been so far effective in terms of aligning ...

  • the impact of the single farm payments on the Expenditure on fertilizers and crop protection inputs a comparative study of the italian agriculture
    120th Seminar September 2-4 2010 Chania Crete, 2010
    Co-Authors: Michele Vollaro
    Abstract:

    The Health Check (HC) of the European Common Agricultural Policy in 2003 sped up the process of policy reforms toward decoupled payments in order to urge agricultural production to respond to market signals. However, since decoupled payments could generate “coupled” effects on production, it remains questionable how single farm payment (SFP) alters agricultural intensification. Therefore, through a comparative statistical analysis applied on Italian FADN regional data, this paper aims at evaluating whether the HC reform had positive impacts on the Aggregate Expenditure on fertilizers and crop production inputs. From the results, it is observed that the expansion of profitable crops like vegetables, flowers and vineyards, along with the receipt of SFP increased the Expenditure of fertilizers and crop protection inputs. Such findings suggest that the HC reform has been so far effective in terms of aligning agricultural production to markets’ signals, but with the unintended consequence of higher intensification. We deduce that farmers may allocate higher proportions of SFP to purchase fertilizers and crop protection inputs whenever the opportunity of higher profits is found in those cropping activities requiring a higher intensive use of production’ factors.

Yianos Kontopoulos - One of the best experts on this subject based on the ideXlab platform.

  • fragmented fiscal policy
    Journal of Public Economics, 2002
    Co-Authors: Roberto Perotti, Yianos Kontopoulos
    Abstract:

    Abstract This paper explores on a panel of 19 OECD countries the role of fragmentation in determining fiscal outcomes over the 1970–95 period. We first define the notion of fragmentation of fiscal policy-making as the degree to which the costs of a dollar of Aggregate Expenditure are internalized by individual decision-makers. Empirically, this notion has two key logical components: the number of decision-makers and the rules of the game, or the budget process. In turn, the number of decision makers can refer to the number of parties in a coalition, or the number of ministers in the cabinet. We test all these determinants against each other, and against perhaps the oldest explanation of all, ideology. We show that cabinet size and, to a lesser degree, coalition size and ideology, are significant and robust determinants of fiscal outcomes. In particular, transfers are the budget items most affected by these factors.

Michael Woodford - One of the best experts on this subject based on the ideXlab platform.

  • credit frictions and optimal monetary policy
    National Bureau of Economic Research, 2015
    Co-Authors: Vasco Cúrdia, Michael Woodford
    Abstract:

    We extend the basic (representative-household) New Keynesian [NK] model of the monetary transmission mechanism to allow for a spread between the interest rate available to savers and borrowers, that can vary for either exogenous or endogenous reasons. We find that the mere existence of a positive average spread makes little quantitative difference for the predicted effects of particular policies. Variation in spreads over time is of greater significance, with consequences both for the equilibrium relation between the policy rate and Aggregate Expenditure and for the relation between real activity and inflation. Nonetheless, we find that the target criterion - a linear relation that should be maintained between the inflation rate and changes in the output gap - that characterises optimal policy in the basic NK model continues to provide a good approximation to optimal policy, even in the presence of variations in credit spreads. We also consider a "spread-adjusted Taylor rule", in which the intercept of the Taylor rule is adjusted in proportion to changes in credit spreads. We show that while such an adjustment can improve upon an unadjusted Taylor rule, the optimal degree of adjustment is less than 100 percent; and even with the correct size of adjustment, such a rule of thumb remains inferior to the targeting rule. This is part of a series of BIS Working Papers (273 to 278) collecting papers presented at the BIS's Seventh Annual Conference on "Whither monetary policy? Monetary policy challenges in the decade ahead" in Luzern, Switzerland, on 26-27 June 2008. The event brought together senior representatives of central banks and academic institutions to exchange views on this topic. BIS Paper 45 contains the opening address of William R White (BIS), the contributions of the policy panel on "Beyond price stability - the challenges ahead" and speeches by Edmund Phelps (Columbia University) and Martin Wolf (Financial Times). The participants in the policy panel discussion chaired by Malcolm D Knight (BIS) were Martin Feldstein (Harvard University), Stanley Fischer (Bank of Israel), Mark Carney (Bank of Canada) and Jean-Pierre Landau (Banque de France). This Working Paper includes comments by Olivier Blanchard and Charles Goodhart.

  • Credit Frictions and Optimal Monetary Policy
    SSRN Electronic Journal, 2008
    Co-Authors: Vasco Cúrdia, Michael Woodford
    Abstract:

    We extend the basic (representative-household) New Keynesian [NK] model of the monetary transmission mechanism to allow for a spread between the interest rate available to savers and borrowers, that can vary for either exogenous or endogenous reasons. We flnd that the mere existence of a positive average spread makes little quantitative difierence for the predicted efiects of particular policies. Variation in spreads over time is of greater signiflcance, with consequences both for the equilibrium relation between the policy rate and Aggregate Expenditure and for the relation between real activity and in∞ation. Nonetheless, we flnd that the target criterion { a linear relation that should be maintained between the in∞ation rate and changes in the output gap | that characterizes optimal policy in the basic NK model continues to provide a good approximation to optimal policy, even in the presence of variations in credit spreads. We also consider a \spread-adjusted Taylor rule," in which the intercept of the Taylor rule is adjusted in proportion to changes in credit spreads. We show that while such an adjustment can improve upon an unadjusted Taylor rule, the optimal degree of adjustment is less than 100 percent; and even with the correct size of adjustment, such a rule of thumb remains inferior to the targeting rule.

Georges Zaccour - One of the best experts on this subject based on the ideXlab platform.

  • inverted u Aggregate investment curves in a dynamic game of advertising
    Economics Letters, 2015
    Co-Authors: Luca Lambertini, Georges Zaccour
    Abstract:

    Abstract We revisit the relationship between market power and firms’ investment incentives in a noncooperative differential oligopoly game where firms sell differentiated goods and invest in advertising to increase the brand equity of their respective goods. The feedback equilibrium obtains under open-loop rules, and Aggregate Expenditure on goodwill takes an inverted-U shape under both Cournot and Bertrand behaviour, provided product differentiation is sufficiently high. Total industry Expenditure is higher under Cournot competition.

  • inverted u Aggregate investment curves in a dynamic game of advertising
    Research Papers in Economics, 2014
    Co-Authors: Luca Lambertini, Georges Zaccour
    Abstract:

    We revisit the relationship between market power and firms' investment incentives in a noncooperative differential oligopoly game in which firms sell differentiated goods and invest in advertising to increase the brand equity of their respective goods. The feedback equilibrium obtains under open-loop rules, and Aggregate Expenditure on goodwill takes an inverted-U shape under both Cournot and Bertrand behaviour, provided product differentiation is sufficiently high. Total industry Expenditure is higher under Cournot competition.

Geoffrey J D Hewings - One of the best experts on this subject based on the ideXlab platform.

  • the extended econometric input output model with heterogeneous household demand system
    Economic Systems Research, 2015
    Co-Authors: Kurt Kratena, Geoffrey J D Hewings
    Abstract:

    This paper proposes an extension to the regional econometric input-output model (REIM) [Conway, R.S. (1990) The Washington Projection and Simulation Model: A Regional Interindustry Econometric Model. International Regional Science Review , 13, 141-165; Israilevich, P.R., G.J.D. Hewings, M. Sonis and G.R. Schindler (1997) Forecasting Structural Change with a Regional Econometric Input-Output Model. Journal of Regional Science , 37, 565-590]. We integrate a demand system with age and income parameters into the REIM. The extended model thus addresses concerns about the effects of household heterogeneity. The initial testing is conducted with a model for the Chicago metropolitan area. First, using Aggregate Expenditure data by income and age groups, the almost ideal demand system with group fixed effects is constructed. Next, the estimated demand system is linked to the REIM to reflect long-term changes in the age and income distribution of households. The long-range simulation from the extended model takes into account structural changes in Expenditure type stemming from changing demographic composition. The extended model further broadens the scope of impact analysis under various scenarios associated with age and income changes.