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Steven B. Kamin - One of the best experts on this subject based on the ideXlab platform.

  • output and the real exchange rate in developing countries an application to mexico
    Journal of Development Economics, 2000
    Co-Authors: Steven B. Kamin, John H Rogers
    Abstract:

    Since Mexico's Devaluation of the peso in 1994, some observers have called for policies designed to keep the real exchange rate highly competitive in order to promote exports and output growth. However, over the past few decades, Devaluations of the real exchange rate have been associated nearly exclusively with economic contraction, while real appreciations have been followed almost invariably by expansions in economic activity. The purpose of this paper is to attempt to disentangle the possible factors underlying this correlation--(1) reverse causation from output to the real exchange rate, (2) spurious correlation with third factors such as capital account shocks, and (3) temporary contractionary effects of Devaluation--and determine whether, once those factors are accounted for, a positive, long-run effect of real depreciation on output can be identified in the data. Based on the results of a VAR model designed to explore the linkages between the real exchange rate and output, we conclude that even after sources of spurious correlation and reverse causation are controlled for, real Devaluation has led to high inflation and economic contraction in Mexico. While changes in Mexico's economic structure and financial situation may qualify the future applicability of this conclusion, we view our findings as pointing to substantial risks to targeting the exchange rate at too competitive a level.

  • Contractionary Devaluation with black markets for foreign exchange
    Journal of Policy Modeling, 1995
    Co-Authors: Steven B. Kamin
    Abstract:

    Analyses of the possible contractionary effects of exchange rate Devaluation typically assume the foreign exchange market to be unified, thereby ignoring the large fraction of transactions taking place in the black market for foreign exchange that exist in many developing countries. This paper explores how the existence of these black markets may alter the impact of an official Devaluation on aggregate output. It is argued that Devaluations will be followed by less immediate contraction in a black­market economy than in a unified-market economy, both because the black market exchange rate will depreciate by less than the official rate, and because many of the Devaluation's contractionary effects will occur in anticipation of the official Devaluation itself. These propositions are tested using a simple numerical simulation model.

Lars E O Svensson - One of the best experts on this subject based on the ideXlab platform.

  • stochastic Devaluation risk and the empirical fit of target zone models
    The Review of Economic Studies, 1993
    Co-Authors: Giuseppe Bertola, Lars E O Svensson
    Abstract:

    In our model, an exchange rate fluctuates between given boundaries for random lengths of time and jumps discretely when Devaluations occur. We provide explicit solutions for the stochastic processes followed by the exchange rate and by the expected rate of depreciation when the likelihood and the size of Devaluations vary stochastically over time. The model produces realistic patterns of covariation between exchange rates and interest rate differentials, and provides interesting interpretations of available empirical evidence. We also specify a technique for inferrring the risk of Devaluation from target-zone data.

  • the foreign exchange risk premium in a target zone with Devaluation risk
    Journal of International Economics, 1992
    Co-Authors: Lars E O Svensson
    Abstract:

    Abstract The foreign exchange risk premium in an exchange rate target zone is derived, when the exchange rate is heteroskedastic within the band and there is a separate Devaluation risk. The risk premium is then the sum of two separate risk premia, arising from uncertainty about exchange rate movements within the band and from uncertainty about Devaluations. Both real and nominal risk premia are considered. Real and nominal risk premia from movements within the band are very small. Real and nominal risk premia from Devaluations are larger but still relatively small proportions of the interest rate differential.

  • stochastic Devaluation risk and the empirical fit of target zone models
    National Bureau of Economic Research, 1991
    Co-Authors: Giuseppe Bertola, Lars E O Svensson
    Abstract:

    This paper proposes a tractable and realistic nonlinear model of exchange rate dynamics, and argues that its predictions are consistent with available empirical evidence on exchange rate and interest differential behavior in real-life target zones. In our model, the exchange rate fluctuates between given boundaries for random lengths of time and jumps discretely when Devaluations occur. We allow for stochastic variability in the likelihood and size of Devaluations, and we provide explicit solutions for the stochastic processes followed by the exchange rate and by the expected rate of depreciation. The model produces realistic patterns of covariation between exchange rates and interest rate differentials, and provides interesting interpretations of available empirical evidence. We also specify how to infer Devaluation risk from target zone data.

  • the foreign exchange risk premium in a target zone with Devaluation risk
    National Bureau of Economic Research, 1990
    Co-Authors: Lars E O Svensson
    Abstract:

    The foreign exchange risk premium in an exchange rate target zone regime with Devaluation/realignment risks is derived. In contrast to previous literature, the exchange rate's heteroscedasticity within the bard, as well as a separate Devaluation/realignment risk, is taken into account. The risk premium is then the sum of two separate risk premia, arising from stochastic exchange rate movements within the bard and from stochastic Devaluations/realignments when the band is shifted. Both real and nominal exchange rate premia are considered. The real and nominal risk premia from movements within the band are very small for narrow target zones and can therefore be disregarded. The real and nominal risk premia from Devaluations/realignments are larger but still relatively small proportions of the expected rate of Devaluation/realignment.

Nobuya Sato - One of the best experts on this subject based on the ideXlab platform.

  • Valuation of Go Stimuli or Devaluation of No-Go Stimuli? Evidence of an Increased Preference for Attended Go Stimuli Following a Go/No-Go Task
    Frontiers in Psychology, 2017
    Co-Authors: Kazuya Inoue, Nobuya Sato
    Abstract:

    Attentional inhibition that occurs during discrimination tasks leads to the negative evaluation of distractor stimuli. This phenomenon, known as the distractor Devaluation effect also occurs when go/no-go tasks require response inhibition. However, it remains unclear whether there are interactions between attention and response controls when the distractor Devaluation effect occurs. The aims of this study were to investigate whether attention to stimuli in the go/no-go task plays a facilitative role in distractor Devaluation through response inhibition, and to clarify whether this effect reflects a decreased preference for no-go stimuli. Participants evaluated the preference for pictures before and after a go/no-go task. In Experiment 1 and 2, they made a go or no-go response depending on the category of pictures displayed (gummy candies or rice crackers), whereas in Experiment 3 they did on the basis digit category, even or odd numbers, superimposed on such pictures. Experiments 1 and 2 demonstrated that the pictures presented as no-go stimuli in the preceding go/no-go task were evaluated as less positive than the pictures presented as go stimuli. This Devaluation effect reflected an increased preference for the go stimuli but not a decreased preference for the no-go stimuli. Experiment 3 indicated that response inhibition did not affect the preference for the pictures that had not received attention in a preceding go/no-go task. These results suggest that although attention plays an important role in differential ratings for go and no-go stimuli, such differences, in fact, reflect the valuation of go stimuli.

Chihcheng Chang - One of the best experts on this subject based on the ideXlab platform.

  • perceived stigma of caregivers psychometric evaluation for Devaluation of consumer families scale
    International Journal of Clinical and Health Psychology, 2018
    Co-Authors: Chihcheng Chang, Kunchia Chang, Chungying Lin, Mirja Koschorke, Graham Thornicroft
    Abstract:

    Background/Objective: The Devaluation of Consumer Families Scale (DCFS) is commonly used to measure perceived stigma towards family members of people with mental illness. However, its factorial structure has never been confirmed using confirmatory factor analysis (CFA). This study aimed to test the psychometric properties of the DCFS Taiwan version (DCFS-TW). Method: Family caregivers (N=511) completed the DCFS-TW (97 completed the DCFS again after 2 to 4 weeks) and other instruments. CFA, test-retest reliability, internal consistency, concurrent validity, and known-group validity were analyzed. Results: The three-factor structure of the DCFS-TW performed better than the one-factor structure. Test-retest reliability (r = .66) and internal consistency were satisfactory (α = .85); concurrent validity (absolute r = .20 to .58) was acceptable; known-group validity was supported by the significantly different DCFS-TW scores in clinical characteristics (had been vs. had not been hospitalized; had been vs. had not been compulsorily admitted). Conclusions: The DCFS-TW has decent psychometric properties and is suitable for health professionals to measure perceived stigma towards family members of people with mental illness.

Rob W Holland - One of the best experts on this subject based on the ideXlab platform.

  • how does not responding to appetitive stimuli cause Devaluation evaluative conditioning or response inhibition
    Journal of Experimental Psychology: General, 2016
    Co-Authors: Zhang Chen, Harm Veling, Ap Dijksterhuis, Rob W Holland
    Abstract:

    In a series of 6 experiments (5 preregistered), we examined how not responding to appetitive stimuli causes Devaluation. To examine this question, a go/no-go task was employed in which appetitive stimuli were consistently associated with cues to respond (go stimuli), or with cues to not respond (either no-go cues or the absence of cues; no-go stimuli). Change in evaluations of no-go stimuli was compared to change in evaluations of both go stimuli and of stimuli not presented in the task (untrained stimuli). Experiments 1 to 3 show that not responding to appetitive stimuli in a go/no-go task causes Devaluation of these stimuli regardless of the presence of an explicit no-go cue. Experiments 4a and 4b show that the Devaluation effect of appetitive stimuli is contingent on the percentage of no-go trials; Devaluation appears when no-go trials are rare, but disappears when no-go trials are frequent. Experiment 5 shows that simply observing the go/no-go task does not lead to Devaluation. Experiment 6 shows that not responding to neutral stimuli does not cause Devaluation. Together, these results suggest that Devaluation of appetitive stimuli by not responding to them is the result of response inhibition. By employing both go stimuli and untrained stimuli as baselines, alternative explanations are ruled out, and apparent inconsistencies in the literature are resolved. These experiments provide new theoretical insight into the relation between not responding and evaluation, and can be applied to design motor response training procedures aimed at changing people's behavior toward appetitive stimuli. (PsycINFO Database Record