Missing Growth from Creative Destruction, Philippe Aghion's slides, Jan 16 2017Soledad Zignago
Philippe Aghion's slides, with Antonin Bergeaud, Timo Boppart, Pete Klenow & Huiyu Li, at the “Secular Stagnation and Growth Measurement” - Conference organised by the Banque de France and the Collège de France, Paris, January 16 2017 https://www.banque-france.fr/en/secular-stagnation-and-growth-measurement-conference-organised-banque-de-france-and-college-de
Productivity and GDP per capita growth: A long-term perspective, Bergeaud, Ce...Soledad Zignago
Gilbert Cette's slides at the Secular Stagnation and Growth Measurement Conference, Banque de France, January 16, 2017, with Antonin Bergeaud & Remy Lecat https://www.banque-france.fr/stagnation-seculaire-et-mesure-de-la-croissance-conference-organisee-par-la-banque-de-france-et-le
Notes for Principles of Macroeconomics (ECON 10020 or ECON 20020) at the University of Notre Dame. Topics include the role of financial institutions and financial markets in capitalist economies, government management of the business cycle, and current monetary policy in the United States. Etc.
Missing Growth from Creative Destruction, Philippe Aghion's slides, Jan 16 2017Soledad Zignago
Philippe Aghion's slides, with Antonin Bergeaud, Timo Boppart, Pete Klenow & Huiyu Li, at the “Secular Stagnation and Growth Measurement” - Conference organised by the Banque de France and the Collège de France, Paris, January 16 2017 https://www.banque-france.fr/en/secular-stagnation-and-growth-measurement-conference-organised-banque-de-france-and-college-de
Productivity and GDP per capita growth: A long-term perspective, Bergeaud, Ce...Soledad Zignago
Gilbert Cette's slides at the Secular Stagnation and Growth Measurement Conference, Banque de France, January 16, 2017, with Antonin Bergeaud & Remy Lecat https://www.banque-france.fr/stagnation-seculaire-et-mesure-de-la-croissance-conference-organisee-par-la-banque-de-france-et-le
Notes for Principles of Macroeconomics (ECON 10020 or ECON 20020) at the University of Notre Dame. Topics include the role of financial institutions and financial markets in capitalist economies, government management of the business cycle, and current monetary policy in the United States. Etc.
'Inflation Dynamics and Macroeconomic Stability in Ethiopia: Decomposition Ap...Jared Vaile
The Ethiopian Economics Association (EEA) 27th General Assembly (GA) meeting was held on 30th January 2021 at the EEA conference Hall in Addis Ababa, Ethiopia. There was a presentation followed by a panel discussion on Inflation Dynamics and Macroeconomic Stability in Ethiopia.
The study presented by Dr. Atnafu was driven by the fact that inflation has become one of the binding constraints for policymakers both in their short- and long-term efforts to advance economic progress. There is a growing need to examine the commodity-wise contributions and drivers of inflation, and to decompose them into their permanent and transitory components. Therefore, the objectives of this study are first, to investigate the evolution and dynamics of inflation by decomposing the headline inflation (raw inflation) into its core (permanent) and transitory (non-permanent) components from highly disaggregated commodities’ prices. Secondly, it aims to investigate the association between core inflation (the predictor of headline inflation) and macroeconomic stability.
The full working paper can be found on the EEA website, along with other publications: https://eea-et.org/course/inflation-dynamics-and-macroeconomic-stability-in-ethiopia-decomposition-approach/.
The article deals with studying the interconnection of industries associated with the construction
complex. Construction is presented as a system comprising industries, which includes engineering industry,
mineral resource industry, transport industry, metallurgy industry. Based on the model of intersectoral balance,
the author establishes the impact of the change of productionmatrix on the ratio of components of vectors of the
gross production and the final production.
Shift share analysis is a traditional tool; through a descriptive analysis of the productive structure, it allows the comparison of regional differences within a country, region or state (SIMÕES, 2004).Shift-share analysis is one way to account for the competitiveness of a region's industries and to analyze the local economic base. This analysis is primarily used to decompose employment changes within an economy over a specific period of time into mutually exclusive factors. Like other analytical economic tools, the shift-share technique is only a descriptive tool that should be used in combination with other analysis to provide a summary of a region's key employment potential industries.
Time consistent fiscal policy in a debt crisis, by Neele Balke (University Co...ADEMU_Project
European sovereign debt crises include large recessions, rising debt and bond spreads, and concerns about sovereign default and inequality. This project investigates the design of optimal time-consistent fiscal policies in debt crises.
The heterogeneous effects of government spending, by Axelle Ferriere (Europea...ADEMU_Project
How expansionary is government spending? Evidence shows if
output increases, consumption doesn't decrease. Axelle Ferriere revisits this question, taking into account tax distribution.
A comparative analysis of the GVC position of the economies of the NMSGRAPE
Up or down the value chain? A comparative analysis of the GVC position of the economies of the NMS
Jan Hagemejer & Mahdi Ghodsi
Eastern Economic Association 2015 (New York)
'Inflation Dynamics and Macroeconomic Stability in Ethiopia: Decomposition Ap...Jared Vaile
The Ethiopian Economics Association (EEA) 27th General Assembly (GA) meeting was held on 30th January 2021 at the EEA conference Hall in Addis Ababa, Ethiopia. There was a presentation followed by a panel discussion on Inflation Dynamics and Macroeconomic Stability in Ethiopia.
The study presented by Dr. Atnafu was driven by the fact that inflation has become one of the binding constraints for policymakers both in their short- and long-term efforts to advance economic progress. There is a growing need to examine the commodity-wise contributions and drivers of inflation, and to decompose them into their permanent and transitory components. Therefore, the objectives of this study are first, to investigate the evolution and dynamics of inflation by decomposing the headline inflation (raw inflation) into its core (permanent) and transitory (non-permanent) components from highly disaggregated commodities’ prices. Secondly, it aims to investigate the association between core inflation (the predictor of headline inflation) and macroeconomic stability.
The full working paper can be found on the EEA website, along with other publications: https://eea-et.org/course/inflation-dynamics-and-macroeconomic-stability-in-ethiopia-decomposition-approach/.
The article deals with studying the interconnection of industries associated with the construction
complex. Construction is presented as a system comprising industries, which includes engineering industry,
mineral resource industry, transport industry, metallurgy industry. Based on the model of intersectoral balance,
the author establishes the impact of the change of productionmatrix on the ratio of components of vectors of the
gross production and the final production.
Shift share analysis is a traditional tool; through a descriptive analysis of the productive structure, it allows the comparison of regional differences within a country, region or state (SIMÕES, 2004).Shift-share analysis is one way to account for the competitiveness of a region's industries and to analyze the local economic base. This analysis is primarily used to decompose employment changes within an economy over a specific period of time into mutually exclusive factors. Like other analytical economic tools, the shift-share technique is only a descriptive tool that should be used in combination with other analysis to provide a summary of a region's key employment potential industries.
Time consistent fiscal policy in a debt crisis, by Neele Balke (University Co...ADEMU_Project
European sovereign debt crises include large recessions, rising debt and bond spreads, and concerns about sovereign default and inequality. This project investigates the design of optimal time-consistent fiscal policies in debt crises.
The heterogeneous effects of government spending, by Axelle Ferriere (Europea...ADEMU_Project
How expansionary is government spending? Evidence shows if
output increases, consumption doesn't decrease. Axelle Ferriere revisits this question, taking into account tax distribution.
A comparative analysis of the GVC position of the economies of the NMSGRAPE
Up or down the value chain? A comparative analysis of the GVC position of the economies of the NMS
Jan Hagemejer & Mahdi Ghodsi
Eastern Economic Association 2015 (New York)
Productivity and Credit Constraint, Gilbert Cette June 18, 2018Soledad Zignago
Gilbert Cette's slides on "Productivity and Credit Constraint", Productivity dynamics after the criisis, Banque de France & Collège de France conference, Paris June 18, 2018
The Cost of Non-Europe Revisited, Mayer, Vicard & Zignago, CompNet Conf June ...Soledad Zignago
The Cost of Non-Europe Revisited, Thierry Mayer, Vincent Vicard & Soledad Zignago, CompNet Conf June 29-30 2017. Other slides available at https://ec.europa.eu/info/sites/info/files/conference_program_-_version_6_july_2017.pdf
Estimating Financial Frictions under LearningGRAPE
The paper studies the implication of initial beliefs and associated confidence under adaptive learning. We first illustrate how prior beliefs determine learning dynamics and the evolution of endogenous variables in a small DSGE model with credit-constrained agents, in which rational expectations are replaced by constant-gain adaptive learning. We then examine how discretionary experimenting with new macroeconomic policies is affected by expectations that agents have in relation to these policies. More specifically, we show that a newly introduced macro-prudential policy that aims at making leverage counter-cyclical can lead to substantial increase in fluctuations under learning, when the economy is hit by financial shocks, if beliefs reflect imperfect information about the policy experiment.
Comparative and Absolute AdvantageGermanyPopulation 8.docxtemplestewart19
Comparative and Absolute Advantage
Germany
Population: 81,197,537 (2015)
Population percentage of total EU: 16% (2015)
Political system: Democratic, federal parliamentary republic
Currency: Euro
Economy: Social market economy
Production: Automobiles, machinery, chemicals and
household equipment
Population: 81,197,537 (2015) and has the largest population of any EU country. Stretches from the North Sea and the Baltic to the Alps in the south and has a vast amount of major rivers such as the Rhine, Danube and Elbe (Eubusiness, 2018).
Population percentage of total EU: 16% (2015)
Political system: Democratic, federal parliamentary republic. The lawmakers are called the Bundestag and are elected every four years by popular vote (Eubusiness, 2018).
Currency: Euro
Economy: Social market economy, the fifth largest economy in the world in Purchasing Power Parity terms and is Europe’s largest economy.
Production: Automobiles, engineering products, iron, steel, coal, textiles, electronic and communications equipement, chemicals and pharmaceuticals. Second largest producer of hops worldwide and is well known for their beers and wine. (Eubusiness, 2018).
Top 3 trade partners (2016): China, United States, and France (Eubusiness, 2018).
2
Germany’s Real GDP
Real GDP first quarter 2018
739, 896.7 Millions of Chained 2010 Euros
First quarter 2009
615,666.8 Millions of Chained 2010 Euros
(Federal Reserve Bank of St. Louis, 2018)
3
Germany's Real GDP
First Quarter 2009
Category 1 615666.80000000005 First Quarter 2018
Category 1 739896.7
Chained 2010 Euros
Germany’s GDP Percentage Composition
Agriculture- milk, pork, beef, cereals, potatoes, wheat. Southern and western Germany are known for their wine. Bavaria produces much of the countries beer production.
Services- the construction industry, wholesale and retail, logistics, consulting industry, financial services, the hotel and catering industry, real estate, health servides, creative industry, education and public services.
Industry- machine tools, solar power and turbine wind power, electrical engineering, iron, steel, chemicals and optics.
Manufacturing- automotive, household products
(The World Bank Data, 2018)
4
Germany’s Consumer Price Index
Germany CPI
Annual 2009
98.90000 Index 2010=100
Annual 2017
109.27500 Index 2010=100
(FRED, 2018)
5
Germany's Annual CPI
2009
98.9 2017
109.27500000000001
INDEX 2010=100
Germany’s Real Exports
Germany Real Exports
1st Quarter 2018
136.92659 Index 2010=100 Seasonally Adjusted
1st Quarter 2009
85.38521 Index 2010=100 Seasonally Adjusted
(Federal Reserve Bank of St. Louis, 2018)
Top ten exports in 2017
Vehicles: US$257.2 billion (17.8% of total exports)
Machinery including computers: $245.4 billion (17%)
Electrical machinery, equipment: $148.8 billion (10.3%)
Pharmaceuticals: $84.1 billion (5.8%)
Optical, technical, medical apparatus: $72.8 billion (5%)
Plastics, plastic articles: $63.6 billion (4.4%)
Aircraft, .
Comparative and Absolute AdvantageGermanyPopulation 8.docxjanthony65
Comparative and Absolute Advantage
Germany
Population: 81,197,537 (2015)
Population percentage of total EU: 16% (2015)
Political system: Democratic, federal parliamentary republic
Currency: Euro
Economy: Social market economy
Production: Automobiles, machinery, chemicals and
household equipment
Population: 81,197,537 (2015) and has the largest population of any EU country. Stretches from the North Sea and the Baltic to the Alps in the south and has a vast amount of major rivers such as the Rhine, Danube and Elbe (Eubusiness, 2018).
Population percentage of total EU: 16% (2015)
Political system: Democratic, federal parliamentary republic. The lawmakers are called the Bundestag and are elected every four years by popular vote (Eubusiness, 2018).
Currency: Euro
Economy: Social market economy, the fifth largest economy in the world in Purchasing Power Parity terms and is Europe’s largest economy.
Production: Automobiles, engineering products, iron, steel, coal, textiles, electronic and communications equipement, chemicals and pharmaceuticals. Second largest producer of hops worldwide and is well known for their beers and wine. (Eubusiness, 2018).
Top 3 trade partners (2016): China, United States, and France (Eubusiness, 2018).
2
Germany’s Real GDP
Real GDP first quarter 2018
739, 896.7 Millions of Chained 2010 Euros
First quarter 2009
615,666.8 Millions of Chained 2010 Euros
(Federal Reserve Bank of St. Louis, 2018)
3
Germany's Real GDP
First Quarter 2009
Category 1 615666.80000000005 First Quarter 2018
Category 1 739896.7
Chained 2010 Euros
Germany’s GDP Percentage Composition
Agriculture- milk, pork, beef, cereals, potatoes, wheat. Southern and western Germany are known for their wine. Bavaria produces much of the countries beer production.
Services- the construction industry, wholesale and retail, logistics, consulting industry, financial services, the hotel and catering industry, real estate, health servides, creative industry, education and public services.
Industry- machine tools, solar power and turbine wind power, electrical engineering, iron, steel, chemicals and optics.
Manufacturing- automotive, household products
(The World Bank Data, 2018)
4
Germany’s Consumer Price Index
Germany CPI
Annual 2009
98.90000 Index 2010=100
Annual 2017
109.27500 Index 2010=100
(FRED, 2018)
5
Germany's Annual CPI
2009
98.9 2017
109.27500000000001
INDEX 2010=100
Germany’s Real Exports
Germany Real Exports
1st Quarter 2018
136.92659 Index 2010=100 Seasonally Adjusted
1st Quarter 2009
85.38521 Index 2010=100 Seasonally Adjusted
(Federal Reserve Bank of St. Louis, 2018)
Top ten exports in 2017
Vehicles: US$257.2 billion (17.8% of total exports)
Machinery including computers: $245.4 billion (17%)
Electrical machinery, equipment: $148.8 billion (10.3%)
Pharmaceuticals: $84.1 billion (5.8%)
Optical, technical, medical apparatus: $72.8 billion (5%)
Plastics, plastic articles: $63.6 billion (4.4%)
Aircraft, .
Money Deficits and Inflation Evidence and Policy Issues of Euro Zone during D...paperpublications3
Abstract: An important lesson from the euro area sovereign debt crisis is that the need for sound economic policies does not end once a country has adopted the euro. There are no automatic mechanisms to ensure that the process of nominal convergence which occurs before adoption of the euro produces sustainable real convergence there after. The global financial crisis that started in 2008 has showed that some countries participating in Economic and Monetary Union (EMU) had severe weaknesses in their structural and institutional set-up. This has resulted in a large and protracted fall in real per capita income levels in these countries since 2008. While there has been real convergence in the European Union (EU) as a whole since 1999 owing to the catching up of central and eastern European (CEE) economies, there has been no process of real convergence among the 12 countries that adopted the euro in 1999 and 2001. This lack of convergence is related to several factors, notably weak institutions, structural rigidities, weak productivity growth and in sufficient policies to address asset price booms. Against this background, several factors appear crucial for ensuring real convergence in EMU: macroeconomic stability, and sound fiscal policy in particular; a high degree of flexibility in product and labor markets; favorable conditions for an efficient use of capital and labor in the economy, supporting total factor productivity (TFP) growth; economic integration within the euro area; and a more active use of national policy tools to prevent asset price and credit boom-bust cycles.
Keywords: Money Deficits, Inflation, Policy, Euro Zone,Sustainability, Monetary Policy, Investments.
Jel codes: H62, H68, H6, E41, E42
Title: Money Deficits and Inflation Evidence and Policy Issues of Euro Zone during Debt Crisis
Author: Dr. Stamatis Kontsas
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
Non-tradable Goods, Factor Markets Frictions, and International Capital FlowsGRAPE
International capital flows - data vs. theory
1 Feldstein-Horioka puzzle
• corr (S, I ) > 0 in the data
2 Lucas puzzle
• K has not flown to poor countries, despite
K
Y
poor
<
K
Y
rich
3 Allocation Puzzle
• corr (ΔTFP, Δexternal debt) < 0
4 Quantity Puzzle (not as famous as the other three)
• Neo-classical 1-sector model over-predicts international
capital flows by a factor of 10
• Gourinchas and Jeanne (REStud, 2013); Rothert (EL, 2016)
The Cost of Non-Europe Revisited, Vincent Vicard's presentation June 2017Soledad Zignago
Vincent Vicard's presentation of "The Cost of Non-Europe Revisited" with Thierry Mayer & Soledad Zignago, DG Trade Chief Economist Seminar, Bruxelles, June 2017
The Cost of Non-Europe Revisited, by Mayer, Vicard & Zignago, June 2018Soledad Zignago
The Cost of Non-Europe Revisited, Thierry Mayer, Vincent Vicard & Soledad Zignago, #BdFeco Working Paper https://publications.banque-france.fr/en/cost-non-europe-revisited XIVth Danish International Economics Workshop, 14-15 June 2018
Non-tradable Goods, Factor Markets Frictions, and International Capital FlowsGRAPE
International capital flows - data vs. theory
1 Feldstein-Horioka puzzle
• corr (S, I ) > 0 in the data
2 Lucas puzzle
• K has not flown to poor countries, despite
K
Y
poor
<
K
Y
rich
3 Allocation Puzzle
• corr (ΔTFP, Δexternal debt) < 0
4 Quantity Puzzle (not as famous as the other three)
• Neo-classical 1-sector model over-predicts international
capital flows by a factor of 10
• Gourinchas and Jeanne (REStud, 2013); Rothert (EL, 2016)
The Cost of Non-Europe Revisited, Mayer, Vicard & Zignago, Sept 2017Soledad Zignago
The Cost of Non-Europe Revisited, Thierry Mayer, Vincent Vicard & Soledad Zignago, Banque de France seminar, Sept 6 2017 https://www.banque-france.fr/conferences-et-medias/seminaires-colloques-et-symposiums/seminaires-de-recherche
Similar to Sectoral allocation and macroeconomic imbalances in EMU (20)
Ademu at the European Parliament, 27 March 2018ADEMU_Project
ADEMU scientific co-ordinator Ramon Marimon joined Marco Buti, director general of DG-ECFIN, DG Economic and Financial Affairs, Roberto Gualtieri, MEP and chair of the Committee on Economic and Monetary Affairs at the European Parliament, Maria Kayamanidou, deputy head of DG Research and Innovation at the EC, and Vincenzo Grassi, secretary general of the European University Institute, to discuss ADEMU's proposals for the European Unemployment Insurance System (EUIS) and the European Stability Fund (ESF).
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Sectoral allocation and macroeconomic imbalances in EMU
1. Sectoral allocation and macroeconomic imbalances in
EMU
Niels Gilbert and Sebastiaan Pool
University of Groningen
De Nederlandsche Bank
June 24, 2017
1 / 48
8. Literature
Literature
Allocation of capital in Southern Europe and effects on productivity
Empirically: Borio et al. (2016): credit booms associated with
reallocation of labor towards sectors with lower productivity growth.
Theoretically: exogenous interest rate drop can lead to growth of NT
sector (Fagan and Gasper, 2005, Piton, 2015) and contribute to
stagnating productivity growth (Benigno and Fornaro, 2014). Gopinath
et al. (2015): with financial frictions, also misallocation within sectors.
8 / 48
9. Literature
Literature
Allocation of capital in Southern Europe and effects on productivity
Empirically: Borio et al. (2016): credit booms associated with
reallocation of labor towards sectors with lower productivity growth.
Theoretically: exogenous interest rate drop can lead to growth of NT
sector (Fagan and Gasper, 2005, Piton, 2015) and contribute to
stagnating productivity growth (Benigno and Fornaro, 2014). Gopinath
et al. (2015): with financial frictions, also misallocation within sectors.
Vulnerability of nontradable-driven growth
NT driven, debt financed, growth risks violating intertemporal b.c.
(Giavazzi and Spaventa 2010) and can make economy financially
fragile (Kalantzis, 2015).
9 / 48
11. This paper
This paper
Documents that following the introduction of the euro, Southern
Europe experienced broad-based growth of the nontradable sector,
extending beyond the construction sector
11 / 48
12. This paper
This paper
Documents that following the introduction of the euro, Southern
Europe experienced broad-based growth of the nontradable sector,
extending beyond the construction sector
Presents (open and closed versions of) a two region model of a
monetary union to show how the sharp fall in Southern interest leads
wage growth, CA deficit and growth of NT sector, while inducing an
opposite process in the North
12 / 48
13. This paper
This paper
Documents that following the introduction of the euro, Southern
Europe experienced broad-based growth of the nontradable sector,
extending beyond the construction sector
Presents (open and closed versions of) a two region model of a
monetary union to show how the sharp fall in Southern interest leads
wage growth, CA deficit and growth of NT sector, while inducing an
opposite process in the North
Confirms the negative relation between interest rate shocks and
growth of the nontradable sector in a panel-BVAR for the euro area
13 / 48
14. This paper
This paper
Documents that following the introduction of the euro, Southern
Europe experienced broad-based growth of the nontradable sector,
extending beyond the construction sector
Presents (open and closed versions of) a two region model of a
monetary union to show how the sharp fall in Southern interest leads
wage growth, CA deficit and growth of NT sector, while inducing an
opposite process in the North
Confirms the negative relation between interest rate shocks and
growth of the nontradable sector in a panel-BVAR for the euro area
Studies reform options that facilitate a smoother rebalancing process
14 / 48
15. Model
Model Overview
Two regions, North and South, that are to form a monetary union
Prior to monetary integration: fixed exchange rates, but wedge
between interest rates: r South > r North
Post monetary integration: price level stabilized at union level, single
risk free interest rate (debt-elastic interest rate premium remains)
Union as a whole is a closed economy
Labor is mobile across sectors, but not across regions
15 / 48
16. Model
Model Overview
Two regions, North and South, that are to form a monetary union
Prior to monetary integration: fixed exchange rates, but wedge
between interest rates: r South > r North
Post monetary integration: price level stabilized at union level, single
risk free interest rate (debt-elastic interest rate premium remains)
Union as a whole is a closed economy
Labor is mobile across sectors, but not across regions
Both regions exist of a representative household, tradable (T) and
nontradable (NT) firms operating in a monopolistically competitive
environment, and a simple government
Full business cycle model with capital, endogenous labor supply and
capital adj. costs
16 / 48
18. Model
Households (1)
Households in each region j maximize lifetime utility:
Uj
t =
∞
v=0
(βj
)v
log Cj
t+v −
θj (Lj
t+v )1+σj
1 + σj
. (1)
Consumption good is a composite of tradables and nontradables:
Cj
t = (Cj,N
t )ηj
(Cj,T
t )1−ηj
. (2)
Consumer price index:
Pj
t =
(Pj,N
t )ηj
(Pj,T
t )1−ηj
(ηj )ηj
(1 − ηj )1−ηj . (3)
18 / 48
19. Model
Households (2)
Household can save/ borrow via one period risk free bonds. UIP:
rf ,n
t + ω = rf ,s
t , (4)
where ω is an exogenous pre-EMU risk premium (cf. Kollmann, 2015)
Stabilizing debt-elastic interest rate premium:
xj
t = ξe−Nj
t − 1. (5)
Budget constraint:
j
Bj j
t + Pj,T
t Cj,T
t + Pj,N
t Cj,N
t =
j
(1 + rj
t−1)Bj j
t−1 + πj
t + Lj
tW j
t , (6)
where rj
t = rf ,j
t + xj
t .
19 / 48
20. Model
Firms (1)
In both regions, the economy is occupied by two types of
monopolistically competitive intermediate firms producing varieties of
wholesale tradable (T) and wholesale nontradable (N) goods.
20 / 48
21. Model
Firms (1)
In both regions, the economy is occupied by two types of
monopolistically competitive intermediate firms producing varieties of
wholesale tradable (T) and wholesale nontradable (N) goods.
Both sectors hire labor from the household sector, buy capital from
the capital producers, and sell their wholesale goods to retailers.
21 / 48
22. Model
Firms (1)
In both regions, the economy is occupied by two types of
monopolistically competitive intermediate firms producing varieties of
wholesale tradable (T) and wholesale nontradable (N) goods.
Both sectors hire labor from the household sector, buy capital from
the capital producers, and sell their wholesale goods to retailers.
Retailers use the wholesale goods to produce the final goods
22 / 48
23. Model
Firms (1)
In both regions, the economy is occupied by two types of
monopolistically competitive intermediate firms producing varieties of
wholesale tradable (T) and wholesale nontradable (N) goods.
Both sectors hire labor from the household sector, buy capital from
the capital producers, and sell their wholesale goods to retailers.
Retailers use the wholesale goods to produce the final goods
Structure serves to realize monopolistic competition and adjustment
costs in a tractable manner
Note: Tradable consumption good serves as the investment good
23 / 48
24. Model
Firms (2)
Capital producers sell their capital for a price qj,Z
t :
qj,Z
t = Pj,T
t 1 + φ
Ij,Z
t
Kj,Z
t
− δ (7)
The intermediary price is set as a mark-up over their marginal costs
λj,Z
t such that aggregate prices are:
Pj,Z
t =
µj,Z
µj,Z − 1
λj,Z
t . (8)
24 / 48
25. Model
Prices
Absence of trade restrictions ensure law of one price: Pn,T
t = Ps,T
t
The monetary authority stabilizes the union’s price level
Pe
t = hPn
t + (1 − h)Ps
t ≡ 1. (9)
where h is the Northern share in the union.
25 / 48
26. Model
Market equilibrium conditions
Market for nontradables:
Y j,N
t = Cj,N
t + Gj,N
t . (10)
Market for tradables:
j
Y j,T
t =
j
Cj,T
t + Ij,T
t + Ij,N
t + ACj
t + ICj
t + Gj,T
t . (11)
Closure on the bond market:
NFAj
t =(1 + rf ,j
t−1)NFAj
t−1 + Pj,T
t (Y j,T
t − Cj,T
t − Ij,T
t − Ij,N
t −
ACj
t − ICj
t − Gj,T
t ). (12)
Finally, equilibrium in the market for financial assets requires:
NFAn
t + NFAs
t = 0. (13)
26 / 48
27. Calibration
Calibration
Key parameters:
Both regions are of equal size
Discount factors set to match pre-EMU current account balances
(close to zero in both blocks)
Country specific risk premium set to match NFA dynamics
Productivity constant across blocks and sectors (baseline only)
Some sectoral and cross-country heterogeneity, but not key to results
Use Dynare for a numerical simulation of the full nonlinear model
Deterministic simulation, assuming perfect foresight
27 / 48
34. Results
EMU Panel BVAR
BVAR representation
Xt =α0 + α1Dt + Φ(L)Xt−1 + εt, (14)
where Φ(L) ≡ Φ0 + Φ1L1 + ... + ΦpLp is a lag polynomial, Xt is a
stacked vector containing the observed variables:
34 / 48
35. Results
EMU Panel BVAR
BVAR representation
Xt =α0 + α1Dt + Φ(L)Xt−1 + εt, (14)
where Φ(L) ≡ Φ0 + Φ1L1 + ... + ΦpLp is a lag polynomial, Xt is a
stacked vector containing the observed variables:
Xt = (yN
t,i − ¯yN
t ), (yT
t,i − ¯yT
t ),
Bt,i
Yt,i
−
¯Bt
¯Yt
, (ir
t,i −¯ir
t ) ,
where yN
t,i and yT
t,i denote nontradable and tradable sector growth
ir
t,i is the ex-ante expected real interest rate
Bt,i
Yt,i
denotes a country’s current account balance (%GDP)
35 / 48
36. Results
Panel BVAR specification
Xt = (yN
t,i − ¯yN
t ), (yT
t,i − ¯yT
t ),
Bt,i
Yt,i
−
¯Bt
¯Yt
, (ir
t,i −¯ir
t ) , (15)
Cholesky Decomposition ordering as in (15)
Subtract the euro area mean
36 / 48
37. Results
Panel BVAR specification
Xt = (yN
t,i − ¯yN
t ), (yT
t,i − ¯yT
t ),
Bt,i
Yt,i
−
¯Bt
¯Yt
, (ir
t,i −¯ir
t ) , (15)
Cholesky Decomposition ordering as in (15)
Subtract the euro area mean
The data is observed at an annual frequency and therefore only one
lag is included
Pooled Bayesian estimation procedure
Agnostic Minnesota prior: the unit root coefficient takes a prior value
of 0.8 and Inverse-Wishart Distribution
Hyperparameters are set at “standard” values
37 / 48
38. Results
Data
Output growth for 10 euro area countries (Austria, Belgium,
Germany, Finland, France, Italy, Ireland, Netherlands, Spain and
Portugal) is calculated using Eurostat data
The disaggregated time-series are categorized in either the tradable or
nontradable sector
Annual nominal interest rates on 1-year government bonds minus
consensus forecast inflation expectations one year ahead to transform
the nominal interest rates into ex-ante real interest rates
WEO database to collect data on current account balances
The time-series cover the period 1996-2013
38 / 48
40. Results
Empirical results
Figure: Bayesian estimation results for sample period 1996-2008
5 10 15 20
-0.3
-0.2
-0.1
0
Nontradable: yN
t;i ! 7yN
t
5 10 15 20
-0.3
-0.2
-0.1
0
Tradable: yT
t;i ! 7yT
t
5 10 15 20
-0.1
0
0.1
0.2
Current account:
Bt;i
Yt;i
!
7Bt
7Yt
5 10 15 20
0
0.2
0.4
Real rate: ir
t;i !7ir
t
Responseof:
Shock:
Sample 1996-2008. 68% credibility intervals are generated by drawing from the posterior distribution: 50, 000 draws of which
40, 000 draws are discarded as burn-in iterations. Time is quarterly.
40 / 48
41. Results
Empirical results
Figure: Bayesian estimation results for sample period 1996-2008
5 10 15 20
-0.3
-0.2
-0.1
0
Nontradable: yN
t;i ! 7yN
t
5 10 15 20
-0.3
-0.2
-0.1
0
Tradable: yT
t;i ! 7yT
t
5 10 15 20
-0.1
0
0.1
0.2
Current account:
Bt;i
Yt;i
!
7Bt
7Yt
5 10 15 20
0
0.2
0.4
Real rate: ir
t;i !7ir
t
Responseof:
Shock:
Sample 1996-2008. 68% credibility intervals are generated by drawing from the posterior distribution: 50, 000 draws of which
40, 000 draws are discarded as burn-in iterations. Time is quarterly.
Figure: Bayesian estimation results for sample period 1996-2013
5 10 15 20
-0.2
0
0.2
Nontradeable: yN
t;i ! 7yN
t
5 10 15 20
-0.2
0
0.2
Tradable: yT
t;i ! 7yT
t
5 10 15 20
0
0.2
0.4
Current account:
Bt;i
Yt;i
!
7Bt
7Yt
5 10 15 20
-0.2
0
0.2
0.4
0.6
0.8
Real rate: ir
t;i !7ir
t
Shock:
Sample 1996-2013. 68% credibility intervals are generated by drawing from the posterior distribution: 50, 000 draws of which
40, 000 draws are discarded as burn-in iterations. Time is quarterly.
41 / 48
42. Policy options
Policy options
Crisis can be modeled as a ‘Minsky moment’ in which risk aversion
suddenly increases
Fiscal policy also offers a fairly straightforward tool to lean against
excessive private borrowing
Various policy options that can accommodate a less disruptive
rebalancing process are examined
Increasing competition in the nontradable sector
Deepening the internal market
42 / 48
43. Policy options
Increasing competition in the nontradable sector
Figure: Product market reform in South, transition path
0.76
0.78
0.8
0.82
0.84
0.86
0.88
0.9
0.64
0.66
0.68
0.7
0.72
1 3 5 7 9 11 13 15
e: sectoral allocation
KN/KT South LN/LT South (r-axis)
5.68
5.70
5.72
5.74
5.76
5.78
4.58
4.60
4.62
4.64
4.66
4.68
1 3 5 7 9 11 13 15
c: GDP
GDP South GDP North (r-axis)
1.50
1.55
1.60
1.65
1.70
1.75
1 3 5 7 9 11 13 15
a: relative price of nontradables
PN/ PT South PN/ PT North
0.5%
1.0%
1.5%
-73%
-72%
-71%
-70%
1 3 5 7 9 11 13 15
f: external position (% GDP)
NFA South CA South (r-axis)
1.92
1.94
1.96
1.98
1.65
1.66
1.67
1.68
1.69
1.70
1.71
1 3 5 7 9 11 13 15
b: private consumption
C South C North (r-axis)
0.55
0.57
0.59
0.61
0.63
0.65
0.67
1 3 5 7 9 11 13 15
d: relative sectoral size
YN/YT South YN/ YT North
43 / 48
44. Policy options
Deepening the internal market
Figure: Deepening the EA internal market, transition path
5.10
5.15
5.20
5.25
5.30
4.04
4.08
4.12
4.16
4.20
4.24
1 3 5 7 9 11 13 15
c: GDP
GDP South GDP North (r-axis)
1.32
1.37
1.42
1.47
1.50
1.55
1.60
1.65
1 3 5 7 9 11 13 15
a: relative price of nontradables
PN/ PT South PN/ PT North (r)
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
-90%
-86%
-82%
-78%
1 3 5 7 9 11 13 15
e: external position South (% GDP)
NFA South CA South (r-axis)
1.8
1.81
1.82
1.83
1.84
1.53
1.54
1.55
1.56
1.57
1 3 5 7 9 11 13 15
b: private consumption
C South C North (r-axis)
0.60
0.62
0.64
0.66
0.68
0.70
0.72
1 3 5 7 9 11 13 15
d: relative sectoral size
YN/YT South YN/ YT North
0.92
0.94
0.96
0.98
1 3 5 7 9 11 13 15 17 19
f: exchange rate RoW / EA
Exchange rate RoW/ EA
44 / 48
45. Conclusion
Conclusion
CA deficit and growth of NT sector in Southern Europe are natural
consequences of the fall in real interest rates
Wage growth (competitiveness problems) consequence, rather than
prime cause of imbalances
Shift towards less-productive NT sector potential driver of aggregate
productivity slowdown
Southern boom can also explain pivot towards export growth and
wage moderation in Northern Europe
Policy options/counterfactuals:
Liberalizing the Southern nontradable sector does not improve the
region’s external position
Deepening the European market for tradables induces a shift of
productive resources towards the tradable sector and boosts growth
45 / 48
46. Back-up slides
Calibration parameters
Parameters Description Value
βn Discount factor households 0.990
βs Discount factor households 0.980
σ Inverse of the elasticity of work effort 2.00
θz Weight of leisure 1.000
ηz Share of nontradables in consumption 0.667
αT Share of labor in the production function 0.550
αN Share of labor in the production function 0.600
δ Depreciation rate of physical capital 0.030
µN,n Market power nontradable sector 5.000
µN,s Market power nontradable sector 3.500
µT,n Market power tradable sector 10.000
µT,s Market power tradable sector 10.000
h Relative share of North in union 0.500
φ Capital adjustment costs 2.000
46 / 48
47. Back-up slides
0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1
Water Transport
Chemicals and Chemical Products
Basic Metals and Fabricated Metal
Rubber and Plastics
Air Transport
Electrical and Optical Equipment
Mining and Quarrying
Pulp, Paper, Paper , Printing and Publishing
Wood and Products of Wood and Cork
Other Non-Metallic Mineral
Other Supporting and Auxiliary Transport Activities; Activities of Travel Agencies
Transport Equipment
Coke, Refined Petroleum and Nuclear Fuel
Textiles and Textile Products
Machinery, Nec
Renting of M&Eq and Other Business Activities
Inland Transport
Financial Intermediation
Leather, Leather and Footwear
Wholesale Trade and Commission Trade, Except of Motor Vehicles and Motorcycles
Post and Telecommunications
Agriculture, Hunting, Forestry and Fishing
Electricity, Gas and Water Supply
Manufacturing, Nec; Recycling
Retail Trade, Except of Motor Vehicles and Motorcycles; Repair of Household Goods
Sale, Maintenance and Repair of Motor Vehicles and Motorcycles; Retail Sale of Fuel
Other Community, Social and Personal Services
Food, Beverages and Tobacco
Hotels and Restaurants
Real Estate Activities
Construction
Education
Public Admin and Defence; Compulsory Social Security
Health and Social Work
Private Households with Employed Persons
47 / 48