How To Shift Consumer Behaviors to be more sustainable; a literature review a...Nicha Tatsaneeyapan
This article presents a literature review and framework for understanding how to shift consumer behaviors to be more sustainable. The framework is called SHIFT and proposes that consumers are more likely to engage in pro-environmental behaviors when messages or contexts leverage social influence, habit formation, individual identity, feelings and cognition, and tangibility. The review identified these five factors as the most common ways discussed in the literature to encourage sustainable consumption. The article then provides an in-depth discussion of each of these five factors and how they can shape consumer decision making and behaviors related to sustainability.
This document summarizes key aspects of data privacy protection based on a journal article. It discusses how data privacy can be achieved through technical and social solutions, as well as complying with relevant laws and regulations. International Data Privacy Principles are proposed that draw from standards in Asia, Europe, the US and internationally. Hong Kong's Personal Data Privacy Ordinance is used as an example, outlining its six data protection principles. Protecting data privacy is seen as urgent and complex due to issues like socio-techno risks from technology use and the need to balance various parameters in contractual agreements regarding data use.
Linkages between extreme stock market and currency returnsNicha Tatsaneeyapan
1) The document investigates the empirical link between extreme events in local stock and currency markets for 26 countries using daily return data from 1996-2005.
2) Preliminary results show that in some emerging markets, an extreme stock market decline increased the probability of an extreme currency depreciation on the same day.
3) For currency markets, there is evidence of spillover of extreme events within regions, but limited influence across regions. Extreme events in stock markets are more globally interconnected, especially when originating from the US.
Scenario generation and stochastic programming models for asset liabiltiy man...Nicha Tatsaneeyapan
This document discusses scenario generation methods for asset liability management models. It proposes a multi-stage stochastic programming model for a Dutch pension fund to determine optimal investment policies. Two methods for generating scenarios are explored: randomly sampled event trees and event trees that fit the mean and covariance of returns. Rolling horizon simulations are used to compare the performance of the stochastic programming approach to a fixed mix model. The results show that appropriately generated scenarios can significantly improve the performance of the stochastic programming model relative to the fixed mix benchmark.
The document discusses how incentive fees and a hedge fund manager's personal investment in the fund affect the manager's risk-taking behavior. It presents a theoretical model analyzing how loss-averse managers, as described by prospect theory, will increase risk when incentive fees are higher in order to maximize the chance of earning those fees. However, risk-taking is reduced when the manager has a substantial personal investment (at least 30%) in the fund. The document then empirically tests these predictions using data on hedge funds and funds of funds, finding support for higher risk-taking being positively related to incentive fee levels.
This document discusses a study that examines how loss aversion affects household portfolio choices. The study uses survey data from Dutch households that includes direct measures of each household's loss aversion coefficient, derived from questions involving hypothetical payoffs. The study finds that higher loss aversion is associated with a lower probability of participating in equity markets. It also finds that higher loss aversion reduces the probability of direct stockholding more than the probability of owning mutual funds. After controlling for other factors, the study does not find a significant relationship between loss aversion and portfolio allocations.
Estimating ambiguity preferences and perceptions in multiple prior models: Ev...Nicha Tatsaneeyapan
The document presents research estimating ambiguity preferences and perceptions using a multiple prior model. Key findings include:
1) The α-MaxMin model best explains choices under ambiguity, with one parameter (α) measuring ambiguity aversion and another (δ) quantifying perceived ambiguity.
2) On average, Americans are slightly ambiguity averse (α=0.56), but perceptions of ambiguity vary (δ=0.40).
3) Ambiguity aversion is more common for moderate-high likelihood gains, but ambiguity seeking prevails for low likelihoods and losses.
The document proposes a smooth transition model for forecasting housing markets that allows the weights assigned to short-term positive serial correlation and long-term mean reversion to fundamental values to vary dynamically over time. It estimates the model using US national house price index data from 1960 to 2012. The results show the switching mechanism significantly improves the in-sample fit and the model performs better than benchmark models in out-of-sample forecasting.
How To Shift Consumer Behaviors to be more sustainable; a literature review a...Nicha Tatsaneeyapan
This article presents a literature review and framework for understanding how to shift consumer behaviors to be more sustainable. The framework is called SHIFT and proposes that consumers are more likely to engage in pro-environmental behaviors when messages or contexts leverage social influence, habit formation, individual identity, feelings and cognition, and tangibility. The review identified these five factors as the most common ways discussed in the literature to encourage sustainable consumption. The article then provides an in-depth discussion of each of these five factors and how they can shape consumer decision making and behaviors related to sustainability.
This document summarizes key aspects of data privacy protection based on a journal article. It discusses how data privacy can be achieved through technical and social solutions, as well as complying with relevant laws and regulations. International Data Privacy Principles are proposed that draw from standards in Asia, Europe, the US and internationally. Hong Kong's Personal Data Privacy Ordinance is used as an example, outlining its six data protection principles. Protecting data privacy is seen as urgent and complex due to issues like socio-techno risks from technology use and the need to balance various parameters in contractual agreements regarding data use.
Linkages between extreme stock market and currency returnsNicha Tatsaneeyapan
1) The document investigates the empirical link between extreme events in local stock and currency markets for 26 countries using daily return data from 1996-2005.
2) Preliminary results show that in some emerging markets, an extreme stock market decline increased the probability of an extreme currency depreciation on the same day.
3) For currency markets, there is evidence of spillover of extreme events within regions, but limited influence across regions. Extreme events in stock markets are more globally interconnected, especially when originating from the US.
Scenario generation and stochastic programming models for asset liabiltiy man...Nicha Tatsaneeyapan
This document discusses scenario generation methods for asset liability management models. It proposes a multi-stage stochastic programming model for a Dutch pension fund to determine optimal investment policies. Two methods for generating scenarios are explored: randomly sampled event trees and event trees that fit the mean and covariance of returns. Rolling horizon simulations are used to compare the performance of the stochastic programming approach to a fixed mix model. The results show that appropriately generated scenarios can significantly improve the performance of the stochastic programming model relative to the fixed mix benchmark.
The document discusses how incentive fees and a hedge fund manager's personal investment in the fund affect the manager's risk-taking behavior. It presents a theoretical model analyzing how loss-averse managers, as described by prospect theory, will increase risk when incentive fees are higher in order to maximize the chance of earning those fees. However, risk-taking is reduced when the manager has a substantial personal investment (at least 30%) in the fund. The document then empirically tests these predictions using data on hedge funds and funds of funds, finding support for higher risk-taking being positively related to incentive fee levels.
This document discusses a study that examines how loss aversion affects household portfolio choices. The study uses survey data from Dutch households that includes direct measures of each household's loss aversion coefficient, derived from questions involving hypothetical payoffs. The study finds that higher loss aversion is associated with a lower probability of participating in equity markets. It also finds that higher loss aversion reduces the probability of direct stockholding more than the probability of owning mutual funds. After controlling for other factors, the study does not find a significant relationship between loss aversion and portfolio allocations.
Estimating ambiguity preferences and perceptions in multiple prior models: Ev...Nicha Tatsaneeyapan
The document presents research estimating ambiguity preferences and perceptions using a multiple prior model. Key findings include:
1) The α-MaxMin model best explains choices under ambiguity, with one parameter (α) measuring ambiguity aversion and another (δ) quantifying perceived ambiguity.
2) On average, Americans are slightly ambiguity averse (α=0.56), but perceptions of ambiguity vary (δ=0.40).
3) Ambiguity aversion is more common for moderate-high likelihood gains, but ambiguity seeking prevails for low likelihoods and losses.
The document proposes a smooth transition model for forecasting housing markets that allows the weights assigned to short-term positive serial correlation and long-term mean reversion to fundamental values to vary dynamically over time. It estimates the model using US national house price index data from 1960 to 2012. The results show the switching mechanism significantly improves the in-sample fit and the model performs better than benchmark models in out-of-sample forecasting.
Retirement saving with contribution payments and labor income as a benchmark ...Nicha Tatsaneeyapan
This document summarizes a research paper about modeling retirement savings when contributions are made and labor income is used as a benchmark for investments. The key points are:
1) A retirement savings model is presented where a plan sponsor makes contributions to finance an employee's retirement. The goal is to ensure the employee can maintain their consumption after retiring based on their labor income.
2) Dynamic programming is used to derive optimal investment and contribution strategies as functions of the wealth-to-income ratio and wage growth rate.
3) The analysis finds that contribution payments significantly increase risk-taking at low wealth levels. It also finds that considering downside risk can paradoxically increase risky investing at low wealth levels due to increasing relative risk
Early Warning Systems for Currency Crises: A Multivariate Extreme Value Appr...Nicha Tatsaneeyapan
This document summarizes a study that applies multivariate extreme value theory to test whether extreme exchange rate movements are associated with extreme movements in lagged macroeconomic variables. The study finds that nearly all fundamental variables have no relation with extreme exchange rate returns, except for the real interest rate. The probability of a currency crisis occurring within 12 months of a positive extreme real interest rate value is estimated to be 30%. Existing early warning systems for currency crises may perform poorly out of sample because they do not account for the tail dependence between variables.
This document presents a theoretical and empirical study of how incentives affect risk taking in hedge funds. The theoretical section develops a model to analyze how incentive fees and a manager's personal investment in the fund impact the manager's risk preferences under prospect theory. It finds that incentive fees reduce implicit loss aversion and increase risk taking, while a manager's own investment increases loss aversion and reduces risk taking. The empirical section analyzes a large hedge fund database and finds funds with incentive fees have higher downside risk and lower average returns than funds without such fees.
The effect of VaR-based risk management on asset prices and the volatility s...Nicha Tatsaneeyapan
This document summarizes a research paper that investigates the effects of Value-at-Risk (VaR) based risk management on asset prices and option prices. The key points are:
1) The authors build an economic model to study how VaR constraints affect stock and option markets. They find that VaR constraints generally reduce stock market volatility but can sometimes increase risks of extreme losses.
2) Option prices in the model display a "volatility smile" where implied volatilities are higher for out of the money options, consistent with real world markets.
3) VaR constraints are similar to the optimal investment strategies of loss-averse investors, who try to limit losses but take risks once losses
The document presents a model selection rule for combining exchange rate forecasts from multiple fundamental models. The rule uses backward elimination regression to select a small set of models based on their recent out-of-sample forecasting performance. This allows the weights on different fundamentals to vary over time, consistent with theories of time-varying relationships between exchange rates and fundamentals under model uncertainty. Out-of-sample tests show the combined forecasts from this dynamic rule significantly outperform a random walk for 5 of 10 currencies and yield meaningful investment profits.
HIGH-PERFORMANCE COMPUTING FOR ASSET-LIABILITY MANAGEMENTNicha Tatsaneeyapan
This article discusses using high-performance computing to solve very large asset-liability management problems formulated as stochastic programs. The authors solved a model for a Dutch pension fund with over 4.8 million scenarios, 12.5 million constraints and 25 million variables, which is the largest stochastic linear program ever solved. Specialized model generation and decomposition methods were key to tackling problems of this size. Results showed the initial optimal asset mix stabilized for larger models, demonstrating potential benefits of high-performance computing for asset-liability management.
Endogenous Price Bubbles in a Multi-Agent System of the Housing MarketNicha Tatsaneeyapan
This research article presents a multi-agent model of the US housing market that can endogenously produce boom-bust cycles. The model includes fundamentalist and chartist agents who switch between forecasting rules based on recent performance. When estimated with US housing price data from 1960-2014, the model fits the data well and can generate bubbles and crashes without external shocks. This suggests trading between heterogeneous agents alone can cause major price swings absent fundamental changes.
Comparisons of Foreign Multinationals and Local Firms in Asian Manufacturing...Nicha Tatsaneeyapan
This document summarizes a paper that compares economic characteristics of foreign multinational corporations (MNCs) and local firms in five Asian countries over time. The paper finds that foreign MNCs generally had larger shares of exports but smaller shares of employment and production compared to local firms. Foreign MNCs also tended to have higher labor productivity, capital productivity, capital intensity, profit rates, and import/export levels. Differences between wholly foreign and partially foreign firms, and between MNCs from different home countries, were also statistically significant in many cases. The paper aims to provide a quantitative analysis of differences between foreign and local firms in Asian manufacturing over time.
MNEs paid higher wages than local plants in Malaysian manufacturing. After accounting for differences in worker characteristics like education and occupation between MNEs and locals, as well as plant characteristics, MNEs still paid 5-9% more on average. The wage differential was positive and statistically significant for MNEs compared to locals in several key industries like food, chemicals, machinery, and electronics, even after controlling for other factors. However, the size of the differential varied between industries and samples.
Variations in human resource management in asian countries mnc home country a...Nicha Tatsaneeyapan
This document summarizes a research paper that investigates the determinants of human resource management (HRM) strategies used by firms operating in Korea and Taiwan. The researchers measured firms' reliance on high-performance versus traditional HRM policies across areas like staffing, rewards, and employee autonomy. They hypothesized that indigenous firms would be more likely to use organic, high-performance strategies compared to multinational corporation (MNC) subsidiaries. MNC home country effects and host country effects were also examined. The researchers found pronounced differences in HRM strategies based on country of origin and between host countries. Organizational characteristics also impacted HRM strategy.
1) The document examines how central banks balance inflation/output targets with costly sterilization of capital inflows. When sterilization costs rise, central banks limit sterilization, allowing exchange rates to adjust.
2) Empirical tests on developing countries from 1984-1992 confirm monetary policy responds to higher sterilization costs by allowing greater exchange rate changes. However, other model predictions have mixed results depending on how endogeneity is treated.
3) A theoretical model shows that higher sterilization costs are incorporated into central bank decisions as they impact the consolidated public sector budget constraint. This leads central banks to limit sterilization and tolerate more exchange rate movement.
Comparisons of Foreign Multinationals and Local Firms in Asian Manufacturing...Nicha Tatsaneeyapan
This document summarizes a paper that compares economic characteristics of foreign multinational corporations (MNCs) and local firms in five Asian countries over time. The paper finds that foreign MNCs generally had larger shares of exports but smaller shares of employment and production compared to local firms. Foreign MNCs also tended to have higher labor productivity, capital productivity, capital intensity, profit rates, and import/export levels. Differences between wholly foreign and partially foreign firms, and between MNCs from different home countries, were also statistically significant in many cases. The paper aims to provide a quantitative analysis of differences between foreign and local firms in Asian manufacturing over time.
THE OPTIMAL LEVEL OF INTERNATIONAL RESERVES FOR EMERGING MARKET COUNTRIES: A ...Nicha Tatsaneeyapan
This document presents a model for determining the optimal level of international reserves that a small open emerging market economy should hold. The model derives a formula showing that the optimal reserve level depends on factors such as the probability and size of sudden stops in capital flows, the country's risk aversion, and the opportunity cost of holding reserves. When calibrated using data on sudden stops, the model can explain reserve levels of around 9% of GDP for plausible parameter values, similar to averages for emerging markets. However, it has difficulty explaining very high Asian reserve levels without assuming high output costs and risk aversion for sudden stops in those countries.
The document analyzes whether countries that claim to have floating exchange rates are actually allowing their currencies to float freely. It finds that in many cases, countries labeled as floating or managed floating are in fact intervening significantly to limit exchange rate movements through actions such as foreign exchange purchases and interest rate adjustments. This "fear of floating" is evidenced by exchange rates, reserves, and interest rates fluctuating within narrow bands much like in pegged regimes, despite labels suggesting greater flexibility. The authors develop an exchange rate flexibility index to more accurately capture the degree of intervention across different exchange rate arrangements.
This document provides tips for conducting interviews, including asking open-ended questions focused on specifics of time and place, being aware of body language and emotions, allowing silence without suggesting answers, focusing on one topic at a time, and showing empathy. It also defines an empathy map as a tool to understand a user's background, needs, and perspective, and defines a problem statement to clearly identify the problem or opportunity. Additional sections provide tips for ideating such as focusing on quantity over quality, separating idea generation from evaluation, building on others' ideas, and encouraging novel ideas, as well as tips for prototyping with a focus on early failures and testing with a focus on feedback.
The real exchange rate and economic growth: revisiting the case using exter...Nicha Tatsaneeyapan
This working paper investigates the impact of real exchange rate movements on economic growth using instrumental variables to address reverse causality. The main findings are:
1) Real depreciation significantly raises annual real GDP growth, while real appreciation reduces growth, especially for developing countries and pegs. This effect is not significant for advanced countries and floats.
2) The effects of real exchange rate movements appear approximately symmetric between appreciations and depreciations.
3) The instrumental variables estimates find larger effects than previous studies, strengthening the conclusion that exchange rates matter more for growth in developing economies.
This document provides a preface and table of contents for a book on macroeconomics. The preface describes the book's purpose as a supplement to another macroeconomics textbook that uses more intuitive and graphical explanations rather than formal models. This book aims to work out more concrete formal models using students' calculus skills. It describes the book's organization and alignment with the other textbook's chapters. It also provides information on teaching the material, exercises included, acknowledgements, and contact information for the authors.
Retirement saving with contribution payments and labor income as a benchmark ...Nicha Tatsaneeyapan
This document summarizes a research paper about modeling retirement savings when contributions are made and labor income is used as a benchmark for investments. The key points are:
1) A retirement savings model is presented where a plan sponsor makes contributions to finance an employee's retirement. The goal is to ensure the employee can maintain their consumption after retiring based on their labor income.
2) Dynamic programming is used to derive optimal investment and contribution strategies as functions of the wealth-to-income ratio and wage growth rate.
3) The analysis finds that contribution payments significantly increase risk-taking at low wealth levels. It also finds that considering downside risk can paradoxically increase risky investing at low wealth levels due to increasing relative risk
Early Warning Systems for Currency Crises: A Multivariate Extreme Value Appr...Nicha Tatsaneeyapan
This document summarizes a study that applies multivariate extreme value theory to test whether extreme exchange rate movements are associated with extreme movements in lagged macroeconomic variables. The study finds that nearly all fundamental variables have no relation with extreme exchange rate returns, except for the real interest rate. The probability of a currency crisis occurring within 12 months of a positive extreme real interest rate value is estimated to be 30%. Existing early warning systems for currency crises may perform poorly out of sample because they do not account for the tail dependence between variables.
This document presents a theoretical and empirical study of how incentives affect risk taking in hedge funds. The theoretical section develops a model to analyze how incentive fees and a manager's personal investment in the fund impact the manager's risk preferences under prospect theory. It finds that incentive fees reduce implicit loss aversion and increase risk taking, while a manager's own investment increases loss aversion and reduces risk taking. The empirical section analyzes a large hedge fund database and finds funds with incentive fees have higher downside risk and lower average returns than funds without such fees.
The effect of VaR-based risk management on asset prices and the volatility s...Nicha Tatsaneeyapan
This document summarizes a research paper that investigates the effects of Value-at-Risk (VaR) based risk management on asset prices and option prices. The key points are:
1) The authors build an economic model to study how VaR constraints affect stock and option markets. They find that VaR constraints generally reduce stock market volatility but can sometimes increase risks of extreme losses.
2) Option prices in the model display a "volatility smile" where implied volatilities are higher for out of the money options, consistent with real world markets.
3) VaR constraints are similar to the optimal investment strategies of loss-averse investors, who try to limit losses but take risks once losses
The document presents a model selection rule for combining exchange rate forecasts from multiple fundamental models. The rule uses backward elimination regression to select a small set of models based on their recent out-of-sample forecasting performance. This allows the weights on different fundamentals to vary over time, consistent with theories of time-varying relationships between exchange rates and fundamentals under model uncertainty. Out-of-sample tests show the combined forecasts from this dynamic rule significantly outperform a random walk for 5 of 10 currencies and yield meaningful investment profits.
HIGH-PERFORMANCE COMPUTING FOR ASSET-LIABILITY MANAGEMENTNicha Tatsaneeyapan
This article discusses using high-performance computing to solve very large asset-liability management problems formulated as stochastic programs. The authors solved a model for a Dutch pension fund with over 4.8 million scenarios, 12.5 million constraints and 25 million variables, which is the largest stochastic linear program ever solved. Specialized model generation and decomposition methods were key to tackling problems of this size. Results showed the initial optimal asset mix stabilized for larger models, demonstrating potential benefits of high-performance computing for asset-liability management.
Endogenous Price Bubbles in a Multi-Agent System of the Housing MarketNicha Tatsaneeyapan
This research article presents a multi-agent model of the US housing market that can endogenously produce boom-bust cycles. The model includes fundamentalist and chartist agents who switch between forecasting rules based on recent performance. When estimated with US housing price data from 1960-2014, the model fits the data well and can generate bubbles and crashes without external shocks. This suggests trading between heterogeneous agents alone can cause major price swings absent fundamental changes.
Comparisons of Foreign Multinationals and Local Firms in Asian Manufacturing...Nicha Tatsaneeyapan
This document summarizes a paper that compares economic characteristics of foreign multinational corporations (MNCs) and local firms in five Asian countries over time. The paper finds that foreign MNCs generally had larger shares of exports but smaller shares of employment and production compared to local firms. Foreign MNCs also tended to have higher labor productivity, capital productivity, capital intensity, profit rates, and import/export levels. Differences between wholly foreign and partially foreign firms, and between MNCs from different home countries, were also statistically significant in many cases. The paper aims to provide a quantitative analysis of differences between foreign and local firms in Asian manufacturing over time.
MNEs paid higher wages than local plants in Malaysian manufacturing. After accounting for differences in worker characteristics like education and occupation between MNEs and locals, as well as plant characteristics, MNEs still paid 5-9% more on average. The wage differential was positive and statistically significant for MNEs compared to locals in several key industries like food, chemicals, machinery, and electronics, even after controlling for other factors. However, the size of the differential varied between industries and samples.
Variations in human resource management in asian countries mnc home country a...Nicha Tatsaneeyapan
This document summarizes a research paper that investigates the determinants of human resource management (HRM) strategies used by firms operating in Korea and Taiwan. The researchers measured firms' reliance on high-performance versus traditional HRM policies across areas like staffing, rewards, and employee autonomy. They hypothesized that indigenous firms would be more likely to use organic, high-performance strategies compared to multinational corporation (MNC) subsidiaries. MNC home country effects and host country effects were also examined. The researchers found pronounced differences in HRM strategies based on country of origin and between host countries. Organizational characteristics also impacted HRM strategy.
1) The document examines how central banks balance inflation/output targets with costly sterilization of capital inflows. When sterilization costs rise, central banks limit sterilization, allowing exchange rates to adjust.
2) Empirical tests on developing countries from 1984-1992 confirm monetary policy responds to higher sterilization costs by allowing greater exchange rate changes. However, other model predictions have mixed results depending on how endogeneity is treated.
3) A theoretical model shows that higher sterilization costs are incorporated into central bank decisions as they impact the consolidated public sector budget constraint. This leads central banks to limit sterilization and tolerate more exchange rate movement.
Comparisons of Foreign Multinationals and Local Firms in Asian Manufacturing...Nicha Tatsaneeyapan
This document summarizes a paper that compares economic characteristics of foreign multinational corporations (MNCs) and local firms in five Asian countries over time. The paper finds that foreign MNCs generally had larger shares of exports but smaller shares of employment and production compared to local firms. Foreign MNCs also tended to have higher labor productivity, capital productivity, capital intensity, profit rates, and import/export levels. Differences between wholly foreign and partially foreign firms, and between MNCs from different home countries, were also statistically significant in many cases. The paper aims to provide a quantitative analysis of differences between foreign and local firms in Asian manufacturing over time.
THE OPTIMAL LEVEL OF INTERNATIONAL RESERVES FOR EMERGING MARKET COUNTRIES: A ...Nicha Tatsaneeyapan
This document presents a model for determining the optimal level of international reserves that a small open emerging market economy should hold. The model derives a formula showing that the optimal reserve level depends on factors such as the probability and size of sudden stops in capital flows, the country's risk aversion, and the opportunity cost of holding reserves. When calibrated using data on sudden stops, the model can explain reserve levels of around 9% of GDP for plausible parameter values, similar to averages for emerging markets. However, it has difficulty explaining very high Asian reserve levels without assuming high output costs and risk aversion for sudden stops in those countries.
The document analyzes whether countries that claim to have floating exchange rates are actually allowing their currencies to float freely. It finds that in many cases, countries labeled as floating or managed floating are in fact intervening significantly to limit exchange rate movements through actions such as foreign exchange purchases and interest rate adjustments. This "fear of floating" is evidenced by exchange rates, reserves, and interest rates fluctuating within narrow bands much like in pegged regimes, despite labels suggesting greater flexibility. The authors develop an exchange rate flexibility index to more accurately capture the degree of intervention across different exchange rate arrangements.
This document provides tips for conducting interviews, including asking open-ended questions focused on specifics of time and place, being aware of body language and emotions, allowing silence without suggesting answers, focusing on one topic at a time, and showing empathy. It also defines an empathy map as a tool to understand a user's background, needs, and perspective, and defines a problem statement to clearly identify the problem or opportunity. Additional sections provide tips for ideating such as focusing on quantity over quality, separating idea generation from evaluation, building on others' ideas, and encouraging novel ideas, as well as tips for prototyping with a focus on early failures and testing with a focus on feedback.
The real exchange rate and economic growth: revisiting the case using exter...Nicha Tatsaneeyapan
This working paper investigates the impact of real exchange rate movements on economic growth using instrumental variables to address reverse causality. The main findings are:
1) Real depreciation significantly raises annual real GDP growth, while real appreciation reduces growth, especially for developing countries and pegs. This effect is not significant for advanced countries and floats.
2) The effects of real exchange rate movements appear approximately symmetric between appreciations and depreciations.
3) The instrumental variables estimates find larger effects than previous studies, strengthening the conclusion that exchange rates matter more for growth in developing economies.
This document provides a preface and table of contents for a book on macroeconomics. The preface describes the book's purpose as a supplement to another macroeconomics textbook that uses more intuitive and graphical explanations rather than formal models. This book aims to work out more concrete formal models using students' calculus skills. It describes the book's organization and alignment with the other textbook's chapters. It also provides information on teaching the material, exercises included, acknowledgements, and contact information for the authors.
2. EFFECT OF MONETARY POLICY ANNOUNCEMENT
ON VOLATILITIES OF THAI BOND MARKET
Miss Sarisa Kotaweera
A Thesis Submitted in Partial Fulfillment of the Requirements
for the Degree of Master of Program in Economics
Faculty of Economics
Chulalongkorn University
Academic Year 2007
Copyright of Chulalongkorn University