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Book part
Publication date: 24 March 2006

Pierre L. Siklos and Mark E. Wohar

Relying on Clive Granger's many and varied contributions to econometric analysis, this paper considers some of the key econometric considerations involved in estimating…

Abstract

Relying on Clive Granger's many and varied contributions to econometric analysis, this paper considers some of the key econometric considerations involved in estimating Taylor-type rules for US data. We focus on the roles of unit roots, cointegration, structural breaks, and non-linearities to make the case that most existing estimates are based on an unbalanced regression. A variety of estimates reveal that neglected cointegration results in the omission of a necessary error correction term and that Federal Reserve (Fed) reactions during the Greenspan era appear to have been asymmetric. We argue that error correction and non-linearities may be one way to estimate Taylor rules over long samples when the underlying policy regime may have changed significantly.

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Econometric Analysis of Financial and Economic Time Series
Type: Book
ISBN: 978-1-84950-388-4

Book part
Publication date: 24 March 2006

Gawon Yoon

In a brilliant career spanning almost five decades, Sir Clive Granger has made numerous contributions to time series econometrics. This paper reappraises his very first paper…

Abstract

In a brilliant career spanning almost five decades, Sir Clive Granger has made numerous contributions to time series econometrics. This paper reappraises his very first paper, published in 1957 on sunspot numbers.

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Econometric Analysis of Financial and Economic Time Series
Type: Book
ISBN: 978-1-84950-388-4

Book part
Publication date: 10 August 2015

Nicholas Hoover Wilson

This paper considers the East India Company’s emergence as a territorial power from the 1760s until the revocation of most of its commercial functions in 1834. While this period…

Abstract

This paper considers the East India Company’s emergence as a territorial power from the 1760s until the revocation of most of its commercial functions in 1834. While this period has been a key episode for historians of the British Empire and of South Asia, social scientists have struggled with the Company’s ambiguous nature. In this paper, I propose that a profitable way to grasp the Company’s transformation is to consider it as a global strategic action field. This perspective clarifies two key processes in the Company’s transition: the enlargement of its territorial possessions; and the increased exposure of its patrimonial network to intervention from British metropolitan politics. To further suggest the utility of this analytic perspective, I synthesize evidence from various sources, including data concerning the East India Court of Directors and the career histories of Company servants in two of its key administrative regions, Bengal and Madras, during this period of transition.

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Chartering Capitalism: Organizing Markets, States, and Publics
Type: Book
ISBN: 978-1-78560-093-7

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Nonlinear Time Series Analysis of Business Cycles
Type: Book
ISBN: 978-0-44451-838-5

Book part
Publication date: 29 February 2008

Namwon Hyung, Ser-Huang Poon and Clive W.J. Granger

This paper compares the out-of-sample forecasting performance of three long-memory volatility models (i.e., fractionally integrated (FI), break and regime switching) against three…

Abstract

This paper compares the out-of-sample forecasting performance of three long-memory volatility models (i.e., fractionally integrated (FI), break and regime switching) against three short-memory models (i.e., GARCH, GJR and volatility component). Using S&P 500 returns, we find that structural break models produced the best out-of-sample forecasts, if future volatility breaks are known. Without knowing the future breaks, GJR models produced the best short-horizon forecasts and FI models dominated for volatility forecasts of 10 days and beyond. The results suggest that S&P 500 volatility is non-stationary at least in some time periods. Controlling for extreme events (e.g., the 1987 crash) significantly improved forecasting performance.

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Forecasting in the Presence of Structural Breaks and Model Uncertainty
Type: Book
ISBN: 978-1-84950-540-6

Book part
Publication date: 1 April 2006

Oliver Morrissey, Daniel M'Amanja and Tim Lloyd

There is now a large, if rather contentious and inconclusive, cross-country empirical literature on the effectiveness of aid in contributing to economic growth. Surprisingly…

Abstract

There is now a large, if rather contentious and inconclusive, cross-country empirical literature on the effectiveness of aid in contributing to economic growth. Surprisingly, perhaps, there are very few country studies of aid effectiveness, and none of which we are aware that adopt a time series econometric approach to analyzing the impact of aid on growth. This chapter is an attempt to fill that gap, through a study of Kenya over the period 1964–2002. The core hypothesis underlying our approach is that aid does not have a direct effect on growth, but can have indirect effects through mediating channels. Given the requirements of time series techniques, we focus on two channels for the aid-growth relationship, one through effects on government fiscal relationship (as aid finances public spending) and another through effects on investment (as aid finances public investment). The analysis is no more than indicative but suggests a number of reasons why aid has not been effective in Kenya: reliance on aid loans to finance unanticipated budget deficits, low productivity of public investment and adverse effects of government behavior on private investment. Addressing these deficiencies is necessary if Kenya is to be enabled to utilize aid to improve its poor economic performance.

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Theory and Practice of Foreign Aid
Type: Book
ISBN: 978-0-444-52765-3

Book part
Publication date: 22 June 2012

Clive Smallman, Kevin Moore, Jude Wilson and David Simmons

We report field research undertaken in five sites in New Zealand in which we explored the process of tourists’ in-destination decision-making. We then critique our experiences of…

Abstract

We report field research undertaken in five sites in New Zealand in which we explored the process of tourists’ in-destination decision-making. We then critique our experiences of conducting this project.

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Field Guide to Case Study Research in Tourism, Hospitality and Leisure
Type: Book
ISBN: 978-1-78052-742-0

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Book part
Publication date: 9 November 2017

Sizwe Timothy Phakathi

This chapter examines and discusses the unintended outcomes of the production bonus scheme the mine had instituted to motivate and increase the productivity of the frontline…

Abstract

This chapter examines and discusses the unintended outcomes of the production bonus scheme the mine had instituted to motivate and increase the productivity of the frontline mining teams. This is crucial given that the maladministration of the bonus system could lead to a range of undesired outcomes such as deteriorating levels of trust between management and frontline workers, prioritisation of production at the expense of safety, poor work relations and ultimately low levels of organisational, employee and team performance. There are a number of organisational, management and labour factors that can render a production bonus scheme effective or ineffective. These factors influence the nature and extent of worker reactions to the bonus scheme.

This chapter examines and discusses the factors that influenced the reaction of the mining teams to the team-based production bonus scheme and the extent to which mine management fulfilled its side of the bargain in the implementation of the production bonus. The chapter highlights the manner in which the team-based bonus system influenced teams of stope workers to engage in their informal organisational practice of making plan (planisa) in order to offset the snags that jeopardised their prospects of earning the production bonus. The chapter reveals that, to a large extent, the productivity bonus generated conflict rather than cooperation at the point of production down the mine. As a result, the incentive scheme failed to live up to expectations by not eliciting the desired levels of organisational, worker and team performance at the rock-face.

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Production, Safety and Teamwork in a Deep-Level Mining Workplace
Type: Book
ISBN: 978-1-78714-564-1

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Handbook of Transport and the Environment
Type: Book
ISBN: 978-0-080-44103-0

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Review of Marketing Research
Type: Book
ISBN: 978-0-7656-1306-6

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