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Among the many factors fueling the inflationary tendencies in an economy such as monetary shocks, structural shocks, demand shocks, external shocks and demographic changes, the issue of inflation (INF) has also been found to be related to fiscal policy decisions of the government. The purpose of this study is to investigate the inflationary tendencies in India particularly from the fiscal point of view. The study also examines the influence of other potential determinants such as output growth rate, interest rate, trade-openness (TO) and oil price inflation (OPI).

To examine the dynamic nature of association between fiscal deficit and inflation, the study applies the Toda-Yamamoto (1995) test and Breitung and Candelon (2006) test to investigate the nature of causality in time and frequency domain frameworks. In addition, to scrutinize the possibility of a long-run association, that too from an asymmetric point of view, the study applies a Non-linear Autoregressive Distributed lag model (NARDL) given by Shin et al. (2014). Finally, non-linear cumulative dynamic multipliers are used to trace the traverse between disequilibrium position of short-run and subsequent long-run equilibrium of the system.

The authors found a unidirectional causality from fiscal deficit to inflation in case of time domain analysis and no feedback causality is reported. However, in case of frequency domain design, causality from fiscal deficit to inflation is found at low frequencies only, i.e. no short-run causality is established and hence dynamic nature of the relationship between the two variables is vindicated. Using NARDL model, the results document the existence of an asymmetric long-run direct association between fiscal deficit and inflation. However, an increase in deficit is found to be more inflationary and a decrease affects the inflation with a lower magnitude. The asymmetric impact of fiscal deficit on inflation can be explained through the existence of liquidity constraints, consumption-investment downward inflexibility and the downward price stickiness. Contractionary monetary policy action is found to be more effective than an expansionary one, signifying the asymmetric influence of monetary policy actions on the inflation of India. Similarly, in a supply-constrained economy with downward price rigidity, the authors found an asymmetric impact of output growth and output decline on inflation. As regard to the trade-openness, although an asymmetry is reported, the signs refute the validation of Romer (1993) hypothesis. Finally, the impact of oil price inflation on the inflationary pressures is according to theory but the coefficients are devoid of statistical significance.

These results indicate some important policy recommendations. Fiscal consolidation strategy should be executed in an appreciable manner to achieve the sound fiscal health and lower INF. The disciplined fiscal strategy would also be imperative for an effective monetary policy. Monetary authorities should possess noticeable credibility to manage the macroeconomic system and policy stances should be implemented according to requirements of the economy. Growth in output should be encouraged to have two-fold benefits to the economy – reducing INF on the one hand and fiscal deficits on the other.

The study contributes to the existing literature in the following ways. First, taking note of dynamic nature of the relationship between these two variables, the study examined the deficit INF nexus in a dynamic and asymmetric framework. The novelty of the study is ensured by the very nature of it is the first study in case of India to identify the fiscal INF in an asymmetric configuration. The authors applied a NARDL model, given by Shin et al. (2014) to examine the existence of any cointegrating relationship in an asymmetric paradigm. Second, the nature of causality between fiscal deficit and INF has been examined in a time domain and FD framework to portray precisely the casual interactions between these two variables in the short-run and long run. The study will, therefore, enrich the existing literature along the asymmetric lines.

The paper compares multi-period forecasting performances by direct and iterated method using Bayesian vector autoregressive (VAR) models.

The paper adopts Bayesian VAR models with three different priors – independent Normal-Wishart prior, the Minnesota prior and the stochastic search variable selection (SSVS). Monte Carlo simulations are conducted to compare forecasting performances. An empirical study using US macroeconomic data are shown as an illustration.

In theory direct forecasts are more efficient asymptotically and more robust to model misspecification than iterated forecasts, and iterated forecasts tend to bias but more efficient if the one-period ahead model is correctly specified. From the results of the Monte Carlo simulations, iterated forecasts tend to outperform direct forecasts, particularly with longer lag model and with longer forecast horizons. Implementing SSVS prior generally improves forecasting performance over unrestricted VAR model for either nonstationary or stationary data.

The paper finds that iterated forecasts using model with the SSVS prior generally best outperform, suggesting that the SSVS restrictions on insignificant parameters alleviates over-parameterized problem of VAR in one-step ahead forecast and thus offers an appreciable improvement in forecast performance of iterated forecasts.

Simulation is a well-known technique for using computers to imitate or simulate the operations of various kinds of real-world facilities or processes. The facility or process of interest is usually called a system, and to study it scientifically, we often have to make a set of assumptions about how it works. These assumptions, which usually take the form of mathematical or logical relationships, constitute a model that is used to gain some understanding of how the corresponding system behaves, and the quality of these understandings essentially depends on the credibility of given assumptions or models, known as VV&A (verification, validation and accreditation). The main purpose of this paper is to present an in-depth theoretical review and analysis for the application of VV&A in large-scale simulations.

After summarizing the VV&A of related research studies, the standards, frameworks, techniques, methods and tools have been discussed according to the characteristics of large-scale simulations (such as crowd network simulations).

The contributions of this paper will be useful for both academics and practitioners for formulating VV&A in large-scale simulations (such as crowd network simulations).

This paper will help researchers to provide support of a recommendation for formulating VV&A in large-scale simulations (such as crowd network simulations).

The purpose of this paper is to show that the environmental income drives economic growth of a large open country.

The authors detect that the relative environmental income has double effect of “conspicuous consumption” on the international renewable resource stock changes when a new social norm shapes to environmental-friendly behaviors by using normal macroeconomic approaches.

Every unit of extra demand for renewable resource consumption increases the net premium of domestic capital asset. Even if the technology spillovers are inefficient to the substitution of capital to labor force in a real business cycle, the relative income with scale effect increases drives savings to investment. In this case, the renewable resource consumption promotes both the reproduction to a higher level and saving the potential cost of environmental improvement. Even if without scale effects, the loss of technology inefficient can be compensated by net positive consumption externality for economic growth in a sustainable manner.

It implies how to earn the environment income determines the future pathway of China’s rural conversion to the era of eco-urbanization.

We test the tax incidence to demonstrate an experimental taxation for environmental improvement ultimately burdens on international consumption side.

Polyvictimization means looking at multiple victimizations of different kinds that one person has experienced. Virtually, all of the work in this field focuses on the effects of childhood trauma and victimization on currently distressed children, and empirical and theoretical work on the intertwining of adult female offline and online abuse experiences is in short supply. Recently, however, some scholars are starting to fill these research gaps by generating data showing that technology-facilitated violence and abuse are part and parcel of women's polyvictimization experiences at institutions of higher education. This chapter provides an in-depth review of the extant social scientific literature on the role technology-facilitated violence and abuse plays in the polyvictimization of female college/university students. In addition to proposing new ways of knowing, we suggest progressive policies and practices aimed at preventing polyvictimization on the college campus.

Capstone courses in leadership provide students opportunities to synthesize prior knowledge about various aspects of leadership. This article describes the Leadership for Dummies project, which could be used as a capstone experience for leadership majors. Based on his experiences as a psychological researcher, Gardner (2008) identified five minds individuals should develop: the disciplined mind (being an expert in one area), the synthesizing mind (gathering information from multiple sources and combining the information in a meaningful way), the creating mind (building new boxes and thinking outside the old ones), the respectful mind (valuing the differences of others), and the ethical mind (doing what is right). The Leadership for Dummies assignment requires students to use their disciplined, synthesizing, and creating minds to develop new ways of thinking needed by tomorrow’s leaders. Anecdotal evidence suggests the assignment is helping students make meaning out of their undergraduate experience while taking ownership of their own learning.

A proposition offered in this manuscript is that activist musicians use their musical competencies to enhance their social change strategies within the local community. However, it is unclear what strategies are being utilized by local activist musicians in order to reach collective action and achieve social and political change. A self-developed framework, the Framework for Activist Musicians (FAM), portrays how an activist musician utilizes their social experiences, behaviors, and influence to enact social change. The framework delineates how a musician utilizes their music-making involvement and status to enhance their charisma and authenticity as an activist to establish social change. Additionally, the framework outlines the unique qualities of a musician and activist which make them well-prepared to be an influential community leader.

Challenging, novel, and educational experiences are critical contributors to effective leader and follower development, in part, because such developmental experiences enable people to reconceptualize their perceptions about the traits and characteristics of effective leaders, or their implicit leadership theory (ILT). To understand how ILTs develop throughout developmental experiences, we examine the ILTs of 276 undergraduate students at the beginning and end of their first year of college. Using an open-ended ILT response format, a unique ILT trait of integrity emerged along with the dominant ILT traits of sensitivity, charisma, and dedication identified in previous literature. Overcoming limitations of the factor-based ILT approach, we investigate the development of ILT constellations, allowing a holistic picture of ILTs and how they throughout a developmental experience. Based on cluster analyses, four constellations of ILT themes emerged. Participants shifted to different ILT constellations after a year in college, moving from a non-descript, varied constellation toward constellations with clearly defined, dominant themes. Exploratory analysis revealed that completion of leadership coursework partially explains the shift towards more descript ILT constellations. Results have implications for new methods of future research using the ILTs constellation perspective and the practice of undergraduate leadership education in facilitating leader development among college students.