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You searched for subject:(Local Projections). Showing records 1 – 2 of 2 total matches.

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Texas A&M University

1. Zhou, Cheng. Essays on the State Dependent Effects of Monetary Policy and Fiscal Policy.

Degree: PhD, Economics, 2015, Texas A&M University

This dissertation analyzes the effects of monetary policy and fiscal policy from a state-dependent perspective. The first chapter is on the dynamic effect of monetary policy on asset price. Employing a two-state threshold local projection method, we find that when the Fed increases the Federal Funds rate, the stock price decreases in normal times, but increases during bubbly episodes. We allow time-varying risk premium and show that this result is driven by both the asymmetric effects on fundamentals and the existence of bubbles. Moreover, the paper captures the effect of an exogenous tightening monetary shock on stock prices as an increasing function of the size of bubbles, using a flexible semiparametric varying-coefficient model specification. The state-dependent evidence is more informative in measuring monetary policy effects than linear or time-varying methods, and is also robust to different identification schemes and various definitions of bubbles. This paper points out two important transmission channels of monetary policy on asset price: risk premium and asset bubbles, which are often ignored in theoretical models. On the policy side, our empirical analysis suggests that central banks should be cautious about adopting “leaning against bubble” monetary policies when the bubble size is relatively large. Another contribution is that we propose a novel empirical framework to study generalized state-dependent impulse response functions, a methodology which should have many applications in macroeconomics. The second chapter uses more than one hundred years of US historical data to examine the fiscal multiplier and how it may differ during different economic conditions. Using the flexible semiparametric varying coefficient method in the framework of local projections, we directly model the fiscal multiplier as a function of various state variables. The paper shows that the U.S. fiscal multiplier is slightly below one and approximately the same, during periods of slack as compared to normal times. Our results suggest that fiscal policy was not necessarily a more powerful tool to stimulate aggregate demand during the “Great Recession”. Advisors/Committee Members: Jansen, Dennis W. (advisor), Chen, Yong (committee member), Zhang, Yuzhe (committee member), Zubairy, Sarah (committee member).

Subjects/Keywords: State-Dependent Effect; Local Projections; Monetary Policy Shock; Fiscal Policy Shock; Semi-parametric Estimation

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Zhou, C. (2015). Essays on the State Dependent Effects of Monetary Policy and Fiscal Policy. (Doctoral Dissertation). Texas A&M University. Retrieved from http://hdl.handle.net/1969.1/155721

Chicago Manual of Style (16th Edition):

Zhou, Cheng. “Essays on the State Dependent Effects of Monetary Policy and Fiscal Policy.” 2015. Doctoral Dissertation, Texas A&M University. Accessed September 20, 2020. http://hdl.handle.net/1969.1/155721.

MLA Handbook (7th Edition):

Zhou, Cheng. “Essays on the State Dependent Effects of Monetary Policy and Fiscal Policy.” 2015. Web. 20 Sep 2020.

Vancouver:

Zhou C. Essays on the State Dependent Effects of Monetary Policy and Fiscal Policy. [Internet] [Doctoral dissertation]. Texas A&M University; 2015. [cited 2020 Sep 20]. Available from: http://hdl.handle.net/1969.1/155721.

Council of Science Editors:

Zhou C. Essays on the State Dependent Effects of Monetary Policy and Fiscal Policy. [Doctoral Dissertation]. Texas A&M University; 2015. Available from: http://hdl.handle.net/1969.1/155721

2. Valivarthi, Mohan Varma. A Finite Element Time Relaxation Method.

Degree: Computer and Electrical Engineering (IDE), 2012, Halmstad University

In our project we discuss a finite element time-relaxation method for high Reynolds number flows. The key idea consists of using local projections on polynomials defined on macro element of each pair of two elements sharing a face. We give the formulation for the scalar convection–diffusion equation and a numerical illustration.

Subjects/Keywords: high Reynolds flow; time relaxation; local projections; convection-diffusion equation

projections and the penalty form is completely local. The method based on polynomial projections… …method for the Stokes problem is established, based on local L2 pressure projection [13… …x5D;. These projections are introduced in order to address instability present for elements… …eliminate the instability, an element based pressure projections in the mixed bilinear form are… …not be enough to ensure stability. In this stabilization approach, in addition to local… 

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Valivarthi, M. V. (2012). A Finite Element Time Relaxation Method. (Thesis). Halmstad University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-17728

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16th Edition):

Valivarthi, Mohan Varma. “A Finite Element Time Relaxation Method.” 2012. Thesis, Halmstad University. Accessed September 20, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-17728.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7th Edition):

Valivarthi, Mohan Varma. “A Finite Element Time Relaxation Method.” 2012. Web. 20 Sep 2020.

Vancouver:

Valivarthi MV. A Finite Element Time Relaxation Method. [Internet] [Thesis]. Halmstad University; 2012. [cited 2020 Sep 20]. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-17728.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Valivarthi MV. A Finite Element Time Relaxation Method. [Thesis]. Halmstad University; 2012. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-17728

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

.