Humanities and Social Sciences

Central European Journal of Economic Modelling and Econometrics

Content

Central European Journal of Economic Modelling and Econometrics | 2011 | No 1 |

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Abstract

We consider fiscal and monetary policy interactions in a monetary unionunder monetary leadership, when the common central bank is concerned with theaverage fiscal stance of the union. We use a static two-country monetary unionmodel to investigate the policy-mix problem under different regimes of non-cooperation, cooperation, and enforced cooperation among fiscal authorities.We find that fiscal policy is unambiguously countercyclical, a feature that ismore pronounced under fiscal policy cooperation. Monetary policy can be eithercountercyclical or procyclical. A central bank concerned about the aggregatefiscal stance is effective in stabilizing output and central budget, but at theexpense of inflation stabilization.

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Authors and Affiliations

Georgios Chortareas
Christos Mavrodimitrakis
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Abstract

The intention of this article is to evaluate the exogenous dismissal probabilityfor a certain worker depending on her characteristics for the Polish labormarket. To model this phenomenon I considered a range of count datamodels. In the analysis the data from the Polish General Social Survey of 2008 was used. Covariates explaining the number of unemployment spells wereselected in the spirit of the human-capital theory. In the course of the studyexistence of intransferable firm-specific human capital across employers anddepreciation of the human capital acquired through learning by doing have beenempirically confirmed. The conducted analysis may be considered the first stepin the calibration of a job-search model with heterogeneous agents.

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Authors and Affiliations

Krzysztof Pytka
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Abstract

The paper is devoted to discussing consequences of the so-called Frisch-Waugh Theorem to posterior inference and Bayesian model comparison. We adopt a generalised normal linear regression framework and weakenits assumptions in order to cover non-normal, jointly elliptical samplingdistributions, autoregressive specifications, additional nuisance parameters andmulti-equation SURE or VAR models. The main result is that inference basedon the original full Bayesian model can be obtained using transformed dataand reduced parameter spaces, provided the prior density for scale or precisionparameters is appropriately modified.

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Authors and Affiliations

Jacek Osiewalski

Editorial office

Editors
JACEK OSIEWALSKI, Cracow University of Economics, Poland
ALEKSANDER WELFE, University of Lodz, Poland

Co-Editors

KATARZYNA BIEŃ-BARKOWSKA, SGH Warsaw School of Economics, Poland
MIKOŁAJ CZAJKOWSKI, University of Warsaw, Poland
JAKUB GROWIEC, SGH Warsaw School of Economics, Poland
MAREK GRUSZCZYŃSKI, SGH Warsaw School of Economics, Poland
BOGUMIŁ KAMIŃSKI, SGH Warsaw School of Economics, Poland
MARCIN KOLASA, SGH Warsaw School of Economics, Poland
ANNA PAJOR, Cracow University of Economics, Poland

Associate Editors
KARIM ABADIR, The American University in Cairo, Cairo, Egypt
ANINDYA BANERJEE, University of Birmingham, UK
STEPHEN HALL, University of Leicester, UK
GARY KOOP, University of Strathclyde, Glasgow, UK
MARK STEEL, University of Warwick, UK
MARTIN WAGNER, Technical University of Dortmund, Germany
JAN WERNER, University of Minnesota, USA
PETER WINKER, University of Giessen, Germany

Editorial Board

HERMAN van DIJK, Erasmus University Rotterdam and VU University Amsterdam, The Netherlands
LAWRENCE R. KLEIN, University of Pennsylvania, Benjamin Franklin Professor of Economics, USA
TIMO TERASVIRTA, University of Aarhus, Denmark
HELMUT LUETKEPOHL, Freie Universität Berlin, Germany

Publishing Editor

ANNA STASZEWSKA-BYSTROVA, University of Lodz, Poland

Editorial Assistant

AGNIESZKA RYGIEL, Cracow University of Economics, Poland

Contact

CEJEME Editorial Office - Ms. Karolina Jaszczyk, Polish Academy of Sciencies - Lodz Branch
Piotrkowska Str. 137/139, 90-434 Lodz, Poland
e-mail: cejeme@pan.pl

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Submission Guidelines and Instructions for Authors of accepted papers please visit: http://cejeme.org/submissionguidelines.aspx

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