This note demonstrates that the shocks explicitly modeled as well as those implicitly present in stochastic macro-models must obey a restriction derived from Walras' law. In the standard case of statistical independence of real and monetary shocks there must be a financial shock to bond demand that mirrors those shocks, bond holdings thus acting in fact as buffer stocks. As an example the choice of the optimal monetary instrument is examined for the converse case of buffer-stock money and compared with the standard case. / Series: Department of Economics Working Paper Series

Made available in DSpace on 2008-05-13T13:48:10Z (GMT). No. of bitstreams: 0 Previous issue date: 2007-05-04 / The objective of this paper is to analyze the foreign reserves accumulation among countries such Brazil that builds up international reserves to be protected from externai crises as well as to diminish such probability. We desire to analyze also the determination of optimal levei of reserves. We will approach brief historical of the literature of reserves holdings. In the study of Brazil, we will discuss the optimal levei of Brazilian international reserves using buffer stock model, with temporaries series approach, differing from previous cross-section studies. / O objetivo deste trabalho analisar acumulação de reservas internacionais por parte de países como Brasil, que acumulam reservas na tentativa de se proteger de crises externas bem como diminuir tal probabilidade. Desejamos analisar determinação do nível ótimo de reservas. Apresentaremos um breve histórico da literatura sobre acumulação de reservas. No estudo do Brasil, discutiremos nível ótimo de reservas internacionais brasileiras usando modelo de buffer stock, partir de uma abordagem de séries temporais, diferindo de trabalhos anteriores usando dados cross-section.

nÃo hà / O presente trabalho agrega à discussÃo da literatura teÃrica-empÃrica, seguindo conceitualmente Heller (1966), e alinhando-se a Calvo, Izquierdo e Loo-Kung (2012), e Alfaro e Kanczuk (2007; 2014), ao analisar as reservas internacionais dos paÃses que compÃem os BRIC, relativamente ao perÃodo de 1997 a 2013, com o intuito de associar o patamar otimizado de reservas a um instrumento gerencial de proteÃÃo (buffer) dos ativos pÃblicos, que funcionam como um amortecedor perante os desequilÃbrios do balanÃo de pagamentos, em funÃÃo de crises e sudden stops, dadas as evidÃncias prÃvias de contÃgio e integraÃÃo financeira neste bloco. O interesse pelos BRIC à pautado no fato de que nos prÃximos cinquenta anos, estas naÃÃes poderÃo vir a se tornar as maiores forÃas da economia mundial. Seguindo metodologicamente Frenkel e Jovanic (1981), aplicou-se o modelo intitulado de buffer stock nas sÃries temporais das reservas, havendo a inovaÃÃo e a relevÃncia no trabalho em virtude da consideraÃÃo dos possÃveis efeitos cruzados significativos das volatilidades condicionais e dos respectivos spreads intrabloco, atravÃs de um modelo vetorial com correÃÃo de erros (VEC). Verifica-se ainda que, sob a aplicaÃÃo deste modelo economÃtrico, os resultados permitiram identificar o papel relevante desempenhado pela volatilidade das reservas brasileira e russa, assim como do spread chinÃs na explicaÃÃo da gestÃo de reservas em alguns dos demais BRIC, que reflete na adoÃÃo de eventuais posturas conservadoras ou ousadas, por parte dos policy makers integrantes do bloco. / This study adds to discussion of theoretical and empirical literature, conceptually following Heller (1966), and aligning with the Calvo, Izquierdo e Loo-Kung (2012), and Alfaro e Kanczuk (2007; 2014), when analyzing international reserves countries that make up BRIC, for period 1997-2013, with a view to involving optimal level of reserves to a management tool protection (buffers) of public assets, which act as a buffer before balance of payments imbalances , due to crises and sudden stops, given previous evidence of contagion and financial integration in this block. Interest in BRIC is grounded in fact that next fifty years, these nations are likely to become major forces in the world economy. Following methodologically Frenkel e Jovanić (1981), we applied model titled buffer stock in time series of stores, and innovation and relevance in work due to consideration of likely significant cross effects of conditional volatilities and their bloc spreads, through a vector error correction model (VEC). It also appears that under application of econometric model, study findings show important role played by volatility of Brazilian and Russian stocks, as well as Chinese spread in explaining reserve management in some of other BRIC, which reflects adoption of any conservative or daring attitudes on the part of policy makers members of the bloc.

We introduce the tractable buffer stock savings setup of Carroll (2009 NBER Working Paper) into an otherwise conventional New-Keynesian dynamic stochastic general equilibrium model with financial frictions. The introduction of a precautionary saving motive arising from an uninsurable risk of permanent income loss, affects the model's properties in a number of interesting ways: it produces a more hump-shaped reaction of consumption in response to both supply (technology) and demand (monetary) shocks, and more pronounced reactions in response to demand shocks. Adoption of the buffer stock savings setup thus offers a more microfounded way, compared to, e.g., habit preferences in consumption, to introduce Keynesian features into the model, serving as a device to curbing excessive consumption smoothing, and to attributing a higher role to demand driven fluctuations. We also discuss steady state effects, determinacy properties as well as other practical issues. (authors' abstract) / Series: Department of Economics Working Paper Series

自1970年代以後，由於整體經濟的波動（二次的石油危機、浮動匯率的採行、金融制 度的創新等），使得傳統貨幣需求部分調整的均衡模型已無法估計出正確的貨幣需求 量，更由於結構斷裂（structure dreak ）的產生，使得估計方程式產生不穩定的現 象，因此，乃有部分學者嘗試用其它調整模型來解釋此貨幣市場的失衡現象，一派是 用失誤反饋（error feedback）模型，一派則是緩衝存量（buffer stock）模型，以 台灣典型的海島經濟國家，而對外貿易依存度如此高的情況，近年來，由於長期而不 斷的順差，累積了巨額的外匯，引發國內貨幣供給的劇增，對貨幣市場造成了衝擊效 果，本論文嘗試以上面二調整模型來解釋台灣的貨幣需求函數行為，全文共一冊，約 4 萬字，章節如下： 第一章 導論 第一節：研究動機與目的 第二節：研究方法與架構 第二章 失誤反饋模型與前瞻橫型 第一節：文獻回顧 第二節：理論模型探討 第三節：計量模型的設定 第四節：台灣的實證分析 第三章 緩衝存量模型 第一節：理論背景 第二節：與傳統貨幣存量調整模型比較 第三節：台灣實證計量模型的設定與分析 第四章 結論

This dissertation contains a comparison of the real possibilities for heating reconstruction and TUV reheating in three public buildings (located nearby one another) in Budišov township, with resulting recommendations of the best options for local operating conditions. The dissertation contains calculations of heating requirements for particular buildings, a generic theoretical part which summarizes basic data concerning long-term fuels (biomass and natural gas), proposals for technical solutions to heating sourcing concerning these fuels and its prospective distribution from a central boiler house, and its reciprocal comparison from the perspective of the economics of actual realization and operation, and from a perspective of fuel availability and ecology.

The savings ratio for Swedish households is record-breaking and Sweden, together with the rest of the world, is currently in the middle of a pandemic. What drives individuals to save is based on a number of different factors that previous research has concluded. The purpose of this study is to, with previous research as a basis, investigate which factors affect the savings ratio for Swedish households. Quarterly data for the years 1982–2020 is analyzed in a time series by first processing for unit roots and then cointegration. The data is then estimated in a multiple linear regression in the form of an “Error Correction Model”, with the intention of investigating both the short-term and long-term relationship. The results of the study indicate that the variables that have a significant impact on the change in the household savings ratio are GDP per capita, inflation, unemployment and consumption, while public savings and the development of the stock market have a significant but less considerable effekt. The economic theories that the study findssupport for are the theory of precautionary savings as well as the standard buffer-stock model. / Sparkvoten hos svenska hushåll är rekordhög och Sverige, tillsammans med resten av världen, befinner sig för närvarande mitt i en pandemi. Vad som driver individer till att spara grundar sig i en rad olika faktorer som tidigare forskning kommit fram till. Syftet med denna studie är att, med tidigare forskning som grund, undersöka vilka faktorer som påverkar sparkvoten för svenska hushåll. Kvartalsdata för åren 1982–2020 analyseras i en tidsserie genom att först behandlas för enhetsrötter och sedan kointegration. Därefter skattas de i en multipel linjär regressionsanalys i form av en ”Error Correction Model”, med avsikt att utreda både det kortsiktiga- och långsiktiga sambandet. Resultatet av studien indikerar att de variabler som har en signifikant betydande påverkan på förändringen i hushållens sparkvot är BNP per capita, inflation, arbetslöshet samt konsumtion, medan offentligt sparande och utveckling av aktiemarknaden har en signifikant men mindre betydande effekt. De ekonomiska teorier som studien finner stöd i är teorin om försiktighetssparandet samt standard buffertlager-modellen.

The dissertation consists of four self-contained essays on consumption. Essays 1 and 2 consider different measures of aggregate consumption, and Essays 3 and 4 consider how the distributions of income and wealth affect consumption from a macro and micro perspective, respectively. Essay 1 considers the empirical practice of seemingly interchangeable use of two measures of consumption; total consumption expenditure and consumption expenditure on nondurable goods and services. Using data from Sweden and the US in an error correction model, it is shown that consumption functions based on the two measures exhibit significant differences in several aspects of econometric modelling. Essay 2, coauthored with Thomas Holgersson, considers derivation of a univariate and a multivariate version of a test for asymmetry, based on the third central moment. The logic behind the test is that the dependent variable should correspond to the specification of the econometric model; symmetric with linear models and asymmetric with non-linear models. The main result in the empirical application of the test is that orthodox theory seems to be supported for consumption of both nondurable and durable consumption. The consumption of durables shows little deviation from symmetry in the four-country sample, while the consumption of nondurables is shown to be asymmetric in two out of four cases, the UK and the US. Essay 3 departs from the observation that introducing income uncertainty makes the consumption function concave, implying that the distributions of wealth and income are omitted variables in aggregate Euler equations. This implication is tested through estimation of the distributions over time and augmentation of consumption functions, using Swedish data for 1963-2000. The results show that only the dispersion of wealth is significant, the explanation of which is found in the marked changes of the group of households with negative wealth; a group that according to a concave consumption function has the highest marginal propensity to consume. Essay 4 attempts to empirically specify the nature of the alleged concavity of the consumption function. Using grouped household level Swedish data for 1999-2001, it is shown that the marginal propensity to consume out of current resources, i.e. current income and net wealth, is strictly decreasing in current resources and net wealth, but approximately constant in income. Also, an empirical reciprocal to the stylized theoretical consumption function is estimated, and shown to bear a close resemblance to the theoretical version.