The subject of this thesis is the relationship that exists between deflation and the macroeconomic stability of the economy. Much literature has been published on this topic, but there is still a dearth of quantitative research based on strong empirical work. In the present work I have used a set of large panel data composed of 18 countries over 34 years in order to analyze the relationship between changes in inflation and output growth in a more complete and rigorous fashion. I use 3 different econometric models, namely fixed effects, random effects and the generalized method of moments. I chose these models in order to more appropriately examine the contemporaneous and lagged correlation between prices and output of countries. I also introduced foreign direct investment as a control variable to avoid the presence of potential bias. The empirical work presented in this paper leads to several findings. First, there is an insignificant relationship between a country's GDP growth and its deflation rate. Second, the relation between inflation and GDP growth is significant, and this relation becomes even positive when the econometric model is conducted on the data excluding outliers. Third, FDI positively contributes to and is partly responsible for the level of economic growth of the countries...

Food insecurity is a condition of insufficient access to quality nutritious food; it is often rooted in shocks that interrupt the food production/distribution system in an area. Amidst the capabilities of Nigeria's agricultural system, the number of households across Nigeria experiencing food shortages has increased rapidly. The main reason for this increase were price shocks. This incident highlighted a huge vulnerability in Nigeria's food system, the vulnerability to price shocks. Incidences such as poverty and conflicts magnify the frequency of food insecurity. The ability to reduce vulnerabilities while addressing existing issues in food production and supply depends on a stable economy and innovative policy. As a major oil exporter, Nigeria's economy is affected by oil price fluctuations. This paper analyses the extent of the effect and how such volatility could increase vulnerability in the food system. The analysis in this treatise examines economic and agricultural factors to identify trends that negatively affect Nigeria's current food system.. Oil prices were significant in explaining variation in food price shocks and Gross Domestic Product (GDP). Food price shocks are one of the symptoms of economic downturns. Agricultural innovation, and economic policies need to be formulated to prevent such shocks in the future. Given the dependency of economic performance on oil prices, a major move would be to diversify the Nigerian economy; with adequate attention being paid to agriculture.

This study proposes a “new" consumer price index (CPI) and investigates the influence of Sweden's monetary policy on the new index level and its variations over time. Unlike the traditional CPI that the SCB uses, the "new" CPI tries to consider technology improvements by using macro data. The research demonstrates that the "new" CPI resulted in less inflation than the traditional CPI computed from 1981 to 2020. The research predicts that the difference between the two CPIs would keep growing through 2020–2024, indicating that using the "new" CPI will lead to a more conservative approach to monetary policy. The findings suggest that policymakers should update the CPI regularly to reflect changes in consumer behavior and technological advancement, acknowledge the uncertainty associated with forecasting inflation, and be transparent with the public about the limitations of forecasting models. This study emphasizes the potential benefits of incorporating technology improvements into the CPI and its influence on monetary policy.

This paper investigated the effects of panic buying induced by the Covid-19 pandemic on groceries' Consumer Price Index (CPI) within Sweden. The years of interest are mainly 2020 to 2021. However, the thesis also looks into years before the pandemic, specifically 2018-2019. The use of years before the pandemic, is to understand better how the CPI of selected groceries behaves in ordinary years and see if changes in CPI from 2020 to 2021 were out of the ordinary. The paper discusses different economic behaviours, specifically looking into how times of crisis affect consumer behaviour. To better understand how CPI for the chosen groceries behaves, graphs were created to show how the CPI values of the goods change over the years. Secondly, two regression analyses were performed in STATA to test whether there are any correlation between panic buying and changes in the CPI values for the chosen groceries. The results given from the graphs indicated that there could be some relationship between panic buying and CPI changes. However, once the regression analyses had been performed, the results showed no correlation between panic buying and changes in CPI for the chosen groceries. This result is not unexpected, as there can be a variety of reasons behind why panic buying did not induce any abnormal changes in CPI for the goods. These reasons are discussed further later on in the thesis as well.

The price elasticity of demand coefficient for a good or service is a measure of the sensitivity, or responsiveness, of the quantity demanded of a product to changes in the price of that product. The price elasticity of demand coefficients were generated for goods and services in nine different industries for the years 1972 to 1984. A simple linear demand function was employed, using the changes in the Consumer Price Index as a proxy for changes in price and Personal Consumption Expenditures, taken from the National Income and Product Accounts, as a proxy for quantity. Beta measures the sensitivity, or responsiveness, of a stock to the market. An industry average beta coefficient was generated for each of the nine industries over the time period, using the beta coefficients published by Value Line for firms which met certain criteria. In order to test the relationship between the price elasticity of demand and an industry average beta coefficient, a simple regression was performed using the beta coefficient as the dependent variable and the price elasticity of demand coefficient as the independent variable. The results broke down into 3 basic categories: those industries for which there seemed to be no relationship, those industries where there was a fairly strong probability that a relationship exists and the price elasticity of demand explains at least part of the variation in beta coefficients, and those industries where there was a very high probability that a relationship does exist and the variation in the price elasticity of demand coefficients substantially explained the variation in the industry average beta coefficients. The first category includes the food at home, tobacco, and shoe industries. The second category includes the men's clothing, the women's clothing, and the alcoholic beverages industries, and the third includes the automobile, airline, and fast-food restaurant industries.

Magister Commercii - MCom / This study analyses the extent to which stock returns provide forecasts of changes in interest rates and inflation for the South African market. The period under investigation, January 1966 - February 1989, is characterised by structural changes in the South African economy, especially in the financial markets. The earnings yield on shares is used as a measure of the return on stocks. Stock returns of 10 specific industries are used in addition to the overall market return. Monthly inflation series were constructed by employing both the Consumer Price Index (CPI) and the Producer Price Index (PPI). Before examining that relationship, tests were done to examine the relationship between nominal stock returns and expected inflation. The relation between the stock market and expected inflation is estimated by using three measures of expected inflation. The results appear to suggest that the stock market reacted positively to expected inflation during the 1966 - 1982 period. Two proxies of expected inflation. Best results inflation are used to were obtained with measure future the Fama-Gibbons measure. In addition, the results suggest that stock returns provide additional information of future inflation to that contained in the Fama-Gibbons and interest rate models. Returns for specific industries, used in this study, appear to provide marginally better forecasts of inflation than the overall market return. The results also suggest that stock returns provide forecasts of changes in interest rates and inflation. There is no evidence that the specific industries used, provide consistent better forecasts of interest rate changes than the overall market.

The primary goal of this study was to determine the impact of price discrimination on tourism demand. Four objectives were defined with reference to the primary research goal. The first objective was to analyse the concept of price discrimination and relevant theories by means of a literature study. In this regard it was found that price discrimination between markets is fairly common and that it occurs if the same goods were sold to different customers at different prices. Price discrimination is also possible as soon as some monopoly power exists and it is feasible when it is impossible or at least impractical for the buyers to trade among themselves. Three different kinds of price discrimination can be applied, namely first-degree, second-degree and third-degree price discrimination. The data also indicated that price discrimination is advantageous (it mainly increases profit) and that it has several other effects too. The second objective was to analyse examples of price discrimination by means of international case studies. In these different case studies it was found that demand and supply, therefore consumer and product, formed the basis of price discrimination. If demand did not exist, it would be impossible to apply price discrimination. The findings also indicated that, for an organisation to be able to practice price discrimination, the markets must be separated effectively and it will only be successful if there is a significant difference in demand elasticity between the different consumers. Furthermore, the ability to charge these different prices will depend on the consumer's ability and willingness to pay. If an organisation should decide to price discriminate, it would lead to a higher profit, a more optimal pricing policy and also to an increase in sales. The third objective was to analyse national case studies. This was done through comparing the data of a tourism organisation price discriminating (Mosetlha Bush Camp, situated in the North West) to two organisations that did not implement price discrimination (Kgalagadi Transfrontier Park in the Northern Cape and Golden Leopard Resort, also situated in the North West). It was found that a customer with low price elasticity is less deterred by a higher price than a customer with a high price elasticity of demand. As long as the customer's price elasticity is less than one, it will be very advantageous to increase the price: the seller will in this case get more money for less goods. With the increase in price the price elasticity tends to rise above one. The fourth objective was to draw conclusions and make recommendations. It was concluded that price discrimination could be applied successfully in virtually any organisation or industry. Furthermore, price discrimination does not always have a negative effect; but can have a positive ass well. It can have a positive effect on tourism demand. The findings emphasised that the main reason for implementing price discrimination is to increase profit at the cost of reducing consumer surplus. From the results it was recommended that more research on this topic should be conducted. / Thesis (M.Com. (Tourism))--North-West University, Potchefstroom Campus, 2006.

The primary goal of this study was to determine the impact of price discrimination on tourism demand. Four objectives were defined with reference to the primary research goal. The first objective was to analyse the concept of price discrimination and relevant theories by means of a literature study. In this regard it was found that price discrimination between markets is fairly common and that it occurs if the same goods were sold to different customers at different prices. Price discrimination is also possible as soon as some monopoly power exists and it is feasible when it is impossible or at least impractical for the buyers to trade among themselves. Three different kinds of price discrimination can be applied, namely first-degree, second-degree and third-degree price discrimination. The data also indicated that price discrimination is advantageous (it mainly increases profit) and that it has several other effects too. The second objective was to analyse examples of price discrimination by means of international case studies. In these different case studies it was found that demand and supply, therefore consumer and product, formed the basis of price discrimination. If demand did not exist, it would be impossible to apply price discrimination. The findings also indicated that, for an organisation to be able to practice price discrimination, the markets must be separated effectively and it will only be successful if there is a significant difference in demand elasticity between the different consumers. Furthermore, the ability to charge these different prices will depend on the consumer's ability and willingness to pay. If an organisation should decide to price discriminate, it would lead to a higher profit, a more optimal pricing policy and also to an increase in sales. The third objective was to analyse national case studies. This was done through comparing the data of a tourism organisation price discriminating (Mosetlha Bush Camp, situated in the North West) to two organisations that did not implement price discrimination (Kgalagadi Transfrontier Park in the Northern Cape and Golden Leopard Resort, also situated in the North West). It was found that a customer with low price elasticity is less deterred by a higher price than a customer with a high price elasticity of demand. As long as the customer's price elasticity is less than one, it will be very advantageous to increase the price: the seller will in this case get more money for less goods. With the increase in price the price elasticity tends to rise above one. The fourth objective was to draw conclusions and make recommendations. It was concluded that price discrimination could be applied successfully in virtually any organisation or industry. Furthermore, price discrimination does not always have a negative effect; but can have a positive ass well. It can have a positive effect on tourism demand. The findings emphasised that the main reason for implementing price discrimination is to increase profit at the cost of reducing consumer surplus. From the results it was recommended that more research on this topic should be conducted. / Thesis (M.Com. (Tourism))--North-West University, Potchefstroom Campus, 2006.

Submitted by André Furtado Braz (andre.braz@fgv.br) on 2012-05-11T18:14:39Z No. of bitstreams: 1 Versão Final_André Braz.pdf: 728822 bytes, checksum: eb3a9ee3323bce96ed76b7dbb7ed3a48 (MD5) / Approved for entry into archive by Vitor Souza (vitor.souza@fgv.br) on 2012-05-11T18:15:51Z (GMT) No. of bitstreams: 1 Versão Final_André Braz.pdf: 728822 bytes, checksum: eb3a9ee3323bce96ed76b7dbb7ed3a48 (MD5) / Made available in DSpace on 2012-05-17T20:16:44Z (GMT). No. of bitstreams: 1 Versão Final_André Braz.pdf: 728822 bytes, checksum: eb3a9ee3323bce96ed76b7dbb7ed3a48 (MD5) Previous issue date: 2011-12-16 / Desde a implantação do sistema de metas de inflação em julho de 1999, o Banco Central (BC) tem utilizado para monitorar a política monetária um número crescente de indicadores, dentre os quais, incluem-se as medidas de núcleo de inflação. O objetivo é obter uma informação mais precisa sobre o curso da inflação no país e, consequentemente, sobre o futuro da política monetária. Além do Banco Central, muitas instituições financeiras utilizam medidas de núcleo para orientar suas estimativas em relação ao comportamento da inflação no país. Deste modo, esta dissertação faz uma avaliação dos núcleos de inflação utilizando os principais testes estatísticos e econométricos sugeridos pela literatura econômica e propõe ainda novos indicadores para o Brasil. / Since the implementation of inflation targeting system in July 1999, the Central Bank (BC) is used to monitor the monetary policy of a growing number of indicators, among which include measures of core inflation. The goal is to obtain more precise information about the course of inflation in the country and hence on the future of monetary policy. In addition to the Central Bank, many financial institutions use core measures to guide their expectations regarding the behavior of inflation in the country. Thus, this paper makes an assessment of core inflation using the main statistical and econometric tests suggested in the literature and proposes new economic indicators for Brazil.

There exists significant literature investigating the link between macroeconomic variables and stock market returns. Most previous studies utilise an overall stock market index to measure stock market returns, thereby aggregating a number of different industries into a single index. This research investigated the link between macroeconomic variables and a single sector’s share returns, being the Resources sector. The aim was to ascertain whether or not a correlation exists between the Resource Index of the Johannesburg Stock Exchange and four macroeconomic variables, namely: GDP, Inflation, Interest rates and the Rand/US Dollar Exchange Rate. Quarterly data for all 4 macroeconomic variables and the Resource Index was collected for the period 2002 to 2011 and tests of correlation performed between each macroeconomic variable and the Resource Index. The findings reveal that there is a positive correlation between GDP and resources share returns, a negative correlation between interest rates and resources share returns and a positive relationship between the Rand/US Dollar Exchange rate and resources share returns. The relationship between the inflation and the resource share returns proved inconclusive.Copyright / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted