Abstract
The computational revolution in simulation techniques has shown to become a key ingredient in the field of Bayesian econometrics and opened new possibilities to study complex economic and financial phenomena. Applications include risk measurement, forecasting, assessment of policy effectiveness in macro, finance, marketing and monetary economics.
Highlights
This special issue aims to contribute to this literature by collecting a set of carefully evaluated papers that are grouped amongst two topics in financial economics: the first three papers refer to macro-finance issues for the real economy; the last three papers focus on cryptocurrency and stock market predictability
Results show that total government spending has a positive effect on output, but it induces a fall in private consumption
Results indicate that the spread shock works mainly through a boost to consumer wealth growth, while a conventional monetary policy shock affects real output growth via a broad credit/bank lending channel
Summary
This special issue aims to contribute to this literature by collecting a set of carefully evaluated papers that are grouped amongst two topics in financial economics: the first three papers refer to macro-finance issues for the real economy; the last three papers focus on cryptocurrency and stock market predictability. The first paper, written by Nguyen Ngoc Thach, studies the elasticity of factor substitution (ES) in the Cobb–Douglas production function (see Thach 2020).
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