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Equilibrium Relationships (equilibrium + relationships)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	50%

Selected Abstracts

Managed Floating in Australia,

ECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 4 2009
Shawn Chen-Yu Leu
F31; F41 This paper evaluates the level of managed floating and the exchange rate policy in Australia during the officially floating period from 1984 to 2004. We construct index measures of exchange market pressure and foreign exchange intervention using a small open economy monetary model. The estimation uses the Johansen cointegration method as the structural macroeconomic model is assumed to represent long-run equilibrium relationships. We find that the RBA mainly implemented leaning-against-the-wind exchange rate policy that aimed at guiding the exchange rate back to the equilibrium value while reducing the variability of the dynamic adjustment path. [source]

Price relationships in the Queensland barley market

AGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 2 2002
V. Jyothi Gali
Barley can be differentiated into feed and malting barley based on its end-use markets. Substitutability both in supply and in demand complicates analysis of price information in the barley market. This article examines the price linkages between feed and malting barley in the Queensland barley market using cointegration and error correction models. Malting barley prices respond to restore equilibrium relationships with corresponding feed barley prices in the long run, but not vice versa. Thus feed barley prices appear to be a leading indicator of malting barley prices. [JEL codes: L100, C22, N57.] © 2002 Wiley Periodicals, Inc. [source]

Petrology of Martian meteorite Northwest Africa 998

METEORITICS & PLANETARY SCIENCE, Issue 5 2008
Allan H. TREIMAN
This 456-gram, partially fusion-crusted meteorite consists of (by volume) ,75% augite (core composition Wo39En39Fs22), ,9% olivine (Fo35), ,7% plagioclase (Ab61An35) as anhedra among augite and olivine, ,3.5% low-calcium pyroxenes (pigeonite and orthopyroxene) replacing or forming overgrowths on olivine and augite, ,1% titanomagnetite, and other phases including potassium feldspar, apatite, pyrrhotite, chalcopyrite, ilmenite, and fine-grained mesostasis material. Minor secondary alteration materials include "iddingsite" associated with olivine (probably Martian), calcite crack fillings, and iron oxide/hydroxide staining (both probably terrestrial). Shock effects are limited to minor cataclasis and twinning in augite. In comparison to other nakhlites, NWA 998 contains more low-calcium pyroxenes and its plagioclase crystals are blockier. The large size of the intercumulus feldspars and the chemical homogeneity of the olivine imply relatively slow cooling and chemical equilibration in the late- and post-igneous history of this specimen, and mineral thermometers give subsolidus temperatures near 730 °C. Oxidation state was near that of the QFM buffer, from about QFM-2 in earliest crystallization to near QFM in late crystallization, and to about QFM + 1.5 in some magmatic inclusions. The replacement or overgrowth of olivine by pigeonite and orthopyroxene (with or without titanomagnetite), and the marginal replacement of augite by pigeonite, are interpreted to result from late-stage reactions with residual melts (consistent with experimental phase equilibrium relationships). Apatite is concentrated in planar zones separating apatite-free domains, which suggests that residual magma (rich in P and REE) was concentrated in planar (fracture?) zones and possibly migrated through them. Loss of late magma through these zones is consistent with the low bulk REE content of NWA 998 compared with the calculated REE content of its parent magma. [source]

Increasing Convergence Between U.S. and International Securitized Property Markets: Evidence Based on Cointegration Tests

REAL ESTATE ECONOMICS, Issue 3 2009
Nafeesa Yunus
This article examines the degree of interdependence among the securitized property markets of six major countries and the United States. Long-run results indicate that, over a period beginning January 1990 and ending August 2007, the property markets of Australia, Hong Kong, Japan, the United Kingdom and the United States are tied together, implying that from the perspective of the U.S. investor the markets of the Netherlands and France provide the greater diversification benefits. Further, the United States and Japan are found to be the sources of the common trends, suggesting that the two larger property markets lead the five (cointegrated) markets toward the long-run equilibrium relationships. [source]