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This paper adds to the literature on the information content of the paper-bill spread by explicitly taking into account the two sources of wider spreads, rises in the paper rate and declines in the bill rate. Results from impulse response analysis and variance decompositions suggest that decreases in real output are greater and last longer when a widening of the paper-bill spread comes from an increase in the paper rate rather than from an equivalent decrease in the bill rate. This is consistent with the idea that changes in the commercial paper rate have greater information content about future business cycles than do changes in the Treasury bill rate. [Copyright &y& Elsevier]

For the Nordic paper industry the years 2001–2007 were a culmination point as to paper production and deliveries. The study uses plant level empirical time series data from these years from one large integrated Finnish paper mill. The research data covers complete customer data and cost components, and a major supplier for European paper markets. The case company worked actively with a customer base and concentrated on the most profitable markets. However, some unprofitable deliveries, which still covered the variable and fixed costs, also supported the operation of the mill and the continuing of the 24/7 shift. The results indicate that even with matured and bulky products like paper, it is still possible to operate on the basis of separated pricing, some bargaining power, and customized focus. In this respect, the markets do not seem to follow the economic theory expectation entirely, that is, for such a mature and bulky product market price differentiation should not be possible. However, to utilize this, it requires up-to-date information system concerning internal cost accounting, together with an emphasis on the management to have an active role with the customer base. [ABSTRACT FROM AUTHOR]

A feature of U.S. postwar business cycle experience that is by now widely documented is the tendency of the spread between the respective interest rates on commercial paper and Treasury bills to widen shortly before the onset of recessions. By contrast, the paper-bill spread did not anticipate the 1990-1991 recession. Empirical work presented in this paper supports two (not mutually exclusive) explanations for this departure from past experience. First, at least part of the paper-bill spread's predictive content with respect to business cycle fluctuations stems from its role as an indicator of monetary policy, but the 1990-1991 recession was unusual in postwar U.S. experience in not being immediately precipitated by tight monetary policy. Second, movements of the spread during the few years just prior to the 1990-1991 recession were strongly influenced by changes in the relative quantities of commercial paper, bank CDs, and Treasury bills that occurred for reasons unrelated to the business cycle. This latter finding in particular sheds light on the important role of imperfect substitutability of different short-term debt instruments in investors' portfolios, and highlights the burdens associated with using relative interest rate relationships as business cycle indicators. [ABSTRACT FROM AUTHOR]

Land supply in China is planned by governments, and the supply ratios of various types of land are in relatively rigid administrative control. This paper constructs a DSGE model to study the relationship between land supply marketization in China and economic fluctuations. Moreover, this paper evaluates the social welfare gains from land marketization. We document that the government's land planning constraint impacts consumption and social welfare through the land price and final output, causing resource misallocation losses in aggregate investment and output. Quantitatively, the optimal upper limit of industrial land supply is about 40% to achieve the maximum social welfare. This paper stresses the necessity of revitalizing China's land market, and simultaneously speeding up the marketization of collectively operated construction land. [ABSTRACT FROM AUTHOR]

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Finally, in the last decade of the twentieth century, the other classes of derivatives were introduced: credit derivatives, catastrophe derivatives, weather derivatives and property derivatives. The development of the theory and practice of risk management is closely related to the emergence of different risks. The rules proposed by the Basel Committee initially covered credit risk, but then grew to include market risk, operational risk and liquidity risk. This refers in particular to equity derivatives, currency derivatives, interest rate derivatives and commodity derivatives in the form of options, futures, forwards and swaps. [Extracted from the article]

This paper seeks to provide a comprehensive analysis of the monetary theory of Jean-Baptiste Say with respect to the Austrian School. Reference is given to the historical context and methodology utilized by Say in his Treatise before pivoting to an examination of his writings on money and banking. Thorough documentation and analysis are undertaken on Say's views of the emergence and nature of money, monetary phenomena, the role of the state, and banking practices. Lastly, critiques of Say's Law are addressed within the context of Say's monetary theory in addition to various business cycle theories. Ultimately, this paper seeks to explain that while Say was not a complete Austrian, a comprehensive study of his monetary theory illuminates meaningful contributions and insights that reveal the Austrian School as the intellectual heir of Say's work. [ABSTRACT FROM AUTHOR]

In recent years, due to the rapid growth of the world's population, the demand for agricultural products and food is growing increasingly. Therefore, the agricultural supply chain optimization has been grabbed by researchers to reduce food security concerns. On the other hand, the production amount of farmers is affected by various factors, including environmental conditions. In this paper, a supply chain network is investigated by developing a Mixed-Integer Linear Programming (MILP) model to effectively improve economic objectives under uncertainty. Then, a scenario-based robust optimization approach is employed to deal with the uncertainty. One of the novelities of our paper is considering weather conditions and economic fluctuations in different scenarios. The effectiveness of the proposed mathematical model has been confirmed by a real case study of dates farms. Dates and its by-products have a significant role in GDP, job creation, export, and the creation of various packaging and processing. Moreover, three meta-heuristic algorithms including Whale Optimization Algorithm (WOA), Particle Swarm Optimization (PSO), and a hybrid algorithm based on them (WOA–PSO) are adapted to deal with the NP-hardness of the problems. Moreover, the parameters of the proposed algorithms are improved by the Taguchi method, and to achieve more exact measurements, sensitivity analysis is performed. Finally, the numerical results confirmed that the accuracy of the hybrid algorithm was between 1.9 and 2.8%. Therefore, this approach could be practical and efficient for solving large-sized problems. The obtained outcomes demonstrated that the planned model provides tactical considerations for the related managers. [ABSTRACT FROM AUTHOR]

With the occurrence of the global financial crisis in 2008, the U.S. unconventional monetary policy affected the Chinese market. Based on a monthly data sample from 2008M1 to 2015M12, in this paper we identify U.S. and Chinese monetary policy shocks by using a structural vector autoregression (SVAR) model with multi-external instrumental variables along with principal component analysis (PCA) combined with high-frequency financial market data. The empirical results show that the unconventional monetary policies had a negative effect on China's inflation and output due to the signal effect, and China's stock and commodity markets increased in the short term. During the same period, China's monetary policy had a greater impact on the domestic economy and financial markets. The conclusion of this paper provides a significant reference for relevant departments to make decisions amidst the new wave of unconventional U.S. monetary policies due to the COVID-19 pandemic. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to estimate a statistical model of the country risk determination as represented by the country price earnings ratio (PE) to identify potentially mispriced countries. It uses the gross domestic product (GDP) growth rate and a dummy indicator for market-related events (i.e. financial crises), both approximating the business cycle. The model is used to compare a major Asian country's (i.e. Japan) risk with Western countries' risk. Design/methodology/approach: The model used finance variables such as the systemic, non-diversifiable, risk and foreign direct investments to characterize any country risk. A random effects model with panel data estimated the effects of macroeconomic and financial variables on PE. The simultaneity problem was checked using two stage least squares and some lagged independent variables. Findings: The results explained to investors the country risk contributing factors: PE was positively correlated with variables that may increase dividends and market risk premia similar to GDP growth rates and total risk and negatively correlated with variables that increase market risk, namely, nominal risk-free interest rates and financial crises. Japan's PE seemed to exceed most of the Western countries considered here, implying lower risks, lower interest rates and higher growth in the major Asian country Japan. Originality/value: This paper focuses on the effectiveness of country risk measures in predicting periods of intense instability, similar to financial crises. This study contributes a model to measure market risk premium, using PE (or inversely, the earnings yield) as a proxy variable. Investors can use this risk measure in picking less risky stocks to include in their portfolio, calling for liberalizing Asian countries' financial markets to improve their stock market capitalization. [ABSTRACT FROM AUTHOR]

The third and fourth papers shift the focus from the companies' internal dynamics to those concerning the relationships that companies must operate with external stakeholders to implement circular business models. Finally, the fifth and sixth papers further shift the focus on the business model concept towards the business ecosystems, which include all the other stakeholders in the organizational environment that concur to the circular business model operations. Circular business models explicitly link the business model to the product life-cycle (Hansen et al., 2009) and are a vehicle to slow and/or close (additionally also narrowing) resource cycles (Bocken et al., 2016). Through a multiple case study involving three large Swedish manufacturing companies, the paper develops a circular business model implementation framework composed of two parts. [Extracted from the article]

The current situation of the Romanian economy must be understood beginning from the analysis of the main measures of fiscal-budgetary policy applied over the last years by the public authority. In general, the Romanian fiscal policy (before and after accession) was procyclical. However, we continue by presenting some of its characteristics for the past years when we underwent the last ascending phase of the economic cycle. Actually, Romania's GDP exceeded constantly the potential level, and the demand surplus became predominant, generating inflationary pressures. Maintaining the expansionist level of the fiscal policy, in the conditions of a positive deviation of GDP, as of 2017, and opting-out regarding the structural deficit target contributed to affecting the stability of public finances, on short-and medium-term. Romania entered into an extremely difficult economic context, generated by the pandemic, with an extremely narrow fiscal space which limited a lot the possibilities of combating the effects of the pandemic. In this paper we analyzed a period limited to the year 2020, because we consider this time as marking the end of an economic cycle in a period of peace and economic calm, as another is about to begin based on the new realities. [ABSTRACT FROM AUTHOR]

This paper quantifies empirically the macroeconomic and financial effects of Climate Policy Risk (CPR) in Switzerland. To do so, I develop a new CPR index using text analysis techniques on a large dataset of Swiss media articles. The identification of CPR shocks is achieved by using narrative restrictions around events which are likely to have coincided with an increase in the probability of adopting tighter climate policies. I find that CPR shocks are associated with a significant decline in real GDP and a decline in firm-level CO2 emissions. Using firm-level equity price data and rolling linear panel regressions, I document that CPR is increasingly reflected in asset prices. I further find that CO2-intensive firms perform significantly worse than their greener counterparts following events which increased transition risk. The results are in line with recent theoretical contributions. [ABSTRACT FROM AUTHOR]