SBP Working Paper Series STATE BANK OF PAKISTAN

More documents

Recommendations

Info

Appendix 2: Data for Estimation of Production Function and TFP Quarterly Data In order to estimate production function, we use quarterly real GDP, million hours worked and capital series as proxies of output, labour and capital. We calculated the series of capital stock using perpetual inventory method using both total GFCF and private GFCF. In perpetual inventory method, initial capital is calculated as where GFCF K 0 0 Y ˆ Ŷ Average of QoQ Real GDP Growth Rate and, Quarterly Depreciation Rate. After calculation of initial period capital, subsequent periods capital is calculated through law of motion for capital stock: 1 It K t1 K t Total hours worked are calculated from Labor Force Survey of Pakistan over fiscal years 1991 to 2011 by the following formula: njk 13 wwh ijk i 1 weight ijk Here wwh ijk represents weekly worked hours of i th individual in j th quarter of k th year. Weight links the sample to population. Weight gives the number of household an individual is representing in the population. Hours data for missing year is calculated by spline interpolation (piecewise polynomial interpolation). Annual Data Same procedure as in previous section has been adopted except for the proxy of labour. We use employed labor force data taken from various issues of Economic Survey of Pakistan. 34
RPOLR RTBR6 RMMR POLR TBR6 MMR HPGM0 HPGM1 HPGM2 HPLRM0 HPLRM1 HPLRM2 HPLM0 HPLM1 HPLM2 .15 Figure 1: Annual GDP and, Monetary Aggregates & Interest Rate .2 .15 .10 .05 .1 .10 .05 .00 -.05 -.10 -.15 .0 -.1 -.2 .00 -.05 -.10 -.15 -.08 -.04 .00 .04 .08 HPLGDP -.08 -.04 .00 .04 .08 HPLGDP -.08 -.04 .00 .04 .08 HPLGDP .2 .1 .3 .2 .1 .2 .1 .0 -.1 -.2 .0 -.1 -.2 -.3 .0 -.1 -.2 -.08 -.04 .00 .04 .08 HPLGDP -.08 -.04 .00 .04 .08 HPLGDP -.08 -.04 .00 .04 .08 HPLGDP .2 .2 .10 .1 .1 .05 .0 .0 .00 -.1 -.1 -.05 -.2 -.2 -.10 -.08 -.04 .00 .04 .08 HPLGDP -.08 -.04 .00 .04 .08 HPLGDP -.08 -.04 .00 .04 .08 HPLGDP 1.24 1.25 1.20 1.20 1.20 1.16 1.16 1.12 1.08 1.15 1.10 1.05 1.12 1.08 1.04 1.00 1.04 1.00 0.95 1.00 -.08 -.04 .00 .04 .08 HPLGDP -.08 -.04 .00 .04 .08 HPLGDP -.08 -.04 .00 .04 .08 HPLGDP .20 .15 .15 .15 .10 .10 .10 .05 .00 -.05 .05 .00 -.05 .05 .00 -.05 -.10 -.10 -.10 -.15 -.15 -.15 -.08 -.04 .00 .04 .08 HPLGDP -.08 -.04 .00 .04 .08 HPLGDP -.08 -.04 .00 .04 .08 HPLGDP 0.95 Ellipse Linear Fit 35
Page 1 and 2: SBP Working Paper Series No. 74 Apr
Page 3 and 4: The Role of Money in Explaining Bus
Page 5 and 6: The results from our theoretical mo
Page 7 and 8: In case, quantity of money matters
Page 9 and 10: 2.1 Monetary Aggregates and Economi
Page 11 and 12: frequency (Figure 4, row 4). Howeve
Page 13 and 14: differencing might result in loss o
Page 15 and 16: 3.1 Firms 3.1.1 Final Good Producin
Page 17 and 18: t 1 1 p *1 p 1 p pPt (1 p) Pt P
Page 19 and 20: M 1 t current period, t 1 . Pt Af
Page 21 and 22: In this model, the central bank dir
Page 23 and 24: The capital series is constructed b
Page 25 and 26: 4.3.2 Interest Rate Rule In this se
Page 27 and 28: simulated moments of models by dyna
Page 29 and 30: their empirical counterparts. All i
Page 31 and 32: calibrated value of Calvo price rig
Page 33 and 34: —. (1997), “Unanticipated Money
Page 35: Appendix 1: Quarterly Data Sources
Page 39 and 40: RPOLR RTBR6 RMMR POLR TBR6 MMR HPGM
Page 41 and 42: RPOLR RTBR6 RMMR POLR TBR6 MMR HPGM
Page 43 and 44: 2000-2012 1990-2012 Figure 7A: Dyna
Page 45 and 46: 2000-2012 1990-2012 Figure 7C: Dyna
Page 47 and 48: Response of Inflation Response of O
Page 49 and 50: Figure 11: Impulse Response Functio
Page 51 and 52: Figure 13: Variance Decompositions
Page 53 and 54: Table A2: Granger Causality Results
Page 55 and 56: Table A4: Variance Decomposition of
Page 57 and 58: 1 h = inv A1 y (A.07) Usin
Page 59 and 60: Appendix B Log-Linearization of Cal
Page 61 and 62: Table C3: Size of the Informal Sect
Page 63 and 64: Appendix E Table E1: Common Equatio

SBP Working Paper Series STATE BANK OF PAKISTAN

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?