Search Results (18)

Fashion live commerce has rapidly emerged as a compelling format that blends entertainment, real-time interaction, and product promotion. However, limited research has examined how specific experiential and perceptual factors influence consumer behavior in this context. This study aims to identify the key psychological and environmental drivers of satisfaction, continued platform use, and purchase intention among viewers of fashion live commerce. Using the stimulus–organism–response framework, this research focuses on the effects of perceived credibility, social media influencer characteristics, informativeness, internal shop environment, and monetary savings. Data were collected from 300 users of fashion live commerce platforms and analyzed using partial least squares structural equation modeling (PLS-SEM). The results indicate that all predictor variables significantly influence either satisfaction or current use, and both satisfaction and current use significantly predict purchase intention. Among the factors, satisfaction plays a central role, acting as a strong predictor for both current engagement and future buying decisions. These findings offer theoretical insights into consumer engagement in live commerce and provide practical guidance for streamers, marketers, and platform designers aiming to improve user experience and conversion rates. This study contributes to understanding the evolving dynamics of digital shopping environments shaped by social and emotional interactions. Full article

Global inflation is high, and economic recovery is slow, leading to frequent monetary policy adjustments aimed at maintaining financial stability and accelerating recovery. To study the effects of monetary policies on the systemic risk of financial network systems and their mechanisms of action, this paper constructs a complex financial network system model. The model depicts the behavior of households, firms, banks, and the government (central bank) under the influence of monetary policies and their interactions. The study finds that systemic risk mainly arises from the uncertainty of business operations under market competition regulation. The interest rate policy affects the operation of the financial system by adjusting the operating costs and profits of banks and firms, while the required reserves policy primarily regulates the credit activities of banks and firms. Lower interest rates and higher reserve requirement ratios can mitigate systemic risk, but high reserve requirement ratios can make markets less active. Compared to the two policies, interest rate adjustments impact systemic risk more significantly and have a longer policy action cycle, while reserve requirement ratio adjustments create a strong short-term stimulus to the financial system. Considering the current market conditions, the central bank should adopt a more appropriate monetary policy. Full article

This study investigates the dual dynamics of investment shocks and policy responses in stabilizing South Korea’s macroeconomy during the COVID-19 pandemic, utilizing a Bayesian DSGE framework. The model integrates sophisticated mathematical components, including stochastic differential equations, Bayesian inference, and impulse response functions, to analyze the transmission mechanisms of investment shocks and the relative efficacy of fiscal and monetary interventions. The estimation is conducted through Markov Chain Monte Carlo simulations. Using data from the first quarter of 2020 to the first quarter of 2023, the analysis quantifies the pandemic-induced shocks’ impact on critical macroeconomic indicators, including enterprise output, household consumption, employment, and investment. The findings reveal that heightened investment costs significantly constrained economic performance, with fiscal measures, such as increased government spending and targeted stimulus packages, demonstrating superior stabilization effects compared to monetary interventions. These results emphasize the importance of well-coordinated policy responses in mitigating economic disruptions and enhancing resilience during crises. This study not only provides novel insights into the mathematical modeling of economic stabilization strategies but also offers actionable recommendations for policymakers navigating pandemic-induced challenges. Full article

This study examines economic policy responses in Brazil during periods of financial stress, with a particular emphasis on the dynamics of both the impulse and rule components of fiscal policy. We offer novel empirical evidence on policy responses under both low and high stress conditions, utilizing monthly data that span the past two decades. To this end, we construct a Financial Stress Index (FSI) and integrate it into a threshold-VAR framework. Additionally, we employ five distinct methodologies to decompose fiscal policy into its impulse and rule components. Our analysis yields two main findings. First, fiscal policy exhibits procyclical behavior in its impulse component and countercyclical behavior in its rule component across both regimes. Second, while monetary policy is countercyclical during high stress conditions, its impact remains largely statistically non-significant. These results suggest that policymakers should exercise caution when timing the implementation of expansionary fiscal policies, carefully considering the phase of the business cycle. Moreover, our findings carry significant implications for the ongoing discourse on fiscal stimulus and debt stabilization strategies, particularly in the context of financial stress. Full article

In recent years, fiscal policy in the Eurozone (EZ) has faced challenges posed by the strong and rapid increase in inflation as a consequence of the COVID-19 pandemic and other geo-political crises. Due to the fear of “fiscal inflation” present during episodes of fiscal stimulus during the pandemic crisis, this paper assesses the relationship between discretionary fiscal policy and inflation in developed EZ economies, taking into consideration the rise in energy prices as a control variable. This study considers the econometric framework of heterogeneous, non-stationary panels (Pooled Mean Group (PMG) and Common Correlated Effects Mean Group (CCEMG) estimators). Using quarterly panel data for the period 2015q1–2024q1, the results show that, in the long run, the effects of fiscal policy on inflation are insignificant. However, covering only the pandemic and other geo-political crises (2020q1–2024q1), research shows a significant negative long-run relationship between fiscal expenditure and inflation and heterogeneous short-run fiscal adjustments due to the lack of a fiscal union in the EU economies. Hence, accompanied by monetary policy, the discretionary response of fiscal policy to inflationary shock was oriented in the same direction—the reduction in inflationary pressures during a geo-political crisis. Fiscal policy mitigated inflationary pressures in these recent crises, while in the long run, it did not affect nominal variables, indicating that there is no evidence of fiscal inflation in the sample of EZ economies during a stabilization period or under crisis conditions. Full article

Euro Area banks have been confronted with unprecedented monetary policy actions by the ECB. Monetary policy may affect bank risk profiles, but the consequences may differ for short-term risk versus long-term or structural bank risk. We empirically investigated the association between the ECB’s monetary policy stance and market-perceived short-term and long-term bank risk, using the term structure of default risk captured by bank CDS spreads. The results demonstrated that, during the period 2009–2020, ECB expansionary monetary policy diminished bank default risk in the short term. However, we did not observe a similar decline in long-term bank default risk, since we documented that monetary stimulus is associated with a steepening of the bank default risk curve. The reduction of bank default risk was most pronounced during the sovereign debt crisis and for periphery Euro Area banks. From 2018 onwards, monetary policy accommodation is associated with increased bank default risk, both short-term and structurally, which is consistent with the risk-taking hypothesis under which banks engage in excessive risk-taking behavior in their loan and securities portfolios to compensate profitability pressure caused by persistently low rates. The increase in perceived default risk is especially visible for banks with a high reliance on deposit funding. Full article

The classification and recycling of household waste becomes a major issue in today’s urban environmental protection and domestic waste disposal. Although various policies promoting household waste classification have been introduced, the recovery rate failed to reach the expected result. Existing studies on incentive policies for household waste recycling tried to integrate subjective and objective factors in human behavior decisions. To explore how effective interventions can promote household waste classification in communities, this article developed an Agent-Based Model (ABM) based on Theory of Planned Behavior (TPB) to simulate the participation of households under eight different policy scenarios. The result shows that: monetary incentive is most effective in inducing participation, while social norms have different impacts on household decision under different policy intervention. Under policy stimulus, the participation rate of garbage sorting increased from 18% to 76%. This model has been applied into an online community-based participatory virtual simulation 3D system, which aims to help university students better understand how policies affect household recycling behaviors, which end up affecting the environment. Full article

As in many other nations, the Australian Government implemented monetary and fiscal policies in response to the COVID-19 pandemic to aid economic recovery. Among these policies were specific measures to assist first home buyers (FHBs) in entering the housing market. However, these unprecedented economic policies might have other direct and indirect implications on FHBs, which have yet to be thoroughly explored in the literature. To fill this gap, through a survey, we collected information via public and online mortgage broker platforms from 61 FHBs who successfully entered the housing market or were actively searching during the pandemic. The results found COVID-19 economic responses counterproductive for FHBs, pushing them to a more disadvantaged position due to an overheated property market. In addition, since the onset of the pandemic, property prices have risen significantly, exacerbating housing inequality as FHBs increasingly rely on intergenerational family support, take on more financial risk, and relocate to regional areas due to fear of missing out. The study highlights the need for macroeconomists and housing policymakers to consider these unintended consequences in formulating policies that minimise the adverse effects of economic stimulus measures. Full article

Obstructive sleep apnea is a respiratory problem that has serious consequences for physical and mental health, but also in monetary terms, since traffic accidents and poor work performance, among other direct consequences, are attributed to it. It is estimated that between 9% and 38% of the world’s population has this disease. This is a multifactorial disease, therefore, there are several methods of detection and treatment; however, all of them cause discomfort to the patient, or to those around them. In this article we propose a system for the detection and control of obstructive sleep apnea that promises to overcome the drawbacks of the existing therapies, therefore, potentially making it a practical and effective solution for this disease. The proof of concept presented in this paper makes use of an electromyography sensor to collect the myoelectric signal produced by the genioglossus muscle. Surface electrodes provide the electromyography signals to an ESP32 microcontroller, which has the function of analyzing and comparing the data obtained with a predefined value of the apnea threshold. After the detection of an apnea, the circuit is able to create a stimulus signal that is applied directly to the muscle, so that airway occlusion does not occur, and the user does not wake up. The data from each use are automatically sent to a database to be viewed and analyzed at a later point. Full article

Central banks have been pursuing an expansionary monetary policy since before the pandemic, although the health and economic crisis of COVID-19 has boosted asset purchase programmes. After the Great Recession, a new phase began, characterised by low interest rates and liquidity injections. These policies spilled over into financial markets and are leading to higher inflation. These policies stabilised the situation in the short term, but if they continue indefinitely there is a risk of debt overhang, investment mistakes and high inflation in the future. The aim of this article is to analyse monetary policy developments from the Great Recession to the COVID-19 crisis. Correlations between different macroeconomic variables will be shown through IBM SPSS Statistics. For this purpose, bi-variate correlations were used. For the predictions and confidence of the model data, Tableau Desktop Edition was used, which in turn was used for the generation of the graphs. There is a strong correlation between the growth of monetary aggregates and public debt and stock market capitalisation for the selected indicators. The main contribution of this research is the analysis of the long-term effects of a monetary policy. Full article

The coronavirus crisis that started in December 2019 was declared a pandemic by March 2020 and had devastating global consequences. The spread of the virus led to the implementation of different preventive measures prior to the availability of effective vaccines. While many governments implemented lockdowns to counter the pandemic, others did not let the virus halt economic activity. In this paper, we use a Bayesian Vector Autoregressive framework to study the effects of the pandemic on prices, unemployment rates, and interest rates in nine countries that took distinctive approaches in tackling the pandemic, where we introduce lockdowns as shocks to unemployment. Based on impulse response functions, we find that in most countries the unemployment rate rose, interest rates fell or turned negative, and prices fell initially following the implementation of the lockdown measures. However, the massive fiscal and monetary stimulus packages to counteract the effects of the pandemic reversed some of the effects on the variables, suggesting that models with explicit recognition of such effects should be developed. Full article

This paper studies the effect of COVID-19 on the volatility of Australian stock returns and the effect of negative and positive news (shocks) by investigating the asymmetric nature of the shocks and leverage impact on volatility. We employ a generalised autoregressive conditional heteroskedasticity (GARCH) model and extend the analysis using the exponential GARCH (EGARCH) model to capture asymmetry and allegedly leverage. We proxy the news related to the negative effect of COVID-19 on the Australian health system and its economy as bad news, and on the other hand, measures taken by government economic stimulus packages through their monetary and fiscal policies as good news. The S&P ASX200 (ASX-200) index is used as a proxy to the Australian stock market, and we use value-weighted returns of the stocks listed on ASX-200 for the period 27 January 2020 to 29 December 2020. The empirical results suggest the EGARCH model fits better in capturing asymmetry and leverage than the GARCH model in estimating the volatility of the Australian stock returns. However, another interesting finding is that the EGARCH model with volatility equation without news demonstrates a larger (smaller) leverage effect of the negative (positive) shocks on the conditional volatility compared to its variant with the news. Full article

The recession in India and the UK peaked in 2017 due to the implications of new policy initiatives. The outbreak of the COVID-19 pandemic at the beginning of 2020 intensified the crisis, causing a drastic decline in aggregate demand and output. India and the UK have resorted to monetary and fiscal stimulus packages to face the economic crisis. This study investigated the inflation–unemployment dynamics during the recession and COVID-19 times in India and the UK. Using a generalized additive model (GAM), the results of this study revealed that the recession had given way to stagflation in India. In contrast, in the UK, it has led to a more severe recession in the short-run. During the downturn, policy initiatives aggravate the recession and eventually turn to stagflation in India due to inflation caused by the weak supply side. However, in the UK, the policy initiatives during this downturn pushed the economy into a deeper recession due to reduced demand. The outbreak of the COVID-19 pandemic has had a similar recessionary impact on both economies. A time horizon based recovery plan is suggested to help the economies recover from stagflation and even deeper recession. This framework could enable policymakers to choose the right path of recovery within the shortest possible time. Full article

This article analyzes the monetary policy of major central banks during the economic crisis generated by the COVID-19 pandemic. Rising public debt in many countries is being financed through asset purchases by monetary authorities. Although these stimulus policies predate the pandemic, they have been significantly boosted as many governments face large financing needs. We have been in a low interest rate environment for years and some governments have issued debt securities at negative rates. In addition, the rise of decentralized cryptocurrencies, based on blockchain technology, has created greater competition in the international monetary system and many governments have considered the creation of centralized virtual currencies, known as central bank digital currencies (CBDCs). We will analyze some relevant cases, with an emphasis on the digital euro project. The methodology is based on the analysis of the evolution of monetary variables. Pearson’s correlation will be used to establish some relationships between them. There is a strong similarity in the expansionary monetary policies of central banks. Although the growth of the money supply has not been passed on to the CPI, it has been passed on to the financial markets and the price of assets such as Bitcoin or gold. Full article

SARS-CoV-2, a tiny virus, is severely affecting the social, economic, and environmental sustainability of our planet, causing infections and deaths (2,674,151 deaths, as of 17 March 2021), relationship breakdowns, depression, economic downturn, riots, and much more. The lessons that have been learned from good practices by various countries include containing the virus rapidly; enforcing containment measures; growing COVID-19 testing capability; discovering cures; providing stimulus packages to the affected; easing monetary policies; developing new pandemic-related industries; support plans for controlling unemployment; and overcoming inequalities. Coordination and multi-term planning have been found to be the key among the successful national and global endeavors to fight the pandemic. The current research and practice have mainly focused on specific aspects of COVID-19 response. There is a need to automate the learning process such that we can learn from good and bad practices during pandemics and normal times. To this end, this paper proposes a technology-driven framework, iResponse, for coordinated and autonomous pandemic management, allowing pandemic-related monitoring and policy enforcement, resource planning and provisioning, and data-driven planning and decision-making. The framework consists of five modules: Monitoring and Break-the-Chain, Cure Development and Treatment, Resource Planner, Data Analytics and Decision Making, and Data Storage and Management. All modules collaborate dynamically to make coordinated and informed decisions. We provide the technical system architecture of a system based on the proposed iResponse framework along with the design details of each of its five components. The challenges related to the design of the individual modules and the whole system are discussed. We provide six case studies in the paper to elaborate on the different functionalities of the iResponse framework and how the framework can be implemented. These include a sentiment analysis case study, a case study on the recognition of human activities, and four case studies using deep learning and other data-driven methods to show how to develop sustainability-related optimal strategies for pandemic management using seven real-world datasets. A number of important findings are extracted from these case studies. Full article