探索美国金融和实体经济间的联系：进行面板单位根检验和协整分析[文献翻译]

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1、本科毕业论文外文翻译外文题目：Exploringthefinance-realeconomylinkinUS:empiricalevidencefrompanelunitrootandcointegrationanalysisinstability出处：EmpirEcon作者：Abdou-AzizNiang.AbdoulayeDiagne.Marie-claudePichery原文：Exploringthefinance-realeconomylinkinU.S.:empiricalevidenc

2、efrompanelunitrootandcointegrationanalysis1IntroductionTheburstingofthebubbleinU.S.financialmarketsin2008forcedsomeofthelargestandmostvulnerablebanksandinsurancecompaniesintheU.S.todeclarebankruptcyorseekfinancialaid.Marketconfidencedecreasedsharplyan

3、ddespitemanyefforts,theU.S.economyinevitablyplungedintorecession.Inordertogainanunderstandingoflikelydevelopmentsinthiseconomy,itisimportanttoknowwhichlinksactuallyexistbetweenfinancialmarketsandtherealeconomyintheU.S.Thisstudyaimstoanalyzetheselinks,

4、targetingkeyareasoftheU.S.economysuchasmanufacturing,housing,andemployment.TheanalysiswillalsoaddresstherelationshipbetweentheaccumulationoftwindeficitsandthestateofU.S.financialmarkets.Specifically,wewilldiscusstherelationshipsbetweenthecommonfactors

5、responsibleforco-fluctuationsbetweenmacroeconomicdataseriesandthevariablesidentifiedasfactorsobservedinfinancialmarkets.Theuseofobservedvariablesasproxiesforunderlyingfactorsisbecominganincreasinglycommonpractice.ThisapproachwasusedbyChenetal.(1986)wh

6、o,inthecontextofarbitragepricingtheory,showthatunobservedfinancialfactorsarerelatedtoinflation.ThethreefactorsthatweadoptarethoseofFamaandFrench(1993).WeusetheBaiandNg(2006)testtolookforrelationsbetweenthecommonfactorsinthedifferentsectorsoftheU.S.eco

7、nomy.Thesecommonfactorsareestimatedusingprincipalcomponentanalysis.Thus,weuseafactormodeltocapturetheco-movementsbetweeneachofthesesectorsbeingconsidered.TheuseoffactormodelstoaccountforcommonfactorswasinitiallydevelopedbyBurnsandMitchell(1946).Thisst

8、rategyhasalsobeenusedbyanumberofotherauthorsintheirstudyofsectoralco-movements,includingLilien(1982),ChamberlainandRothschild(1983),DavisandHaltiwanger(1992),Crouxetal.(2001),andDufrenotetal.(2007).Thistypeofanalysisallowsustoaccountfortheimpo