La crisis de la deuda externa al final de la década de 1970 terminó con la política económica de industrialización por sustitución de importaciones que -con sus políticas de proteccionismo, planificación, intervención y regulación de precios- entonces prevalecía en América Latina. El...

The Least-Squares Monte Carlo model (LSM model) has emerged as the derivative valuation technique with the greatest impact in current practice. As with other options valuation models, the LSM algorithm was initially posited in the field of financial derivatives and its extension to the realm of...

The article is essentially a book-review of Professor Vijay Joshi's recent work, '"India's Long Road: The Search for Prosperity". In this critical essay, I take a slightly revisionist approach when it comes to a 'typical'book review. For example, the length of this article goes well-beyond the...

This extended abstract shows the importance of human intuition in the context of creating new knowledge. In particular, inspirational intuition plays an important role. In contrast to Daniel Kahneman's fast, intuitive and routine decision-making in terms of a System 1 (Kahneman 2011, pp. 19...

This paper examines whether machine learning (ML) algorithms can outperform a linear model in predicting monthly growth in Canada of both house prices and existing home sales. The aim is to apply two widely used ML techniques (support vector regression and multilayer perceptron) in economic...

Among leftists, predicting the end of capitalism is a favorite parlor game. For example, as a graduate student in the 2010s, I remember discovering the 1976 edition of Marx’s Capital and being struck by the introduction. Written by the Belgian Marxist Ernest Mandel, the foreword concluded that...

The appeal of the 'Micro-foundations' project, which requires that all macroeconomic propositions are reduced to or derived from microeconomic ones, is strongly supported by the considerable force of what Lakatos calls the discipline's 'hard core'. This is particularly so if this project is...

This paper analyses the impact of two new international tax provisions, GILTI and FDII, passed under the Tax Cuts and Jobs Act, on U.S. multinational corporations' location of new capital. We analyze whether these rules help retain internationally mobile rents within the U.S. tax base and the...