A theory of a wealth maximizing, capital accumulating, price taking firm facing adjustment costs and operating in the presence of disembodied and price-induced technical progress is developed. The testable implications of the extended theory are derived under mild assumptions and are thus...

This paper examines the effectiveness of monetary policy in Kenya based on policy simulations from a structural macroeconometric model. The analysis is conducted using the policy rate, i.e. the central bank rate (CBR) and the cash reserve ratio (CRR) with respect to the interest rate and bank...

This paper is the first one to analyse the effect of aggregate government spending and taxes on output for South Africa using three types of a calibrated DSGE model and more data driven models such as a structural vector error correction model (SVECM) and a time-varying parameter VAR (TVP-VAR)...

We explore bifurcation phenomena in the open-economy New Keynesian CGG Model based on Clarida et al. (2001, 2002). We find that the open economy framework can bring about more complex dynamics, along with a wider variety of qualitative behaviors and policy responses. Introducing parameters...

This paper investigates the effect of commercial, residential property and equity price volatility on the variability of cyclically adjusted government revenue. We find significant evidence that asset price volatility increases the variability of government revenue. A 1% increase in equity price...

Advertising is tied to global warming through an endogenous growth model. The model allows for the possibility that the environment can become a source rather than a sink for greenhouse gases. Optimal control analysis of the model shows that a feasible steady state is possible for which the...

In this paper, we employ a method to examine the factors affecting quality choice by Greek households, using cross-sectional survey data. We illustrate the method using the raw data of the 2004/05 Household Budget Survey for meat and fish products. Quality elasticities of total food expenditure...

This paper attempts to establish the quantitative importance of the various channels of monetary transmission by constructing, estimating and simulating a small macroeconometric model of Pakistan's monetary sector, while using data from the monetary statistics and the monetary survey of the...

This paper considers an asset–liability management problem under a multi-period mean–variance model with uncontrolled cash flow and uncertain time-horizon. The difference from the existing literature is that the liability is assumed to be influenced not only by the stochastic return of the...

This paper considers a multi-period mean–variance portfolio selection problem with uncertain time-horizon in a regime-switching market, where the conditional distribution of the time-horizon is assumed to be stochastic and depends on the market states as the returns of risky assets do....