Agency-based explanations of the great deprivation, contrasted with structure-based explanations, suffer not merely from the criticism of relying on irrational and irresponsible behavior of millions, including that of the most astute financial experts, but are also at a loss to explain why such...

Despite the distinctive character of the Austrian approach to “microfoundations for macroeconomics”, the literature on free banking contains a number of arguments which make use of game-theoretic concepts and models such as the well-known Prisoner´s Dilemma model. While there can be no...

This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them, are relevant to forecasting economic growth and stock returns, and whether they contain information that is orthogonal to macroeconomic and financial data. I examine 16...

Despite the distinctive character of the Austrian approach to “microfoundations for macroeconomics”, the literature on free banking contains a number of arguments which make use of game-theoretic concepts and models such as the well-known Prisoner´s Dilemma model. While there can be no...

Globalisation have generated a more or less competetive market according to the kind of rms. The Great moderation has structural causes such as market power, which is possible to study through the reduced form of the NKPC obtained with the Calvo and Rotemberg price setting assumptions. The Calvo...

The article examines the problems of cyclical economic development in the world economy. The trends in economic development and the degree of economic cycle volatility in the world during the 1970-2010 are analyzed. The phenomenon of the Great Moderation as a period of achieving the long-term...

For constitituional order the Banco de la Republica should maintain low the inflation, to maintain the purchasing power of the currency, so the Bank used the outline of monetary corridors until the end of the decade, being able to reduce the inflation around ten points; but losing operability,...

This article presents some reflections on the Colombian economic situation in 2003 and next year's perspectives. We consider that the economy has been improving since the second quarter of 2002, but at a slow rhythm. In spite of the improvement in some global and sectorial economic indicators,...

Over viewing the most recently evolutions throughout global economy, we can easily conceive that the collateral effects of economical globalization and market integration, represents the main issues debated in specialized professional or political circles. The unanimous impression underlines the...

This paper is a stock-taking exercise that brings together existing findings and new insights on the potential costs and benefits of EU membership for both Turkey and the EU. As far as Turkey is concerned, we focus on the costs and benefits of EU membership that are likely to result from...