The demand for money (M1) for the USA is estimated with annual data from 1960-2008 and its stability is analyzed with the extended Gregory and Hansen (1996b) test. In addition to estimating the canonical specification, alternative specifications are estimated which include a trend and additional...

As per the conventional wisdom there should be provision for public assistance for skills acquirement for improving relative wage inequality in the future. This paper attempts to explore the validity of this traditional perception with the help of a two-sector, specific factor general...

As per the conventional wisdom there should be provision for public assistance for skill acquirement for achieving higher economic growth and improving relative wage inequality in the future. However, empirical observations on certain small OECD countries over the period 2000-2011 tell somewhat...

Abstract The article deals with the basic elements of a rational strategy of economic development of Russia in the modern circumstances. The analysis shows that the current state of confrontation between Russia and the United States will last long enough. Trying to shorten the period of forced...

Employing data on Indian banks for 1992-2012, the article examines the impact of macroprudential measures on bank performance. First, it finds that state-owned banks tend to have lower profitability and soundness than their private counterparts. Next, it tests whether such differentials between...

As per the conventional wisdom there should be provision for public assistance for skills acquirement for improving relative wage inequality in the future. Empirical observations on some prominent small OECD countries, however, indicate that the relationship between wage inequality and public...

This paper develops a model of determination of unionized wage in the presence of both collective bargaining and efficiency wage. The efficiency of each worker is positively related to both the wage and the unemployment rate in the economy. The unionized wage is greater than the efficiency wage....

We develop a model of vertical linkage between the formal and informal credit markets which highlights the presence of corruption in the distribution of formal credit. The existing moneylender, the bank official and the new moneylenders move sequentially and the existing moneylender acts as a...

A three-sector, three-factor general equilibrium model is developed for a small open developing economy where an inflow of foreign capital generates externalities in the presence of a non-traded final commodity. There are two types of capital and the efficiency of labour depends positively on...

The present paper develops a three sector Harris-Todaro (1970) type general equilibrium model of unemployment by incorporating endogenous skill formation. Two types of labour are considered: skilled labour and un-skilled labour. We examine the effects of the inflows of foreign capital on the...