Despite the voluminous literature on North-South macroeconomic interactions and the key role of terms of trade variations in growth transmission from one region to another, a significant research gap persists for two reasons. First, there has been very little empirical work on testing of the...

The emergence of the international debt crisis in the 1980s is typically explained through exogenous shocks to the global economic system, first generating excess liquidity and then creating conditions which render previously attractive lending operations unprofitable. Thus, the international...

In view of the prevalence of information asymmetry and incentive incompatibility problems, the market for capital and the employment relationship are shown to be prey to pervasive agency problems that make economic transactions subject to enforcement costs. The presence of these costs subverts...

This dissertation studies the influence of the level of the real exchange rate on economic development. It first provides an econometric evaluation of this relationship. The main finding is that competitive real exchange rates tend to be associated with higher economic growth. The association is...

Diese Arbeit besteht aus vier Essays, die empirische und methodische Beiträge zur Messung von Konjunkturzyklen und deren Zusammenhänge zu demographischen Variablen liefern. Der erste Essay analysiert unter Zuhilfenahme eines Bayesianischen Dynamischen Faktormodelles die Volatilität des...

Academicians and practitioners are becoming increasingly interested inthe economics of Information Technology (IT). In part, this intereststems from the increased role that IT now plays in the strategicthinking of most large organizations, and from the significant dollarcosts expended by these...

The central motivation for assembling the contributions in this Handbook on the Knowledge Economy derives from the observation that many in government and business seem to have taken up the challenge of putting in place whatever is needed for a knowledge-based economy or a knowledge-based...

Hamilton (2001) makes a number of comments on our paper (Harding and Pagan, 2002b). The objectives of this rejoinder are, firstly, to note the areas in which we agree; secondly, to define with greater clarity the areas in which we disagree; and, thirdly, to point to other papers, including a longer...

There are many situations in which individuals have a choice of whether or not to observe the eventual outcome. In these instances, individuals often prefer to avoid observing the outcome. The standard von Neumann-Morgenstern (vNM) Expected Utility model cannot accommodate these cases, since it...

This dissertation addresses a basic difficulty in accommodating other-regarding preferences within existing models of decision making. Decision makers with such preferences may violate the property of stochastic dominance that is shared by both expected utility and almost any model of...