Sarah Price Worth is a hero in mythical and psychological terms. Her growth can be traced through her name changes within the novel: Sarah Price Worth/Kundalini/Rare Sarah. She leaves the Judeo-Christian belief system and enters an Eastern system in an ashram where yoga is practiced. Sarah's...

Accelerated by the new internet technologies, the past two decades have been characterised by a globalisation of trade and communications, along with major shifts in the balance between manufacturing and knowledge driven economies. New organisational cultures have grown out of and have...

This paper identifies America's first Great Moderation, a period from 1841-1856 of unbroken economic expansion and low volatility comparable to the Great Moderation of the 1980s-2000s. This moderation occurred despite a lack of central banks, low governmental spending, and barriers to interstate...

We investigate the innovation rate under the impact of business cycles to understand R&D activities and to derive implications for public policies. Combining price competition and endogenous market structure with the framework of dynamic game, we study the Markov perfect equilibrium where...

The paper analyzes the dynamic properties of the neoclassical one-sector growth model with differential savings in the sense of Kaldor-Pasinetti. The economy exhibits unstable steady states and fluctuations if the income distribution varies sufficiently and if shareholders save more than...

This study attempts to determine the degree to which the state of the macroeconomy can be used to create a mutual fund investment strategy that consistently outperforms the S&P 500. By quantifying how systematic economic factors affect the relative performance of different fund strategies...

This dissertation consists of two essays in international macroeconomics. Thefirst essay shows that optimal fiscal and monetary policy is time consistent in astandard small open economy. Further, there exist many maturity structuresof public debt capable of rendering the optimal policy time...

This dissertation is the collection of three essays aimed to evaluate the empirical performance of dynamic stochastic general equilibrium (DSGE) models in explaining the behavior of macroeconomic dynamics in emerging countries. Chapter 1, which is joint work with M. Uribe and R. Pancrazzi,...

For many Western countries the history of the last two centuries reveals both a sustained rise in per capita output and a tendency toward a more equal distribution of the economic product. The experience has been characterized, however, by repetitive fluctua- tions in the levels and growth rates...