In recent years the issue of the role of asset prices in monetary setting has become increasingly topical since booms and busts in asset market are associated with the fluctuations in overall economic activity through its impacts on aggregate spending. In this study, we use Smooth Transition...

The era of US state branching deregulation started in 1970 and ended up with the enactment of the Riegle Neal Act of 1994. One of the purposes of the branching restriction was to avoid bank concentration. The following paper addresses the influence of the state deregulation on commercial...

Mit der Krise im Euroraum hat die Frage nach der institutionellen Ausgestaltung der Währungsunion an Bedeutung gewonnen. Ein Problem im Hinblick auf die längerfristige Stabilität des Euroraums ist das Fehlen von Mechanismen, die nur in einzelnen Ländern auftretende konjunkturelle Schocks...

This paper aims to examine the influence of the fiscal and budgetary policy to the labour market and how to determine the movement of filled employment positions from one period to another, the gross job creation, the gross job destruction, the job reallocation and the average job vacancies. The...

Besides providing enhanced macroeconomic and financial stability, a commitment to optimum monetary policy conduct in a developing economy like Nigeria could better deliver greater long-run stability of both internal and external macroeconomic factors. The need for an ordered monetary policy...

This article evaluates the presence of dynamic inconsistency on decisions of discretionary environmental policy, and its incidence on social welfare. It is assumed that an environmental authority minimizes a social welfare loss function controlling freely – on each period – a tax rate by...

This paper attempts to provide an economic interpretation of the factors that drive the movements of interest rates of bonds of different maturities in a continuous-time no-arbitrage term structure model for Chile. The dynamics of yields in the model are explained by two latent factors, namely...

Uncovered interest rate parity (UIRP) provides a crucial theoretical concept for many models in international finance and international monetary economics. Using quarterly data span from 1998Q1 to 2010Q3, we run conventional regressions (OLS) and simple GARCH analysis on UIRP for the case of...