Instrumenting for sovereign corruption, we find that Transparency International's Corruption Perceptions Index which 'ranges from 10 (highly clean) to 0 (highly corrupt)', is a significant predictor of the Standard and Poor's sovereign bond ratings ranging from 1 (Sovereign Default) to 22 (AAA)...

The construction and repair of highways are becoming very important in these days of crumbling infrastructure. Costs for these projects have continued to increase. In order for contractors to stay competitive, it is essential that their construction operations be as productive as possible. Money...

We use an implicit alternating direction numerical procedure to estimate the value of a fixed‐rate mortgage (FRM) with embedded default and prepayment options. The value of FRMs depends on interest rates, the house value, and mortgage maturity. Our numerical results suggest that the joint...

The Federal Reserve has increased communication about the future path of the federal funds target rate over time. The use of forward guidance as a policy tool has raised questions about changes in how it influences the economy.

The Federal Reserve increasingly has relied on forward guidance about the future path of the federal funds rate to implement monetary policy since the federal funds target rate reached its effective lower bound. The enhanced use of forward policy guidance has drawn attention to any change in its...

Under the direction of Nobel laureate Robert A. Mundell and Paul J. Zak, eminent contributors to Monetary Stability and Economic Growth offer a unique insight into the way that economists analyse the causes of money (mis) management in the US, Latin America, Europe and Japan, and prescribe...

In this paper the authors describe the outline of an analysis of disruptive technologies presented by Christensen in his book, The Innovator’s Dilemma. They go on to argue that the analysis can be applied to the practice of e-learning as it has been developed in higher education in the United...