The version 2005 of the Romanian macromodel (Dobrescu 2005, 2006) was built using data for the period 1990 (sometimes 1989) - 2004. This paper insists on three (probably the most complicated) problems: the evaluation of export, import, foreign capital inflows and exchange rate in euros, since...

The paper presents a possible medium-run evolution of the Romanian economy. It is organised in two chapters. The first chapter discusses the conceptual framework of the macromodel used for simulations, insisting on the behavioural (stochastic) relationships and the sectoral decomposition of the...

The macromodel estimates the short and medium-term economic implications for internal policies and changes in the international context. This version of the Romanian macromodel incorporates the experience accumulated through the utilization of its previous forms - either experimental (tested...

The macromodel estimates the short and medium-term economic implications of the internal policies and the international environment. This version of the Romanian macromodel incorporates the experience accumulated through the utilisation of its previous forms - either experimental (tested during...

This paper analyses the business cycle properties of 183 time series relevant to the Italian economy, including real, monetary and international variables. We propose new monthly coincident and leading composite indicators for the Italian business cycle; the leading indicator anticipates the...

Savings are allocated over the acquisition of assets like homes, shares and bonds and government debt paper. For a home acquisition an individual household uses own equity provided by the buyer and outside equity provided by banks. Such outside equity can help to increase the volume of new...

The real financial crisis in the U.S. and in other countries did not take place in the banking or the wider financial sector -yes banks and others financial institutions were affected by their own induced excessive lending schemes- but no, it seriously affected the individual households. More...

n an Islamic economy, the financial sector functions to support the real sector. There are no interest rate based debt instruments. Financial assets are based on risk and return sharing and are contingent claims. Real as well as monetary forces determine the rate of return. As in traditional...

The UK has experienced a dramatic increase in earnings and income inequality over the past four decades. We use detailed micro level information to construct historical measures of inequality from 1968 to 2008. We study whether monetary policy shocks played a significant role in explaining this...

The new neoclassical synthesis combines ideas of Keynesian and classical economics. It involves the application of intertemporal optimization and rational expectations. These are applied to the analysis of pricing and output decisions in a Keynesian context as well to the consumption, investment...