The stylized fact that strong economic growth is usually accompanied with strong export growth leads many people to conclude that the export sector is the main driving force behind those episodes. The model in this paper, however, shows that the non-tradable sector may also generate high...

Purpose - Francois Quesnay, known as the "Confucius of Europe", was profoundly influenced by traditional Chinese culture to form his thoughts, which contained strong Chinese characteristics. This paper aims to examine economic thought of Francois Quesnay from the perspective of the construction...

We theoretically investigate the role of expectations in modelling economic activity and the evolution of inflation rates. The New Keynesian Phillips-IS model is extended in our study by having two types of firms with a fraction of firms that uses ‘limited' information to develop their...