We propose a new procedure to increase the power of panel unit root tests when used to study group-wise convergence. When testing for stationarity of the differential between a group of series and their cross-sectional means, although each differential has non-zero mean, the group of...

We study the behavior of inflation rates among Euro countries. More specifically, we are interested in testing whether and when group convergence dictated by the Maastricht treaty occurs, and we assess the impact of events such as the advent of the Euro and the 2008 financial crisis. Due to the...

The economic literature emphasizes the existence of a debate having milked with the impact of the monetary policy on the economic activity. At the beginning of the years 1990, the monetary policy of the countries of the CEMAC knew significant reforms which aimed at conferring to him of advantage...

This paper focuses on some of the macroeconomic risks that lie ahead for Latin America. The discussion is informed by my work on crises and capital flows and their macroeconomic consequences. The trends and initial conditions that allowed the region to weather the global economic storm of...

The article presents the author's model of pricing at the housing market. Economic indicators according to which the analysis should be carried out are defined in this article. The analysis of prices at the housing market of CIS countries on the example of Moscow in the post-Soviet period is...

Through an investigation of selected jurisdictions, this paper aims to contribute to the extant literature in investigating the relationship between central bank independence and price stability, as well as how such a relationship varies between different jurisdictions – even though it is...

Many researchers have explored the implications of Lucas’ misperception model. Arguably, the most important implication of this model is that the slope of the aggregate supply curve depends on the variability of nominal shocks. This paper examines this insight from Lucas’ model using annual...

The welfare and social peace are the most important concepts when making policy decisions and investment spending of public resources. Currently both welfare and social peace are compromised by the lack of productive capital and excess of speculative capital, the imbalance between suffering...

The evolution of the rate of price inflation, (t), and unemployment, u(t), in Japan has been modeled within the Phillips curve framework. As an extension to the Phillips curve, we represent both variables as linear functions of the change rate of labor force. All models were first estimated...

Past and future evolution of inflation, p(t), and unemployment, UE(t), in Japan is modeled. Both variables are represented as linear functions of the change rate of labor force level. These models provide an accurate description for disinflation in the 1990s and deflationary period in the 2000s....