Hayek was among the first to realize that, in intertemporal equilibrium, all agents must have correct expectations of future prices. Before comparing four categories of intertemporal equilibrium - (1) Perfect-foresight equilibrium, (2) Radner’s sequential equilibrium with incomplete markets,...

Taxation plays a fundamental role in the context of decisions made by Romanian farmers on agricultural holdings. The fear of failure of a farmer is accentuated by taxation, which gives increasing importance to the treatment of this subject. This paper aims to analyze the effect of fiscal...

The central bank's balance sheet has become the main instrument of monetary policy in the aftermath of the GFC and the COVID-19 health crisis. Hence, the aim of this paper is to analyze changes in the balance sheets' sizes and channels of base money creation in groups of countries, taking note...

Comparison of trends and peculiarities of financial systems in different countries, especially, in emerging markets, should start with setting the global context. The study identifies several periods of development of world financial institutions in the twenty-first century - deregulation...

Cellular automata (CA) can be used to study nonlinear endogenous business cycles. This leads to an examination of the classification of business cycles based on Wolfram's four classes of the dynamical behaviour of cellular automata. Following the path set by Zambelli and Goodwin, a study of...