This paper examines Adam Smith’s concept of an Invisible Hand of the market in light of the underlying assumptions for the theory to hold. Furthermore, the study focuses on Total Factor Productivity as a measure of efficiency of resource allocation, employs growth accounting in Bulgaria...

This study have uniquely mad use of Box-Jenkins ARIMA models to address the core of the threes objectives set out in view of the focus to add meaningful value to knowledge exploration. The outcome of the research have testify the achievements of this through successful nine months out-of-sample...

This paper investigates the finite sample properties of the two-step estimators of dynamic factor models when unobservable common factors are estimated by the principal components methods in the first step. Effects of the number of individual series on the estimation of an auto-regressive model...

Broadband infrastructure facilitates the generation and distribution of decentralised information and ideas in a knowledge economy comprising of markets that rely on information as an input. This paper analyses the effect of broadband penetration on output per capita by estimating a static fixed...

This paper explores the Economic Theory of Inflation, meticulously progressing from fundamental concepts to intricate mathematical models. Investigating causes and consequences, the study draws on pertinent economic theories and empirical evidence. Key findings elucidate the multifaceted nature...

Money rules the world. But the importance of money is far greater than conventional economic theory and its heroic equations suggest. People have invented their own forms of currency, they have used money in ways that baffle market theorists, they have incorporated money into friendship and...

L'argent dirige le monde. L'importance de l'argent est toutefois bien plus grande que ne le laissent entendre la théorie économique conventionnelle et ses équations héroïques. Les gens ont inventé leurs propres formes de monnaie, ils ont utilisé l'argent d'une manière qui laisse les...

Applying IS-MP-IA model and the Taylor rule, this study finds that for selected CESEE economies (Albania, Bosnia and Herzegovina, Macedonia and Serbia), lower expected inflation rate, real exchange rate appreciation, a lower world interest rate which is calculated like a federal funds rate minus...

This paper examines the macroprudential roles of bank capital regulation and monetary policy in a Dynamic Stochastic General Equilibrium model with endogenous financial frictions and a borrowing cost channel. We identify various transmission channels through which credit risk, commercial bank...

This paper investigates the identification, the determinacy and the stability of ad hoc, "quasi-optimal" and optimal policy rules augmented with financial stability indicators (such as asset prices deviations from their fundamental values) and minimizing the volatility of the policy interest...