The Gulf Cooperation Council countries (GCC) include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. Their monetary policy objective is to stabilize the foreign price, i.e., exchange rate instead of the domestic price level, where the nominal interest rate is equalized with the US...

We use the work-leisure choice model to estimate equilibrium labour supply (hours-worked) in New Zealand and Australia over the period 2000 – 2008. We then stochastically solve the model over a future period from 2010 to 2015, and then re-solve it under six different tax policy scenarios for...

Unanticipated shocks could lead to instability, which is reflected in statistically significant changes in distributions of random variables. Changes in the conditional moments of stationary variables are predictable. We provide a framework based on a statistic for the <italic>sample generalized...</italic>