We find a solution of the optimal stopping problem for the case when a reward function is an integer function of a random walk on an infinite time interval. It is shown that an optimal stopping time is a first crossing time through a level defined as the largest root of Appell's polynomial...

A nonlinear exchange rate model based on the famous Dornbusch (1976) overshhoting model is modified to allow for explicit consideration of the sources of supply and demand in the foreign exchange market along the lines suggested by Kouri (1983). Imperfect substitutability between domestic and...

Cyclical asymmetry has been recognised as a nonlinear phenomenonin recent studies examining unemployment rate time series. In this paper we use a number of established and new tests for identifying nonlinearities of the bilinear (BL), exponential autoregressive (EXPAR), smooth transition...

Governments are being pressured to provide better service, which is consistent, faster, and more accurate while effecting cost reductions, increasing employee morale and enhancing the business environment. This has been achieved in two ways - through Electronic Service Delivery (ESD) and through...

In this paper we consider the applied structural model of diequilibrium growth that we introduced in a previous paper. In particular we express the model in terms of intensive form variables which turn out to be governed by a set of 39D dynamic equations. We consider the model from the...

Regulatory failure causing financial ccrises has occurred with great frequency in the last ten years in both advanced and emerging nations. Theoreis of regulation have failed to define and describe the meanings of deregulation, the range of regulatory models and their goals, the significance of...