This paper examines the market efficiency consequences of accounting disclosure in the context of stock markets as a Keynesian beauty contest, an influential metaphor originally proposed by Keynes (1936) and recently formalized by Allen, Morris, and Shin (2006). In such markets, public...

There are several mechanisms that can account for short-run business cycle transmission. International trade is probably the major vehicle, and it forms a direct channel through which income and price shocks may be transmitted. Capital flows provide a second mechanism which is most likely to be...

Monetarists maintain that changes in the price level are attributable to the level of the money supply. Hence, price stability has been the rationale for the money supply rule derived from the Quantity Theory of Money. Consequently, to curb inflation, the general price level index is the lever...

Until the 19th and mid-20th centuries, economic theory explained that the economic status of a country was represented by the strength of its currency. This strength is measured by the exchange rate of one currency vis-á-vis another currency, a “zero-sum” game in which one currency gains...

The ultimate objective of this paper is to discuss the duration of business cycles and the related issue of the probability of recession. To reach that objective it is necessary to first agree on a definition of business cycles. It is also necessary to agree on how to define the key features of...

The mysterious and relatively less predictable cyclical fluctuations are known as ‘Business Cycle’ – one of the blackist in many black boxes in Economics. The patterns and ordering of the cyclical effects may vary for different economies. They depend on the socio-economic and political...

The "traditional structural approach" to determining real commodity prices has relied exclusively on demand factors as the fundamentals that explain commodity prices. This framework, however, has been unable to explain the sustained weakness in commodity prices in the 1980s and 1990s. This paper...

This paper attempts to look at the trends in income, money, and prices in Pakistan over the years. In addition, we also look at the components of, as well as interrelationship among, these variables. Annual data from 1949-50 to 1998-99 are used and the period is further divided into five...

This paper highlights and demonstrates the technical and economical impact of technical textiles in the industrially developed countries and their future contribution to the development of economics of newly developing countries, such as China, South East Asia, and North Africa etc. Pakistan...