In this paper we ask how technological differences in manufacturing across countries can best be modeled when using a standard production function approach. We show that it is important to allow for differences in technology as measured by differences in parameters. Of similar importance are...

Evolving openness to trade is hard to measure, despite its relevance to models of growth, inflation and exchange rates. Our innovative technique measures trade openness encompassing both observable trade policy (tariffs and surcharges) and unobservable trade policy (quotas and other nontariff...

Econometric analyses of European datasets suggest that income aspirations increase with current income. This finding is consistent with the adaptation hypothesis –the notion that individual aspirations adjust to reflect personal circumstances and living conditions. We add to these existing...

Inflation is a far from homogeneous phenomenon, but this fact is ignored in most work on consumer price inflation. Using a novel methodology grounded in theory, the tensub-components of the consumer price index (excluding mortgage interest rates, or CPIX) for South Africa are modeled separately...

Inflation is a far from homogeneous phenomenon, a fact often neglected in modeling consumer price inflation. Using a novel methodology grounded in theory, the ten sub-components of the consumer price index (excluding mortgage interest rates), are modeled separately and forecast,...

We show that a combination of temporariness and spending pressure is intrinsic to the aid relationship. In our analysis, recipients rationally discount the pronouncements of donors about the duration of their commitments because in equilibrium they know that some donors will honor those...

A person learns by trial and error if he occasionally tries out new strategies, rejecting choices that are “erroneous” in the sense that they do not lead to higher payoffs. In a game, however, strategies can become erroneous due to a change of behavior by someone else. Such passive errors...

Moroccan manufacturing firms generally choose to incorporate under one of two legalforms: ‘Société Anonyme’ (SA) and ‘Société À Responsibilité Limitée’ (SARL). This thesis is about that choice and its consequence for firms’ access to bank overdraft facilities.In 2001, Morocco...