This paper defines theoretical lower bounds of uncertainty of observations of macroeconomic variables that depend on statistical moments and correlations of random values and volumes of market trades. Any econometric assessments of macroeconomic variables have greater uncertainty. We consider...

This paper presents a quantum-inspired economic equilibrium model that incorporates fundamental uncertainty in market dynamics. Drawing upon the analogy between quantum mechanics and economic behavior, the model defines an uncertainty constant, σ, which limits the precision with which both...

In a recent paper, Newell and Pizer (2003) (N&P) build upon Weitzman (1998, 2001) and show how uncertainty about future interest rates leads to ‘certainty equivalent’ forward rates (CER) that decline with the time horizon. Such Declining Discount Rates (DDR’s) have important implications...

CNMT (Classical Neoclassical Monetary Theory) has defined monetary policy and the role of Central Banks for the last one hundred years. This book argues that it is time to change. It proposes a NMT (New Monetary Theory) which argues that Central Banks should be responsible for the whole relation...

With the expansion of trade policies in the 1980s, countries began prioritizing foreign trade in their economic strategies, recognizing financial development as a key component. Financial development significantly influences macroeconomic performance and enhances economic growth by positively...

Just as human age is a key determinant of individual economic productivity, a population’s age structure is a significant causal factor of economic productivity and growth. This paper attempts to update the traditional theories of economic growth by incorporating demographic transition theory...

This paper extends the Solow-Swan growth model by incorporating environmental factors, applied specifically to Madagascar. The model simulates three scenarios: (1) a baseline scenario with low savings and high deforestation; (2) an economic reform scenario with increased savings but no...

Should we think of immigration as an exogenous shock to labor supply in the receiving economy? The time series of the share of migrant labor is `Granger caused' by that of total hours worked and the average real wage in the UK economy. This suggests that immigration is, in part, determined by...

We thank the Department of Industry, Science and Resources (DISR) for the opportunity to contribute to the development of a national critical minerals strategy. We agree with the DISR that Australia has a narrow window of opportunity to capitalize on the very high demand and prices of critical...

This paper presents estimates of the effects that government regulation of diesel and petrol prices has on GDP growth. Theory suggests that when supply curves are convex, a decrease in the regulatory price has a larger effect on output than a tantamount increase. Motivated by this theoretical...