This paper examines the behaviour of the demand for money in Greece during 1976:1-2000:4, a period that included many of the influences that cause money-demand instability. Two empirical methodologies, vector error correction (VEC) modelling and second-generation random coefficient (RC)...

EU Commission forecasts are used as a benchmark within the framework of the Stability and Growth Pact, aimed at providing a prudential view of economic outlook, especially for member states in an Excessive Deficit Procedure. Following Elliott <TOGGLE>et al.</TOGGLE> (2005), we assess whether there exist...</toggle>

This paper examines the exchange rate disconnect puzzle of Obstfeld and Rogoff (2000) from a behavioural perspective. It provides evidence on the existence of substantial asymmetries in the underlying loss preferences for the difference between the spot and forward nominal exchange rates between...

This paper focuses on Greek labour market dynamics at a regional base, which comprises of 16 provinces, as defined by NUTS levels 1 and 2 (Eurostat, 2008), using Markov Chains for proportions data for the first time in the literature. We apply a Bayesian approach, which employs a Monte Carlo...

We use Markov process to estimate the transition matrix of social welfare in EU by adopting a Bayesian approach and Monte Carlo Integration. There exists persistence in unemployment rate, whilst regarding social expenditures four identified social clubs converge to two.

This paper provides evidence on the existence of asymmetries in the underlying loss preferences for the difference between the spot and forward nominal exchange rate. We find that, in the context of both linear and non-linear loss functions, the underlying loss preferences for monthly data are...