The aim of this study is to assess to what extent the Portuguese participation in the European Monetary System has been characterized by mean reverting behaviour, as predicted by the exchange rate target zone model developed by Krugman (1991). Although exchange rate mean reversion is widely...

In this paper, we seek to examine the effect of comparisons and social capital on subjective well-being. We test if, through social influence and exposure, social capital is either an enhancer or appeaser of the comparison effect. Using the Latinobarómetro Survey (2007) we find that, the...

Value creation processes based on economic dynamics of contribution – also referred as crowdsourcing or web 2.0 - take more and more importance in contemporary capitalism (Moulier-Boutang 2010; Moulier-Boutang 2011a). This paper’s aim is twofold: 1) to contribute to a better understanding of the...

Energy productivity, defined as the ratio of GDP to energy used, is pervasively used as an indicator of energy efficiency at national level, although it is not an appropriate one. We point out that the traditional energy productivity could measure only the cost effectiveness of energy to achieve...

The objective of this study is to construct a 2-goods “tradable and non-tradable”, 4-factors, 13-industries, single-country general equilibrium model with references to the case- specific features of North Cyprus and explore the impact of external income shock on the economy as a whole. The...

GDP and its components’ evolution show an oscillatory behavior. As an alternative approach to classical cyclic behavior producing models, the paper analyses this behavior both by Fourier transforms of the data series and by a discussion of the roots configuration of the associated second order...

The main objective of our study is to model and forecast volatility as measured by the VIX index, with the aim of producing information to banks and also to macroeconomists. We begin with Arma/Arima models, augmented with Garch errors and exogenous regressors : some macroeconomic leading...

The government of Quebec has launched a major public infrastructure spending program funded essentially by debt. This choice can have long term consequences on growth if the eviction effect is strong. In this paper, we use a recursive dynamic model of the Quebec economy to analyse alternative...

The current state budget crisis in the EU and the numerous futile efforts to solve the problem has brought back the fraction of people that argument in favour of an exit strategy of Germany from the ECU or even the break-up of the ECU in total. The path to the ECU was long and mainly politically...

This paper will review the specification of international trade in CGE models, focusing on how the modelers have drawn on trade theory to build empirical models to analyze issues of: trade liberalization, regional integration, trade-wage links, structural adjustment to macro shocks, choice of...