The Least-Squares Monte Carlo model (LSM model) has emerged as the derivative valuation technique with the greatest impact in current practice. As with other options valuation models, the LSM algorithm was initially posited in the field of financial derivatives and its extension to the realm of...

The article is essentially a book-review of Professor Vijay Joshi's recent work, '"India's Long Road: The Search for Prosperity". In this critical essay, I take a slightly revisionist approach when it comes to a 'typical'book review. For example, the length of this article goes well-beyond the...

This extended abstract shows the importance of human intuition in the context of creating new knowledge. In particular, inspirational intuition plays an important role. In contrast to Daniel Kahneman's fast, intuitive and routine decision-making in terms of a System 1 (Kahneman 2011, pp. 19...

This paper examines whether machine learning (ML) algorithms can outperform a linear model in predicting monthly growth in Canada of both house prices and existing home sales. The aim is to apply two widely used ML techniques (support vector regression and multilayer perceptron) in economic...

Among leftists, predicting the end of capitalism is a favorite parlor game. For example, as a graduate student in the 2010s, I remember discovering the 1976 edition of Marx’s Capital and being struck by the introduction. Written by the Belgian Marxist Ernest Mandel, the foreword concluded that...

The appeal of the 'Micro-foundations' project, which requires that all macroeconomic propositions are reduced to or derived from microeconomic ones, is strongly supported by the considerable force of what Lakatos calls the discipline's 'hard core'. This is particularly so if this project is...

This paper analyses the impact of two new international tax provisions, GILTI and FDII, passed under the Tax Cuts and Jobs Act, on U.S. multinational corporations' location of new capital. We analyze whether these rules help retain internationally mobile rents within the U.S. tax base and the...

Michael Strain and Stan Veuger find that the economic effects of globalization do indeed change the attitudes of whites toward immigrants, minorities, religion, and guns. More specifically, they find evidence of significant hardening of existing attitudes – that is, the impact of these import...

We use credit reports, survey data, and two natural experiments that increase health insurance coverage—Medicare eligibility and the Affordable Care Act's Under 26 provision—to study the financial protection provided by health insurance.

This study reports estimates from a model of the economic effects of 4G mobile wireless technology adoption in the United States on employment and economic growth and, based on those results, projects the benefits of 5G adoption under different counterfactual scenarios.