Detection of community is a crucial step to understand the structure and dynamics of complex networks. Most of conventional community detection methods focus on optimizing a certain objective function or on clustering nodes based on their similarities, which leads to a phenomenon that they have...

We give a complete classification of scaling limits of randomly trapped random walks and associated clock processes on Zd, d≥2. Namely, under the hypothesis that the discrete skeleton of the randomly trapped random walk has a slowly varying return probability, we show that the scaling limit of...

The reality of contemporary developments in the capital markets indicates that they do not lend themselves to the deductive theory based on simplified rationality of the physical world. The behaviour of the markets cannot be derived from rather bare postulates of the so called “random walk”...

We study the effects of permanent and temporary income shocks on precautionary saving and investment in a "store-or-sow" model of growth. High volatility of permanent shocks results in high precautionary saving in the safe asset and low investment, or a "volatility trap." Namely, big savers...

To estimate the New Keynesian model, we use four key macroeconomic series for Thailand. The priors are chosen to reflect general considerations of the appropriate model dynamics and our judgment about the Thai economy. The model is solved initially so that the baseline forecast replicates staff...

Canadian housing prices are higher than levels consistent with current fundamentals in some provinces. The empirical estimates suggest that a 10 percent decline in housing prices would lead to a 1¼ percent decline in private consumption. The high level of household leverage and housing prices...

This article examines as to whether past stock prices in the Colombo Securities Exchange (CSE) exhibit predictability of future prices by using various statistical tests for the period from 1985 to 2009 on daily data. The findings of various statistical tests generated mixed results. The results...

The purpose of this study is to test the efficiency level of the Athens Stock Exchange (ASE). It performs efficiency tests for the years 2000–2002. The results of these tests enable us to argue that over the two years of the study, ASE was not an efficient market as it suffered from...

In this paper we test whether the key metals prices of gold and platinum significantly improve inflation forecasts for the South African economy. We also test whether controlling for conditional correlations in a dynamic setup, using bivariate Bayesian-Dynamic Conditional Correlation (B-DCC)...