In this note, we revisit the univariate unobserved-component (UC) model of US GDP by relaxing the traditional random-walk assumption of the permanent component. Since our general UC model is unidentified, we investigate the upper bound of the contribution of the transitory component, and find it...

This article analyses the evolution of foreign capital weigh in 500 biggest companies based on Big Firms Survey carried by official statistical bureau, INDEC. Next other episodes of expansion and contraction of foreign capital are accounted for. Based on that facts, we propose a conceptual...

A HIGHLY IMPROVED VERSION OF THIS PAPER CAN BE FOUND AT http://english.mnb.hu/Kiadvanyok/mnben_mnbfuzetek/mnben_elozo/mnben_WP_2010_8 This paper provides a comprehensive analysis of the relative performance of inflation targeting, price level targeting, and hybrid targeting of them in a simple...

This paper constructs an overlapping generations model with a frictional labor market to explain persistent low education in developing countries. When parents are uneducated, their children often face difficulties in finishing school and therefore are likely to remain uneducated. Moreover, if...

An artificial neural network (hence after, ANN) is an information processing paradigm that is inspired by the way biological nervous systems, such as the brain, process information. In previous two decades, ANN applications in economics and finance; for such tasks as pattern reorganization, and...

Measuring the contribution of services to the Indian economy is a challenging task because it presents problems not encountered in the primary and secondary sectors. The authors discuss problems found particularly in quantifying the contribution of the banking and software sectors and suggest...

We show that in oligopolistic markets the social choice correspondence which selects all socially efficient outcomes is Nash implementable if the number of firms is at least two. Thus, monopoly regulation whenever consumers are favored by the designer or the society is the only framework, among...

In recent years there has been an upsurge of interest in religion among economists, but the content of religion has so far been neglected . This paper builds a rational choice model of divine action, in particular of the structure of the divine offer of salvation and rational human response. It...

With the already huge and growing amount of greenhouse gas emissions and a great deal of low-cost abatement options available, China is widely expected as the world’s number one host country of clean development mechanism (CDM) projects. But, making this potential a reality represents a...

The rising numbers of people willing to risk their lives in illegally crossing land, air or sea borders into the European Union has brought this aspect of migration into the limelight in the last few years. There is a lot more to be discussed in this context, except for the obvious shock and...