Sport mega-events such as the Olympic Games and FIFA World Cup, or on a smaller scale the Commonwealth Games or regional events, attract competing bids from nations or cities. These bids are mostly made at tax-payers? expense and spending is often large and non-transparent. Our paper addresses...

This paper examines the effect of the elasticity of technological substitution on the existence of equilibrium indeterminacy in two-sector economies. Recent empirical evidence, the elasticity of substitution between capital and labor is below unity. We ?nd that this requires a higher degree of...

We show that international trade in goods is the main determinant of international equity portfolios and it also offers a compelling - theoretically and empirically - resolution of the portfolio home bias puzzle. The model implies that investors can achieve full international risk...

Singapore is an interesting example of how the pattern of foreign investment changes with economic development. In this paper, we analyze inbound and outbound investment between Singapore and a sample of industrialized and developing countries over the period 1984-2003. We find that...

This paper establishes several results for uniform convergence of nonparametric kernel density and regression estimates for the case where the time series regressors concerned are nonstationary null–recurrent Markov chains. Under suitable conditions, certain rates of convergence are also...

In this paper, we propose a new diagnostic test for residual cross–section independence in a nonparametric panel data model. The proposed nonparametric cross–section dependence (CD) test is a nonparametric counterpart of an existing parametric CD test proposed in Pesaren (2004) for the...

We revisit the contribution of misperceived money to business cycles, and in particular to the inertial dynamics of inflation following a monetary policy shock. We establish three things. First, the difference between preliminary and revised money data captures monetary misperceptions well....

Contemporary historians usually attribute the East India Company's military success in India to its military strength. In contrast, we argue that, on its own, military strength was a mixed blessing: it could have led to the formation of coalitions against the Company. This did not happen because...

We introduce inventories into a standard New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model to study the effect on the design of optimal monetary policy. The possibility of inventory investment changes the transmission mechanism in the model by decoupling production from final...

Starting from her home, a service provider visits several customers, following a predetermined route, and returns home after all customers are visited. The problem is to find a fair allocation of the total cost of this tour among the customers served. A transferable-utility cooperative game can...