The investigation of the growth-volatility link is an important one in empirical macroeconomics. There is no empirical evidence supporting the predictions of recent theoretical models that incorporate and explicitly recognize the role of human capital in this link. Using a panel data, we show...

In recent years, consumer choice has become an important element of public policy. One reason is that consumers differ in their tastes and needs, which they can express most easily through their own choices. Elements that strengthen consumer choice feature prominently in the design of public...

This paper examines the relationship between the ‘exclusion’ type core inflation measures and the stability price index. Empirical results for Malaysia and Pakistan suggests that, if targeting core inflation index is to stabilize output, weights of the export-oriented sectors (energy for...

The paper aims at assessing the forecast risk and the maximum admissible forecast horizon for the non-systematic component of inflation modeled autoregressively, where a distortion is caused by a simple first-order bilinear process. The concept of the guaranteed upper risk of forecasting and the...

In this paper, the structural stability of the hybrid New Keynesian Phillips Curve (NKPC) and possible changes in pricing behaviour of firms are investigated in the context of oil price shocks. Using quarterly US aggregate data, this curve is estimated in subsamples formed with oil price shock...

Differently from previous studies of tag-based cooperation, we assume that individuals fail to recognize their own tag. Due to such incomplete information, the action taken against the opponent cannot be based on similarity, although it is still motivated by the tag displayed by the opponent. We...

We study horizontal product differentiation as a strategic decision of downstream firms facing a threat of vertical integration and market foreclosure by an upstream monopolist. We model product differentiation either as pure market segmentation or as generating positive value to consumers....

In this paper we analyze return and volatility spillovers during overlapping trading hours between China (Shanghai Composite Index) and Japan (Nikkei 225 Index) using intraday high-frequency data. We first adjusted the 5-min. returns for intraday periodicity with Flexible Fourier Form (FFF)....

This paper examines the welfare-maximizing degree of patent protection in a growth model where the engines of economic growth are R&D and public services. We find that an increase in public services enhances the positive and negative effects of strengthening patent protection on R&D and the...

The purpose of this research note is to study the mariner occupation in Bristol by analyzing probate inventories from the seventeenth and eighteenth centuries. A large percentage of people were engaged in the occupation of a mariner, and this was a primary occupation for many in Bristol. In this...