The concept of market efficiency has been investigated thoroughly in recent years, with most studies focussing on developed economies. Far fewer investigations have been carried out into emerging markets, and results have been mixed. Some emerging markets appear to be weak form efficient whereas...

Many economists, and even methodologists, believe that the very abstractness of abstract methodology (AM) betrays it into either authoritarianism or vapidity. But though AM can certainly suffer from these defects, abstractness is not the cause of them. The root problems, arising from AMs...

Motivated by the revival of Keynesian-inspired fiscal activism in response to the global financial crisis of 2008-09, this paper analyses stylised simulations of fiscal stimulus using an overlapping generations model that allows for feedback effects of stimulus spending on intertemporal...

This paper extends the literature by developing an objective market based index, which is dynamic and continuous and can be used to measure the monetary policy transparency for a country or, simultaneously, a series of countries.

In this paper we use a stylised three-country model to analyse how the transmission of US shocks to Europe might be affected by Asia's choice of exchange rate regime. We find that if Asia pegs its exchange rate to the dollar, the impact of US shocks on European output and inflation is likely to...

In this paper we analyse whether the apparent comovement of unemployment rates for some of the Central and Eastern EU new members can be explained by a common force, possibly linked to the process of economic integration. For this purpose we test for nonlinear unit roots as a first step to...

The world market for unbroken yearling Thoroughbred racehorses has exhibited signs of overproduction for some years. This paper explains why, by extending the theory of monopolistic competition to a market for a group of heterogeneous products, ordered by quality, and characterised by perfect...

Drawing from recent advances in the classification of exchange rate regimes, this note revisits empirically the relationship between inflation and growth under alternative exchange rate regimes. The results, based on a panel of 125 industrialised and developing countries over the period...

The important contribution of this paper is to shed light on the validity of the taxspend debate using panel data from 15 selected EU countries. The controversial tax and spend, spend and tax, fiscal synchronisation and institutional separation hypotheses compose the four theories in the field...

This paper adapts the Ethics of Spinoza into the Ramsey growth model and shows that the way people conceive and understand life, related to emotions of joy and sorrow, affects economic performance. The model has multiple equilibria: The Spinoza solution, optimism, leads to greater capital...