The role of monetary policy during periods of asset price volatility has been the subject of discussion among economists and policymakers at least since the 1920s and the Great Depression that followed. Some economists have been arguing that the performance of inflation-targeting central banks...

In this note I explore how a non-constant rate of time preference on the part of policymakers affects economic growth. In a simple dynamic general equilibrium model I show that if the incumbent government has a rate of time preference in the form of a quasi-hyperbolic discounting function, tax...

Business tendency surveys are commonly used to provide estimations of a wide range of macroeconomic variables before the publication of official data. The qualitative nature of data on the direction of change has often led to quantifying survey results making use of official data, introducing a...

Earlier studies that investigated the relation between exchange rate and domestic output employed panel data. In this paper we improve upon the traditional approaches of the existing econometric literature on contractionary devaluation or depreciation by applying panel unit root and panel...

The role of customer value has been recognized by firms over time as an instrument that can stimulate market share and profit optimization. Customer values for a new product of firms in competitive markets are shaped more by habits, reinforcement effects and situational influences than...

The issues at stake in recent debates about imperfectionism in macroeconomic theory are strikingly similar to questions raised in the revisionist controversy in German Marxism in the later 1890s and beyond. Orthodox Marxists claimed that the law of value could operate effectively only under free...

In the principal-agent literature, a collective tournament, i.e. a tournament between teams, has been proposed as a solution to the free-rider problem. Competition between the teams is said to foster within-team cooperation and, hence, to mitigate free-riding. In this paper, we analyse the...

In looking to explain the possible transmission and causal flows in volatility between financial markets during an economic crisis and the impact of possible contagion, we examine the specific circumstances surrounding the role of the development of futures index trading in Malaysia in relation...

This paper examines the impact of the unemployment rate on the decision to migrate among recent Italian graduates. A fixed-effects approach is used to avoid potential omitted variable problems. This method allows us to account for unobservable location-specific characteristics that are likely to...