We use a multivariate state space framework to analyze the short run impact of money on prices in the United States. The key contribution of this approach is that it allows to identify the impact of money growth on inflation without having to model money demand explicitly.

Our small macroeconomic model examines the scenario of introducing a dual-currency regime in Greece in order to restore its fiscal imbalances in the aftermath of the outbreak of the Greek crisis. Particular attention is paid to the contraction of the economic output until a fiscal equilibrium is...

This paper employs a spatial dynamic panel model to forecast China's energy consumption in 2011–2020. We find that energy consumption would continue to increase at least till 2020, with annual growth rates of 10% in 2011–2015 and 6% in 2016–2020. A higher proportion of service sectors in...

This paper examines the determinants of aggregate currency mismatch using the panel data set of Lane and Shambaugh, covering 97 countries over 1990–2004. The estimation results show that both domestic and international factors matter. Strengthening domestic policies and institutions is...

In the last decade, the efficient market hypothesis and its validity for emerging markets grew as a fertile topic of debate in Finance. However, the dilemma of market efficiency still remains intractable. It is more likely that any literature review in respect of market efficiency would produce...

The international reserve regime based mainly on the US dollar has served the world well for decades, but it faces an uncertain future as the economic hegemony of the United States is increasingly challenged by the emergence of new economic powers. The regime is flawed fundamentally, moreover,...

The massive reconfiguration of the world economy over the next decade will lead to a New Economic Order by 2020. China will displace the U.S. as the world's leading economy and India will overtake Japan. This will shift the balance of the G20 from the leading industrialized economies of the G7...