Given their increased importance during recent years, FOMC (Federal Open Market Committee) statements can have a significant impact on asset prices. To capture the effect of FOMC statements on asset prices, an indicator variable is created that takes into account the information content of...

This study investigates the patterns of innovation in Turkey and its primary aim is to examine the intra-industry heterogeneity in innovative activities. For this purpose double-level factor analysis is performed and the resulting factor scores are used in the subsequent cluster analyses. Four...

The usefulness of non-linear models to provide accurate estimates and forecasts remains an open empirical debate. This paper examines the nature of the estimated relationships and forecasting power of smooth-transition models for UK stock and bond returns using a range of financial and...

This paper represents a contribution to empirical debate on the persistence of innovation in the firm, by exploiting an innovative panel database that, for the first time, links three waves of the Italian Community Innovation Survey with an administrative data source providing economic and...

This paper investigates spatial spillover effects of productivity in China. We set up a model in which a Chinese province achieves productivity growth by taking advantage of productivity spillovers from the world frontier and from other Chinese provinces. By using fixed effects and GMM panel...

This paper extends the theory of demand-led money supply endogeneity to the case of an open economy with a fixed exchange rate. This theory is contrasted to the standard Mundell-Fleming view. In the compensation approach advocated here, central banks are able to set interest rates, even in a...

We evaluate the impact of economic and non-economic factors on women’s empowerment of Self-Help Group (SHG) members. We estimate a structural equation model (SEM) and correct for ordinality in the data to account for the impact of the latent factors on women’s empowerment. Our SEM results...

Against the background of the current (economic) research which concentrates particularly on individual and structural factors, this paper examines if and to what extent social norms (in terms of attitudes towards gender roles and work commitment) can make a complementary statement in explaining...

The inflow of foreign direct investment (FDI) has been found to play a crucial role in the economic growth of receiving countries. Using panel cointegration techniques, this perception was found to be mitigated by an empirical approach that yields different results from previous studies. While...

This paper explores a Post Keynesian, ‘new economics’ approach to climate policy, assessing the opportunities for investment in accelerated decarbonisation of the global economy to 2020 following the Great Recession of 2008--2009. The risks associated with business-as-usual growth in...