In this paper we introduce a new nonlinear Markov-STAR model to capture both the markov switching and smooth transition dynamics for real exchange rates. The Markov switching part captures the effect of time variations of the equilibrium exchange rates, while the smooth transition part models...

This paper proposes a structural model of exchange rates where agents formulate their one-step ahead predictions based on social learning process and higher order beliefs. Individual choices are then aggregated and plugged into a rather standard macroeconomic model to derive the dynamics of...

Целью статьи является разработка организационно-экономических основ обеспечения защиты предприятия от корпоративных захватов. В статье проведено...

We estimate a model for exchange rate dynamics when expectations present higher order beliefs. A structural macro model for exchange rates is proposed where agents form their one-step-ahead predictions under a Bayesian learning process and in which aggregation of their choices is considered into...

This paper studies the effect of exchange rate pass-through on inflation in Tunisia for the period 2001 to 2009. The objective is to track inflation regimes for the Tunisian economy and to forecast its determinants. Using a Markov-switching approach, the authors identified two main regimes for...