We characterize the revenue-maximizing mechanism for time separable allocation problems in continuous time. The valuation of each agent is private information and changes over time. At the time of contracting every agent privately observes his initial type which influences the evolution of his...

This study examines the dynamic relationship between changes in oil prices and the economic policy uncertainty index for a sample of both net oil-exporting and net oil-importing countries over the period 1997:01-2013:06. To achieve that, we extend the Diebold and Yilmaz (2009, 2012) dynamic...

We state that long-run restrictions that identify structural shocks in VAR models with unit roots lose their original interpretation if the fractional integration order of the affected variable is below one. For such fractionally integrated models we consider a medium-run approach that employs...

Debates on the appropriate response of fiscal policy to economic downturns, such as the debates on the merits of austerity measures in Europe, have been centered on the size of the fiscal multipliers. Indeed, empirical and theoretical evidence suggests larger multipliers at times of recession...

The present paper is centred on the analysis of a basic, classical, closed economy dynamic stochastic general equilibrium model, revealing some core economic variables, captured at the level of our country, both from the perspective of their reaction to the shock on technology and from the one...

Responsiveness of exchange rates to external price shocks as well as their ability to serve as a traditional vehicle for a transmission of these shocks to domestic prices is affected by exchange rate arrangement adopted by monetary authorities. As a result, exchange rate volatility determines...

The Slovak economy is experiencing another significant phase of fiscal consolidation in its history. Unlike previous episodes of major consolidation in our history, our economy cannot "rely" on a soft cushion in the form of favourable global economic situation, integration and launch of new...

In the article one tried to answer many questions about the money flow between stock exchanges. One reflected if stock markets are a communicating vessels system, if there succeed an escape from one stock exchange to another, if in different periods more lost on the stock markets small, big or...