This paper addresses difficulties in modelling exchange rates in South Africa. Real exchange rate models of earlier research seem to be sensitive to the sample period considered, alternative variable definition, data frequency and estimation methods. Alternative exchange rate models proposed in...

Portfolio turnpikes state that, as the investment horizon increases, optimal portfolios for generic utilities converge to those of isoelastic utilities. This paper proves three kinds of turnpikes. In a general semimartingale setting, the abstract turnpike states that optimal final payo ffs and...

This research aims to test the functionality of the standard and the modified HBS model, with the intention to discover whether sectoral differences in labor productivity affect the dinar/euro real exchange rate. The first part of the analysis is based on the standard HBS model, which...

Osnovni cilj rada je ukazati kako je upravo rast kvalitete, a ne kvantitete izvoznih proizvoda u uspješnim tranzicijskim zemljama bio najuvjerljivije objašnjenje visokog stupnja korelacije između održivosti tekućeg računa platne bilance i snažne aprecijacije realnog tečaja. U radu je dan...

This paper addresses difficulties in modelling exchange rates in South Africa. Real exchange rate models of earlier research seem to be sensitive to the sample period considered, alternative variable definition, data frequency and estimation methods. Alternative exchange rate models proposed in...

Present-day macroeconomics has sometimes been dubbed ‘the new neoclassical synthesis’, suggesting that it constitutes a reincarnation of the neoclassical synthesis of the 1950s. This paper assesses this understanding. To this end, we examine the contents of the ‘old’ and the ‘new’...