This paper empirically characterizes comovement in monetary policy of G-7 countries during 1980-2009. I estimate a Taylor rule for each country and use residual from the Taylor rules to estimate a dynamic latent factor model with common and Europe speci…c factors. I quantify importance of the...

The behavioral tradition has largely anchored on Simon's early conception of bounded rationality, it is important to engage more explicitly cognitive approaches particularly ones that might link to the issue of identifying novel competitive positions. The purpose of the study is to describe the...