The high economic growth rates that emerging economies experienced over the last two decades have been studied with great interest by numerous economists. Even during a time of global crisis such as the present one, countries like Brazil, India and China (BICs) continue to achieve high growth...

One of the primary responsibilities of economics is to build a good indicator of the magnitude of short term disequilibrium. Knowledge of the magnitude of the excess demand in the economy is essential for conducting fiscal and monetary policy. In a period of contraction when monetary policy is...