The study is focused on estimating the informal economy in Romania based on survey in households. Moreover, some specific dynamic models to simulate complicated types of household’s behaviour (regimes) relating to participation in informal economy are presented.

This paper deals with estimating data from experiments determining lottery certainty equivalents. The paper presents the parametric and nonparametric results of the least squares (mean), quantile (including median) and mode estimations. The examined data are found to be positively skewed for low...

This paper presents a regression procedure for inhomogeneous data characterized by varying variance, skewness and kurtosis or by an unequal amount of data over the estimation domain. The concept is based first on the estimation of the densities of an observed variable for given values of...

This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them, are relevant to forecasting economic growth and stock returns, and whether they contain information that is orthogonal to macroeconomic and financial data. I examine 16...

For decades, the academic literature has focused on three survey measures of expected inflation: the Livingston Survey, the Survey of Professional Forecasters, and the Michigan Survey. While these measures have been useful in developing models of forecasting inflation, the data are low frequency...

This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them, are relevant to forecasting economic growth and stock returns, and whether they contain information that is orthogonal to macroeconomic and financial data. I examine 16...

I present evidence that higher frequency measures of inflation expectations outperform lower frequency measures of inflation expectations in tests of accuracy, predictive power, and rationality. For decades, the academic literature has focused on three survey measures of expected inflation: the...

In this paper, we shall analyse the concept of Money. Presently money is viewed as Record-of-Value i.e. money is used to capture value created in any activity. We start by defining money. Then we discuss the way energy is spent in creating value is measured using money. We also assess the uses...

In this paper sensitivity analysis between Lagrange multipliers and total budget is discussed. The method of Lagrange multipliers is a very useful and powerful technique in multivariable calculus. In mathematical economics, utility is the vital concept that increases or decreases overall...

This essay is about my prior experiences as a rocket scientist on Apollo rocket engines, with comparison to my subsequent experiences at the Federal Reserve, and in academia, with emphasis upon differences in collaboration and scientific methodology. A primary difference is in the emphasis on...