Economists and policy-makers have long sought the ideal framework for monetary policy as it is arguably one of the most important tools for government to influence the economy. Exchange rate and inflation are believed to be the most appealing anchors for providing guidance to the conduct of...

There is a large literature on the effect of exchange rate arrangements on trade. The monetary policy used in the floating exchange rate regime, however, is usually ignored and unidentified in the empirical studies. This makes the effect of alternative monetary policy regimes on trade remains...

The existing literature on the performance of monetary policy regimes is separate and isolated, with unidentified monetary policy framework for floating rate regime in the exchange rate regime literature and non-inflation targeting regime in the inflation targeting literature. This paper...

This paper proposes a new Bayesian multiple change-point model which is based on the hidden Markov approach. The Dirichlet process hidden Markov model does not require the specification of the number of change-points a priori. Hence our model is robust to model specification in contrast to the...

This paper estimates the value of superstitions by studying the auctions of vehicle license plates. We show that the value of superstitions is economically significant, which in turn justifies their persistence in human civilization. We also show that such a value, though based inherently on...

Groenewold et al (2004a) documented that the Chinese stock market is inefficient. In this paper, we revisit the efficiency problem of the Chinese stock market using time-series model based trading rules. Our paper distinguishes itself from previous studies in several aspects. First, while...

This paper juxtaposes the features of major bay areas across the globe to identify the competitive advantages of, together with challenges confronting, the Greater Bay Area (GBA) and proffers policy recommendations on areas deemed pivotal to the economic development of the GBA. Under the current...

India has enacted several affirmative action policies since the 1990s to benefit the lower castes. This paper investigates if caste still affect an individual’s income in India today. Previous studies in this field have focused on specific regions or castes, and there is a dearth of pan-India...

This paper aims to study the effect of distance to abortion facilities on the birth rate, abortion ratio and pregnancy rate in the United States. It will further extend the effect of the change in birth statistics on child living conditions, measured by adjusted family income and the percentage...

This paper studies the Hong Kong economy from a trade intermediary’s perspective. Using a structural vector autoregression (SVAR) framework, we discover that trade-related external shocks mainly affect the economy through re-exports channel over the offshore trade channel. We observe that...