We study regression models for nonstationary categorical time series and their applications, and address the issues of prediction, estimation and control. Generalized Linear Models and Partial Likelihood are the basic tools in the present study. The models link the probabilities of each category...

Economic conflict resolution historically has been seen, by the main schools of economic thought, as the distribution of given, scarce resources. The neoclassical school argued that the distribution was efficiently solved by the price system, and the Marxist school argued that a revolution to...

This book presents the history of economic thought as it relates to today’s most pressing problems, and it emphasizes the critical connection that exists between what may seem cold, unrealistic mathematical economic models, and the quality of everyday life of any citizen of the planet earth....

Financial crises have been a challenge for sustainable growth, given the frequency and intensity of the crisis shocks and their destructive consequences taken place in the last decades. The paper aims to study how the endogenously created excess money supply can contribute to global financial...

Challenging economic theory that is developed at micro level is a common practice among macro-economic behaviors of conventional economic system. In this context the paper analyses Islamic banking that tries to bring an interest free financial system. The paper explains the circumstances that...

Challenging economic theory that is developed at micro level is a common practice among macro-economic behaviors of conventional economic system. In this context the paper analyses Islamic banking that tries to bring an interest free financial system. The paper explains the circumstances that...

The goal of this paper is to demonstrate and analyze the contradiction between the model of time preference and the concept of savoring and thereupon outline product categories that particularly apply to each one of the preceding models. Both concepts are discussed and exemplified in order to...

The essay traces the beginning of behavioural finance by examining the development of expected utility model. Expected utility model is based on the assumptions of time consistent preferences of utility. However, experimental results in psychology regarding choice under risk and uncertainty...

The study looked into the stochastic properties of CPI-inflation rate for Nigeria from 1995Q1 to 2016Q4. The study employed an autoregressive fractionally integrated moving average and a general autoregressive conditional heteroskedasticity (ARFIMA-GARCH) methodology as well as ADF/KPSS to...

This paper addresses one of the central aspects of the transmission mechanism of monetary policy, namely the ability of central banks to affect the structure of interest rates. To shed light on this issue, we assess the causal relationship between short- and long-term interest rates, that is,...