This paper suggests and implements a method for dealing with the problems which are encountered during the estimation of dynamic, discrete choice models with serially correlated unobservables. The method takes advantage of Gaussian quadrature integral approximation techniques and is based on a...

Georgian business and academic circles time and again debate whether the exchange rate for the national currency, Lari (GEL), is determined by a free and efficient market or can be predicted and/or manipulated. This paper attempts to resolve that debate. It addresses whether the GEL/US$ exchange...

Georgian business and academic circles time and again debate whether the exchange rate for the national currency, Lari (GEL), is determined by a free and efficient market or can be predicted and/or manipulated. This paper attempts to resolve that debate. It addresses whether the GEL/US$ exchange...