The Rational Expectations Permanent Income Hypothesis implies that consumption follows a random walk. However, most empirical tests have rejected the hypothesis. Those empirical tests are based on linear models. If the data generating process is non-linear, conventional tests may not be able to...

The back-propagation neural network (BPN) model has been the most popular form of artificial neural network model used for forecasting, particularly in economics and finance. It is a static (feed-forward) model which has a learning process in both hidden and output layers. In this paper, we...

Artificial neural network modeling has recently attracted much attention as a new technique for estimation and forecasting in economics and finance. The chief advantages of this new approach are that such models can usually find a solution for very complex problems, and that they are free from...

Oil price shocks impact the global economy, but the effects are not alike across the countries. While higher oil prices are beneficial to oil-exporting countries, they are harmful to economic performance of oil-importing countries. The opposite is also true for the lower oil prices. Nonetheless,...

Fuel subsidies lead to economic distortions including excess consumption because of changes in relative prices. They also create an incentive for smuggling to neighbouring countries where price differentials are significant. Notwithstanding myriad studies on various economic impacts of fuel...

Oil price shocks impact the global economy, but the effects are not alike across the countries. While higher oil prices are beneficial to oil-exporting countries, they are harmful to economic performance of oil-importing countries. The opposite is also true for the lower oil prices. Nonetheless,...