This paper develops a macroeconomic model of the response of interest rates to inflation expectations, with particular attention to the role of tax non-neutralities. Virtually all the well-known results in the theoretical literature hold as special cases of this model. Some suggestive empirical...

This article presents tests of the random walk hypothesis for the U.S. and world commercial real estate markets along with the world stock market through utilizing appropriate market indices. The augmented Dickey-Fuller and Phillips-Perron unit root tests and Cochrane variance ratio test find...

This study performs tests of the random walk hypothesis for international commercial real estate markets utilizing stock market indices of real estate share prices for three geographical regions: Europe, Asia and North America. The augmented Dickey-Fuller and Phillips-Perron unit root tests and...

This article examines the role tax policy can play in fostering human capital accumulation in a resource-constrained dual economy whose population is growing. The study shows how human capital accumulation, in turn, affects the intersectoral terms of trade and the economic growth process of such...

By offering three visions of the future of television through 2015, this article aims to highlight some of the socio-economic changes that the television sector may experience in the long term. It highlights the structuring impact that PVR could have on the sector, as well as the upheavals that...