The recent increase in operating expenses of merchant vessels (opex) has stimulated interest in explaining their determinants. However, the available literature cannot explain this development nor does it provide information on a level of necessary detail. This paper considers a quantitative...

Ninety-three world-wide inflation series are tested for unit roots. Treating the data series' innovations as draws from a symmetric stable distribution, with possibly infinite variance, reduces the number that appear stationary.

This paper investigates the relationship between parameters of stable distributions and characteristics of speculative processes. An empirically feasible estimation method of parameters of speculative processes through a conversion from stable distribution parameters is suggested.

This paper analyses the predictability of a hypothetical market with freely negotiated prices on which exists a censoring of one-period returns which are in excess of an arbitrary level ('floor' and 'ceiling'). It is shown that the expected value of returns (adjusted for drift) conditional on...

Empirical evaluation of macroeconomic uncertainties and their use for probabilistic forecasting are investigated. A new weighted skew normal distribution which parameters are interpretable in relation to monetary policy outcomes and actions is proposed. This distribution is fitted to recursively...

The paper analyses inflationary real effects in situation where there are frequent episodes of high inflation. It is conjectured with the increase in high inflation, and when differences between the expected and output-neutral inflation become large, output stimulation through inflationary...

This article examines the relationship between the ‘exclusion’ type Core Inflation (<italic>CI</italic>) measures and the stability price index. Empirical results for Malaysia and Pakistan suggest that if targeting <italic>CI</italic> index is to stabilize output, weights of the export-oriented sectors (energy for Malaysia...

This paper examines the relationship between the ‘exclusion’ type core inflation measures and the stability price index. Empirical results for Malaysia and Pakistan suggests that, if targeting core inflation index is to stabilize output, weights of the export-oriented sectors (energy for...