The motivation of our paper comes from David Gale’s seminal work in 1974. He constructed an example of the “transfer paradox” based on three Leontief functions. The transfer paradox is that when there is a set of agents in the home country and that the home country is trading with other...

An economy with incomplete ?nancial markets, as described by Cass (1989), typically has in?ation volatility driven by sunspots. The purpose of this paper is to investigate how the introduction of in?ation- indexed bonds to the ?Cass?economy in?uences a monetary market, an indexed bond market,...

In an economy with incomplete financial markets as described by Cass (1989), there is typically a continuum of equilibria driven by sunspots. In some cases, there is no Pareto ranking among the different sunspot equilibria. However, this paper shows that a sunspot equilibrium with lower...

This study demonstrates how the stability of Mantel–Haenszel (MH) DIF (differential item functioning) methods can be improved by integrating information across multiple test administrations using Bayesian updating (BU). The authors conducted a simulation that showed that this approach,...

The rural commodity economy in the Edo period developed by leaps and bounds under the influence of institution, policy, technology and other factors. From the mid-17th century, the specific area of cash crops gradually took shape in Japan and the large-scale cultivation of cash crops greatly...

For calibrating the conceptual hydrological models (CHM), the traditional calibration method with a single objective cannot properly measure all the behaviors of the hydrological system. To obtain a successful parameters calibration, in this paper, we propose a multi-objective cultural...

We analyze three related but distinct concepts concerning the renminbi's role in the global monetary system: (i) "internationalization" of the currency; (ii) currency convertibility; and (iii) reserve currency status. Their sequencing in relation to other policy goals such as financial sector...