Since the publication of Friedman’s (1977) Nobel lecture, the relationships between the mean function of the inflation stochastic process and its uncertainty, and between inflation uncertainty (IU) and real output growth have been the subject of much research, with some studies justifying this...

The development of microfinance programs in Europe has increased due to the establishment of a large number of small businesses, increase in unemployment, high inflation rates and an impoverished population, which all constitute stimulating conditions of microfinance development. In addition,...

This paper is the introduction to the forthcoming book, Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Proceedings of Second International Symposium in Computational Economics and Finance. The conference was held in Tunis, Tunisia, March 15-17, 2012....

We use daily short-term interbank interest rates of France, the United Kingdom, and the United States to examine the dynamic links of international monetary markets from 2004 to 2009. Results from vector error-correction models and smooth-transition error-correction models show strong evidence...

This paper examines the wealth effects on consumption for the US, the UK and the Euro area using linear models and quantile regression approaches. We find that the elasticity of consumption with respect to aggregate wealth is largest for the UK, but housing wealth effects do not seem to be...

Within a nonlinear framework, this article studies the market integration hypothesis between the French and American stock markets, on a short- and long-term basis. We use two nonlinear Error Correction Models (ECM): the Exponential Switching Transition ECM (ESTECM) and the nonlinear...

This paper develops a new empirical measure of the S&P fundamental value under the rational expectation hypothesis. Thus, using the linearization of Campbell and Shiller (1988) and referring to the developments of Challe (2002), we extend the Dividend Discount Model (DDM) by introducing...