The evolutionary theory proposed by Nelson and Winter (1982) has inspired hundreds of studies related to the model presented in their book. This model has demonstrated the empirical validity of a new theoretical and methodological approach to the background of the U.S. economy and the...

This paper measures credit risk in prime money market funds (MMFs), studies how such credit risk evolved in 2011-2012, and tests the efficacy of the Securities and Exchange Commission’s (SEC) January 2010 reforms. To accomplish this, we estimate the credit default swap premium (CDS) needed to...

Consider a pure exchange differential information economy with an atomless measure space of agents and a Banach lattice as the commodity space. If the commodity space is separable, then it is shown that the private core coincides with the set of Walrasian expectations allocations. In the case of...

This paper highlights the findings of some of the recent research on capital flows, credit booms, and their attendant consequences for asset prices, business cycles, financial crises and the interaction among these. The aim is to condense key results from the relevant literature and promote...

Although financial development may facilitate economic growth over the long term, financial underdevelopment remains a salient feature of even leading emerging or transition economies. In principle, openness to both international trade and finance may weaken resistance to major financial...

Abstract The article deals with the basic elements of a rational strategy of economic development of Russia in the modern circumstances. The analysis shows that the current state of confrontation between Russia and the United States will last long enough. Trying to shorten the period of forced...

A thorough review of twelve recent studies of production costs from different power generating technologies was conducted and a wide range in cost estimates was found. The reviewed studies show differences in their methodologies and assumptions, making the stated cost figures not directly...

This study investigates the relationship between energy consumption and trade performance in Pakistan by using the annual time series data from the period of 1973-2011. The cointegration results confirm the valid long run relationship between energy consumption and trade performance. Our results...

This study provides recent empirical evidence on the impact of the federal budget deficit on the nominal long term mortgage interest rate yield in the U.S. The study is couched within a loanable funds model that includes the cost to financial institutions of borrowing funds, expected inflation,...

Empirical Kuznets Curves (EKC) usually imply an inverted U-shaped relationship between a pollutant and per capita GDP growth. We initially find an inverted U-shaped EKC between CO2-emissions and per capita GDP for the period 1960 to 2004. However, once accounting for a major uprising in 1988 in...