This document presents a Macroeconomic Consistency Model for a dollarized economy such as Ecuador. Based on a simply accounting framework that combined the social accounting matrix with the flow of funds, we integrate the different sectors of the economics through a matrix of income,...

Episodes of market crashes have fascinated economists for centuries. Although many academics, practitioners and policy makers have studied questions related to collapsing asset price bubbles, there is little consensus yet about their causes and effects. This review and essay evaluates some of...

This paper presents the concept of articulation of modes of production in the works of the german africanist Georg Elwert born in 1947 and died in 2005. After the explanation of concepts of mode of production and articulation of modes of production, the paper analyzes how Professor Georg Elwert...

This study attempts to analyze the causal relationship between inflation and productivity of labor and capital, in Pakistan’s economy by covering the period from 1960-M1 to 2007-M12. For this purpose Vector Autoregression (VAR) approach is used, which is based on error correction model (ECM)....

Can a transfer of wealth from the US to least developed countries be Pareto improving? We analyze this question in an open-economy innovation-driven growth model, in which the high-income (low-income) country produces innovative (homogenous) goods. We find that wealth redistribution to the...

The least squares (LS) estimator suffers from signicant downward bias in autoregressive models that include an intercept. By construction, the LS estimator yields the best in-sample fit among a class of linear estimators notwithstanding its bias. Then, why do we need to correct for the bias? To...

In an experiment using two-bidder first-price sealed bid auctions with symmetric independent private values, we collected information on the female participants' menstrual cycles. We find that women bid significantly higher than men in their menstrual and premenstrual phase but do not bid...

We present Turkey’s manufacturing-sector innovation data and, for the first time, analyze likely relationships among GDP growth, sectoral innovation intensities, energy consumptions, and energy-saving potentials. We detect a power-law-like relationship between the projected energy-saving...

In an experiment using two-bidder first-price sealed bid auctions with symmetric independent private values, we scan also the right hand of each subject. We study how the ratio of the length of the index and ring fingers (2D:4D) of the right hand, a measure of prenatal hormone exposure, is...

Neighbourhood social capital is often claimed benecial for health, yet evidence of this contextual eect in the UK has been thin. To examine this eect, I draw upon Grossman health production model and Blume-Brock-Durlauf social interaction model underpinning the effects of neighbourhood social...