TOPICS

Macroeconomics

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Applied Research

Gold Price and Exchange Rates: A Panel Smooth Transition Regression Model for the G7 Countries

In this paper we investigate whether the price of gold is affected by internal and external macroeconomic performance, which is reflected in exchange rate movements

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Applied Research

Eurozone's Leader and its Followers: Are their Markets Integrated Enough?

Focusing on the dominant role of Germany as the leading economy in the EMU, we test the progress of markets integration between Germany and selected EMU countries. For comparison reasons, we examine the same research question between Germany and selected non-EMU countries.

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Policy

Public Education and Democracy in a Simple Model of Persistent Inequality

The paper introduces public education …financed by linear taxation into a standard model of persistent inequality. It obtains the straightforward conclusion that agents with income above the average will prefer a positive tax rate.

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Policy

NAIRU, Unemployment and Post Keynesian Economics

The purpose of this paper is to present the disadvantages from the use of NAIRU as the key instrument of monetary-policy making to restrain the upward tendency of unemployment.

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Applied Research

Nonlinearity and Inflation Rate Differential Persistence: Evidence from the Eurozone.

We employ a linear unit root test as well as a nonlinear two-regime Threshold Autoregressive (TAR) unit root test to determine whether inflation differentials in the Eurozone during the period 1970-2009 were persistent or transitory.

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Applied Research

What Causes Exchange Rate Volatility? Evidence from Selected EMU Members and Candidates for EMU Membership Countries

We allow for monetary, real, and financial variables to assess the relevant importance of each of the variables to exchange rate volatility in the case of selected EMU members and candidate countries.

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Data Analytics

Consumer Price Index. Does the Price Collection Frequency Matter? Some Monte Carlo Results.

In this paper, we examine the effects of data collection frequency on the computation of the Consumer Price Index (CPI).

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Data Analytics

The Impact of the Advance of SME's for the Romanian Economy

The aim of the paper is to determine the state of IT within the Romanian organizations and its impact for the Romanian economy.

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Theory

Technical Progress and Early Retirement

This paper claims that technical progress induces early retirement of older workers. Technical progress erodes technology specific human capital. Since older workers have shorter career horizons, there is less incentive for them or for their employers to invest in learning how to use the new technologies. Consequently, they are more likely to stop working.

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Theory

Policy Uncertainty, Symbiosis, and the Optimal Fiscal and Monetary Conservativeness

This paper extends a well-known macroeconomic stabilization game between monetary and fiscal authorities introduced by Dixit and Lambertini (American Economic Review, 93: 1522-1542) to multiplicative (policy) uncertainty.

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Policy

Fiscal Policy under Balanced Budget and Indeterminacy: A New Keynesian Perspective

We investigate the effect of fiscal policy on equilibrium determinacy in a New Keynesian economy with rule-of-thumb (liquidity constrained) consumers and capital accumulation by focusing on the inter-action between monetary policy and taxation under the assumption of balanced budget.

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Data Analytics

A Note on the Diachronic Behaviour of the OECD Forecasts for Greece

In this short paper a Gamma distributed lags model is used to study the diachronic responses between the actual data and the forecasts supplied by OECD the last 27 years for the case of the Greek Economy.

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Policy

Monetary Policy, Rule-of-Thumb Consumers and External Habits: An International Comparison

This paper extends the standard New Keynesian dynamic stochastic general equilibrium (DSGE) model to agents who cannot smooth consumption (i.e. spenders) and are affected by external consumption habits.

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Applied Research

Purchasing Power Parity Among Developing Countries and Their Trade-Partners: Evidence from Selected CEECs and Implications for Their Membership of EU.

The purpose of the paper is twofold. Firstly, we test the validity of the PPP hypothesis for selected CEEC (Czech Republic; Hungary; Poland and Slovak Republic). Secondly, we attempt to define those countries' trade linkages between Euro Area; US and the rest of the world.

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Applied Research

Testing the Purchasing Power Parity: Evidence from the New EU Countries

This paper examines the validity of the purchasing power parity between each of the twelve new EU countries vis-à-vis the Eurozone.

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Applied Research

Estimating the Equilibrium Effective Exchange Rate for Potential EMU members

In this study, we attempt to examine the possibility of emergence of significant fluctuations of the exchange rates in the future for the candidate EMU countries.

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Applied Research

Nonlinear Exchange Rate Adjustment in the Enlarged Eurozone. Evidence and Implications for Candidate Countries.

This paper sheds light on the importance of the validity of PPP hypothesis for the accessing process of the candidate countries towards EMU.

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Applied Research

Accounting for Pairwise Heterogeneity in Bilateral Trade Flows: A Stochastic Varying Coefficient Gravity Model

This paper suggests an alternative way for estimating the gravity equation that takes into consideration country-pair heterogeneity in bilateral trade flows.

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Applied Research

Real Money Balances and TFP Growth: Evidence from Developed and Developing Countries

The main objective of this paper is to enrich our knowledge on the true effect of real money balances on the production process.

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