Imperfectly competitive macroeconomic models typically assume a symmetric equilibrium with identical firms, despite the fact that most industries are characterised by substantial degrees of firm heterogeneity. We examine how inter-firm efficiency gaps affect fiscal policy effectiveness under monopolistic competition.

The hollow-face illusion, in which a mask appears as a convex face, is a powerful example of binocular depth inversion occurring with a real object under a wide range of viewing conditions. Explanations of the illusion are reviewed and six experiments reported. In experiment 1 the detrimental effect of figural inversion, evidence for the importance of familiarity, was found for other oriented o...

3 The attributes of an optical illusion Optical illusions are meant to fool the mind. However, the way in which they do this differs with every illusion. Illusions can be classified based on their two main attributes of colour and geometry. One may think that the more attributes an illusion has, the better, but using all the attributes would upset the balance, making the illusion to confusing. ...

This paper studies the interactions of fiscal and monetary policies in the presence of fiscal spillovers within a monetary union. When capital markets are integrated, the fiscal policy of any member country will influence equilibrium wages and interest rates across the whole union. Thus there are fiscal spillovers within a federation. Within a general class of monetary policy rules, there does ...

In this paper, we report on a novel visual motion illusion. When hundreds of dots move in straight trajectories and random directions without colliding, the trajectories are perceived as wriggling rather than straight (Experiment 1). We examined the nature of this "wriggling motion trajectory illusion" via six separate experiments. The illusion was most pronounced when there were a large number...

The literature testing for long-run impacts of fiscal policy on growth at the macro level has generally ignored short-run dynamics and treated all counties’ fiscal-growth dynamics identically. This paper examines how robust previous ‘long-run’ results for OECD countries are to new empirical methods that model short-run dynamics and allow fiscal-growth responses to be heterogeneous both across c...

In recent years, inequality has risen in the region alongside rapid economic growth. The widening income gap strengthens the case for a government response, and fiscal policy is one of the most suitable policy instruments to promote a more equitable society that provides opportunities for all. Developing Asia has trailed other parts of the world in equity-promoting fiscal expenditures, namely e...

The McGurk illusion is a prominent example of audiovisual speech perception and the influence that visual stimuli can have on auditory perception. In this illusion, a visual speech stimulus influences the perception of an incongruent auditory stimulus, resulting in a fused novel percept. In this high-density electroencephalography (EEG) study, we were interested in the neural signatures of the ...

Values have very important functions in any society. The significance  becomes so clear when a society has been exposed to changes and strengthening social cohesion is viewed as an essential subject. Great changes as the Islamic Revolution and the Imposed War have been happened in Iran during last several decades. In this line, generations can be understood via  direct or indirect experience of...