We offer a sketch of an Austrian theory corporate finance by studying the structure firms’ liabilities both on unhampered market and through monetary policy-induced business cycle. Building recent contributions time-structure savings, we show that booms are characterized increased leverage higher levels maturity mismatches for firms. Such fragilities to be corrected during busts.
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In this article, we forecast crude oil and natural gas spot prices at a daily frequency based on two classification techniques: artificial neural networks (ANN) and support vector machines (SVM). As a benchmark, we utilize an autoregressive integrated moving average (ARIMA) specification. We evaluate outof-sample forecast based on encompassing tests and mean-squared prediction error (MSPE). We ...

i am going to assess shortcomings of transaction cost economics (tce) of oliver williamson. my argument is that this analysis suffers from misidentification of the relevant problem of the theory, analytical incoherence, inconsistent empirical support and methodological defects. in formulating coase's fundamental idea, williamson accepts an efficient equilibrium which occurs once forever, t...

s tock returns of companies listed on the stock exchange is one of the most important criteria in assessing the macroeconomic. this study investigates the effect of exchange rate volatility on the stock exchange returns of d8 countries. it takes monthly data during the period (2008:1-2015:6) constituting 90 observations. at first we used panel-garch model to estimate exchange rate volatility in...

Recent years have witnessed an increasing interest in the application of machine learning to clinical informatics and healthcare systems. A significant amount of research has been done on healthcare systems based on supervised learning. In this study, we present a generalized solution to detect visually observable symptoms on faces using semi-supervised anomaly detection combined with machine v...

We study the response of domestic unemployment rates to shocks in total factor productivity for economies with high capital mobility and low labour mobility. We show that high capital mobility amplifies the impact on the domestic unemployment rate of domestic fluctuations in total factor productivity, shortens the lag of the response to shocks and raises the variability of unemployment. But ave...

Real and Nominal Wage Rigidity in a Model of Equal-Treatment Contracting Following insights by Bewley (1999a), this paper analyses a model with downward rigidities in which firms cannot pay discriminate based on a year of entry to a firm, and develops an equilibrium model of wages and unemployment. We solve for the dynamics of wages and unemployment under conditions of downward wage rigidity, w...

We develop a general stochastic model of directed search on the job. Directed search allows us to focus on a Block Recursive Equilibrium (BRE) where agents’ value functions, policy functions and market tightness do not depend on the distribution of workers over wages and unemployment. We formally prove existence of a BRE under various specifications of workers’ preferences and contractual envir...

This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996–2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of both rules and their hybrid version setting a nominal output growth objective for monetary policy wi...

We conduct both an approximate Bayesian Model Averaging (BMA) and an exact Bayesian analysis to incorporate break date uncertainty of the mean growth rate into the trend-cycle decomposition of U.S. real GDP. Our results suggest a structural break in mean growth rate of U.S. real GDP in 1970s. Comparing to the models assuming fixed break date, we find higher uncertainty in the posterior density ...