The presence of rational price bubbles during the German hyperinflation is tested under two different structural assumptions on the money process. If the money supply is constrained to be exogenous to the current inflation rate, the hypothesis of no bubble can be rejected. However, this is no longer found to be true when a feedback rule from inflation to money creation is allowed. The analysis ...

Billions of dollars worth of shares are traded in the stock market on a daily basis. Many people depend on the stock market as their primary source of income while others have their retirement funds tied to the stock market. The importance of “good” performance of the stock market is obvious. History has shown that a downturn in stock prices can cause major disturbances in the lives of many. Al...

Vendor managed inventory (VMI) is an integrated approach for buyer–vendor coordination, according to which the vendor (supplier or manufacturer) decides on the appropriate buyer’s (retailer’s) inventory levels. The time value of money has not traditionally been considered in evaluating VMI supply chain’s total inventory cost in any studies up to now. Therefore, in the present study a new model ...

Financial statements of nineteen mature banks have been patronized to examine the impact of macroeconomic indicators and bank-specific determinants on the NPLs ratio through Quantile and Panel Data regression approaches. The impact of macroeconomic indicators on credit risk is statistically estimated for banking network via two directions. First, different quantiles are econometrically calculat...

Currently international supply chains are facing risks concerning faults in compliance, such as altering shipping documentations, fictitious inventory, and inter-company manipulations. In this paper a method to detect and diagnose fault scenarios regarding customs compliance in supply chains is proposed. This method forms part of a general approach called model-based auditing, which is based on...

These notes are concerned with one answer to a fundamental question in macroeconomics: What causes the recurrent ups and downs we call the business cycle? For years, based largely on the work of Friedman-Schwartz (A Monetary History of the United States), the emphasis in macroeconomics was on monetary theories of economic fluctuations. The Great Depression in the United States was explained by ...