This paper employs Hamilton’s (1989) original Markov-switching model and time-varying Markov-switching model developed by Filardo (1994), respectively, to investigate the business cycle and evaluate the usefulness of the coincident and leading indexes in dating the business cycle and in predicting future GDP in Taiwan. The empirical results do suggest that these two indexes help date the busine...

The aim of this study is to examine the nonlinear effects of fiscal and monetary policies on inflation during 1990:3 to 2013:1 based on threshold model. First lag of the liquidity growth is recognized as threshold variable with threshold value estimated at 6.37 percent. In low liquidity growth, the results indicate that inflation expectations and the lagged liquidity growth are the most importa...

With the dawn of economic globalization and knowledge economy, intellectual capital has become most important factor to determine growth. However, due resource endowment, location conditions, policy differences, other factors, provinces in China show sizeable differences regional (RIC), which affects coordinated development economy. Evaluating RIC is a typical multiple-criteria decision-making ...

Using the Gross Domestic Product (GDP)as a measurement of aggregate economic activity is typical. Its cycles are used as an indicator of boom or recession in the economy. Economists and business people are interested in describing and predicting future values of such indicators.However, due to its intrinsic difficulty and non-linear characters, along with many unknown and random events, it is n...

The most comprehensive and often-cited statistic about the U.S. economy is gross domestic product (GDP), the sum of all goods and services produced in the United States. Estimates of GDP are the featured statistics in the National Income and Product Accounts, the construction of which involves the collection and aggregation of an immense amount of data. In the construction of real GDP, complica...

We examine the extent to which U.S. patent applications and patents granted respond to the cyclical variation of the U.S. economy as reflected by major macroeconomic aggregates such as real GDP and others. We find that patents granted are cointegrated with GDP and research and development indicating a long run stochastic relationship among these variables. We also find Granger Causality going f...

Cybercrime activities are supported by infrastructures and services originating from an underground economy. The current understanding of this phenomenon is that the cybercrime economy ought to be fraught with information asymmetry and adverse selection problems. They should make the effects that we observe every day impossible to sustain. In this paper we show that the market structure and des...