This study decomposes the casino hospitality business cycles of Las Vegas and Macao into highgrowth states (HGS) low-growth (LGS) using a Markov switching model. The gaming sector in experiences greater fluctuations than due to more volatility tourism flows; that is, has slightly higher HGS considerably lower LGS Vegas. Vegas’s cycle appears be robust Macao’s, although both are desirably asymme...

We propose a mechanism that explains standard stylized facts in both international macroeconomics and finance. To do so, we develop New Keynesian DSGE model with financial frictions à la Bernanke et al. (1999), which depart from the full-information rational expectations (FIRE) assumption. The key ingredient is home information bias (HIB) expectations. While FIRE predicts high consumption co-mo...

this paper explores the effects of general and agricultural trade openness on economic freedom and alongside with the quality of institutions, on income and poverty. recent cross-country data for over 200 nations in global regions were used to estimate equations for income, poverty and economic freedom. economic freedom appears to have positive impacts on income levels, which together with good...

ion layer dimension: target-specific aggregation and filtering of information which allows the selective hiding of company-internal information while offering to expose CBP relevant information to partners Fig. 3: Cross-organisational Business Process (CBP) Framework (Greiner and Jäkel 2007) The modelling level dimension incorporates three modelling levels: The Business level represents the bus...

In this paper we use data from 17 African nations in order to investigate the hypothesis that monetary union – represented in this case by the CFA Franc Zone – augments the extent of macroeconomic integration. The paper covers a number of dimensions of integration including the volume of bilateral trade, real exchange rate volatility and the magnitude of cross-country business cycle correlation.