This paper examines the Post Keynesian proposition that the forward rate is determined by covered interest parity and that it is not a predictor of the future spot rate as suggested by the unbiased effeiciency hypothesis. One implication of the failure of unbiased effeciency is that it leads to the faliure of real interest parity, implying that the monetary authorities can control interest rate...

Furthermore this orthogonalisation can be used to improve computational effeciency when comparing a large number of models with the same X0. Define x ′ = (In − P 0)x (which can be precomputed) and then assuming that X0Xγ = 0a×b, we have x T (In − P 0 − P γ)x = x′T (In − P γ)x. This reduces the number of computations that have to be performed for each model matrix Xγ . When the only parameter co...

Furthermore this orthogonalisation can be used to improve computational effeciency when comparing a large number of models with the same X0. Define x ′ = (In − P 0)x (which can be precomputed) and then assuming that X0Xγ = 0a×b, we have x T (In − P 0 − P γ)x = x′T (In − P γ)x. This reduces the number of computations that have to be performed for each model matrix Xγ . When the only parameter co...

It is a piece of idle senthentality that truth, merely as truth, has any inherent power denied to error, or prevailing against the dungeon and the stake. Men are not more zealous for truth than they often are for error, and a sufficient application oflegal or even of social penalties will generally succeed in stopping the propagation of either. The real advantage which truth has, consists in th...

This paper develops a theory of the interaction between appropriative conflict and economic growth. Appropriative conflict, as measured by the diversion of resources, is viewed as the cost of securing effective property rights. We identify conditions under which conflict rises or falls as the rate of economic growth improves. The main implication of the analysis is that if the quality of proper...

Though political theorists have emphasized the importance of political discussion in non-political spaces, past study of online political discussion has focused on primarily political websites. Using a random sample from Blogger.com, we find that 25% of all political posts are from blogs that post about politics less than 20% of the time, because the vast majority of blogs post about politics s...

This study is concerned with the formulation of three dimensional mapped infinite elements with 1/r and 1/ decay types. These infinite elements are coupled with conventional finite elements and their application to some problems of soil structure interaction are discussed. The effeciency of the coupled finite-infinite elements formulation with respect to computational effort, data preparation a...