EMERGING TOPICS IN MACROECONOMICS -- CONTENTS -- PREFACE -- SHORT COMMUNICATIONS -- LABOUR SUPPLY MODELLING IN SEQUENTIALCOMPUTABLE GENERAL EQUILIBRIUMMICROSIMULATIONMODELS -- Abstract -- Introduction -- The CGE-MS Literature -- Overview of the Modelling Approach -- Extension of the South African Microsimulation Model -- Linking CGE and Microsimulation Modelling -- Results and Analysis -- Macro Results from the CGE Model -- Microsimulation Results -- Conclusion -- References -- NOMINAL AND REAL EXCHANGE RATEFLUCTUATIONS OF YEN-DOLLAR RATES -- Abstract -- 1. Introduction -- 2. Data -- 3. Bivariate System -- 3.1. Empirical Techniques -- 3.2. Empirical Results -- 4. Trivariate System -- 4.1. Empirical Techniques -- 4.2. Empirical Results -- 5. Some Concluding Remarks -- Acknowledgements -- References -- MACROECONOMICS OF CATASTROPHIC EVENTRISKS: RESEARCH COMES OF AGE -- 1. Introduction -- 2. Theoretical Framework -- Production -- Utility -- 3. Future Work -- References -- RESEARCH AND REVIEW STUDIES -- SCALING DISTRIBUTIONS IN ECONOMICS:THE SIZE DISTRIBUTION OF INCOMES -- Abstract -- 1. Introduction: Economic Complexity -- 2. High Variability in Complex Systems:Models for Heavy-Tailed Data -- 3. Size Distributions in Economics: The Distribution of Incomes -- 4. Models of Generation of Lognormal and Power-law Distributions -- 5. Conclusion -- References -- INFLATION FEEDBACK REGULATIONUNDER DEMAND SHOCKS AND UNCERTAINPOTENTIAL MACROECONOMIC OUTPUT -- Abstract -- 1. Introduction -- 2. Problem Statement -- 3. Main Results -- 3.1. Rejecting Demand Shocks -- 3.2. Learning Potential Output Deviations -- 4. Conclusions -- A. Appendix -- References -- THE PARADIGMS WAR AND THE TWO WAYSOF ECONOMY LIBERALISING BY F. LIST -- Introduction -- Political and Economic Backgrounds to Friedrich List's Ideas.

Philosophical and Methodological Backgrounds to EconomicLiberalism in Germany and Britain -- Friedrich List's View of National Political Economics -- A Way between Socialism and Liberalism e. i. Social Liberalism -- Conclusion -- References -- THE MACROECONOMIC DYNAMICSOF A LIMITED-COMMITMENT ECONOMY:HOW TO USE SELF-ENFORCING CONTRACTSTO DEAL WITH THE DYNAMICS PUZZLE -- Abstract -- Introduction -- Some Important Stylized Facts Related to MacroeconomicDynamics Challenging Standard Models -- The General Structure of Self-enforcing Labour Contract Models -- General Formulation of Dynamic Relational Contracts under LimitedLiability -- A. One-Sided Self-enforcing Labour Contract Model in Continuous Form -- Limited-Commitment Models and the Dynamics Puzzle -- Thomas and Worrall Models and Macroeconomic Dynamics -- Towards a Macroeconomic Formulation of a Limited-Commitment Economy -- Calmès Model [2003, 2007] and Macroeconomic Dynamics -- Macroeconomic Dynamics and the Theory of Self-enforcingLabour Contracts: Some Research Avenues -- The utility function of the worker -- Variable capital and self-enforcing contracts -- The question of the aggregation of contracts -- The contracts duration -- Endogenizing the external opportunities -- Self-enforcing contract and the option theory -- Self-enforcing labour market theory and growth -- Conclusion -- References -- INFLATION TARGETING - THE MONETARYSTRATEGY FOR MEETING THE CRITERIA OF REALAND NOMINAL CONVERGENCE IN CENTRALAND EASTERN EUROPEAN COUNTRIES(ROMANIA'S PARTICULAR CASE) -- Abstract -- 1. The Experience of Inflation Targeting in the TransitionCountries -- 2. Adopting Euro by the New EU Members -- 3. The Long Term Romanian Strategy for Adopting Euro -- 4. The Complementary of the Nominal and Real ConvergenceProcesses.

5. The Evaluation of the Degree of Real and NominalConvergence for the CEE Countries with EU-15 -- 6. Priorities of the Real Convergence -- 7. Conclusions -- Appendix No.1 -- References -- DYNAMICS OF COMPLEX ECONOMIC SYSTEMS:THE CASE OF ROMANIAN ECONOMY -- Abstract -- Introduction -- 1. Short Presentation of the Economic Developments over theInterval 1989-2004 -- 2. Methodological Approach -- 3. Results -- 4. New Research Directions -- Appendix 1 -- Appendix 2 -- Appendix 3 -- References -- ADOPTING THE FLAT TAX IN ROMANIA:FROM ORATORY TO EVIDENCE -- Abstract -- 1. Introduction -- 2. The Flat Tax - from Politics to Economy -- The 2004 Fiscal System: Progressive, Redistributive, Social -- The 2005-2008 Fiscal System: Stimulating for the Big Businesses and forConsumption -- 3. Implementation Strategic Errors, from the Very Beginning -- 4. Macro-economic Effects of Implementing the Flat Tax -- 5. Social Effects of the Flat Tax -- 6. Accompanying Measures - Solutions for the Success of the FlatTax. Conclusion -- Annexes -- References -- A KEYNESIAN MODEL OF ENDOGENOUSGROWTH CYCLE -- Abstract -- 1. Introduction -- 2. Formulation of the Model -- 2.1. Dynamics of the Goods Market -- 2.2. Dynamics of the Money Market -- 2.3. Dynamics of Wage, Prices and Employment -- 2.4. Capital Accumulation and Endogenous Technological Progress -- 2.5. Inflation Expectation Formation Hypothesis -- 2.6. System of Fundamental Dynamical Equations -- 3. Mathematical Analysis of the Model -- 3.1. Characteristics of the Long Run Equilibrium Solution -- 3.2. Local Stability/Instability and Existence of Cyclical Fluctuations -- 4. Numerical Simulations -- 5. Concluding Remarks -- Acknowledgment -- Appendix A: Partial Derivatives -- Appendix B: Coefficients of the Characteristic Equation -- Appendix C: Proof of Proposition 3 -- References.

MACRO PRICE SHOCKS AND NUTRITIONIN SUB-SAHARAN AFRICA -- Abstract -- I. Introduction -- II. Food Prices and Nutrition under Policy Reforms -- III. Model Specification -- IV. Empirical Results -- Impulse Response Analysis -- Variance Decompositions -- V. Conclusion -- References -- GREEN NATIONAL ACCOUNTING: THE HICKSIANNATIONAL INCOME OF CAMBODIA, 1988-2004 -- 1. Introduction -- 2. Cambodia's Economic Development: Historical Backgroundand Recent Developments -- 2.1. Pre-1953 Independence -- 2.2. Post-1953 Independence to the 1993 Elections -- 2.3. Post-1993 Elections -- 3. Theoretical and Empirical Overview of Green GDP -- 3.1. Theoretical Developments -- 3.2. The Green GDP Methodology Used in the Cambodian Study -- 3.3. Empirical Overview of Green GDP Studies -- 4. Valuation Methods Used to Calculate Cambodia's HicksianNational Income -- 4.1. Human-Made Capital Depreciation (HCD) -- 4.2. Defensive and Rehabilitative Expenditures (DRE) -- 4.3. Natural Capital Depletion (NCD) -- Valuing the Cost of Deforestation -- Valuing the Cost of Overfishing -- Valuing the Cost of Soil Erosion -- Valuing the Cost of Air Pollution -- 5. Results of the SNDP Study -- 5.1. Cambodia's Real GDP and Hicksian National Income -- 5.2. Component Items of Cambodia's Hicksian National Income -- 6. Resource Depletion Issues -- 6.1. Forestry Issues -- 6.2. Fisheries Issues -- 7. Concluding Remarks -- References -- ANALYSIS OF FINANCIAL INSTABILITY BY MEANSOF DECISION TREES AND LISTS -- Abstract -- 1. Introduction -- 2. C4.5 and PART Algorithms: Main Concepts -- 2.1. General Considerations -- 2.2. C4.5 Algorithm -- 2.3. PART Algorithm -- 3. Data and Variables Selection -- 4. Empirical Results -- 5. Conclusions -- Acknowledgements -- Data Appendix -- Financial Crisis Database -- Dependent Variable -- a) Monetary policy variables -- b) Macroeconomic variables.

c) Financial variables -- References -- VIEWS FROM THE TRENCHES: INTERVIEWING BANKOFFICIALS IN THE MIDST OF A CREDIT BOOM -- 1. Introduction -- 2. Credit Boom in Bulgaria -- 3. Interviews with Commercial Bank Officials -- Monitoring Investments and Exerting Corporate Governance3 -- Facilitating the Trading, Diversification, and Management of Risk -- Mobilizing and Pooling Savings -- Producing Information about Possible Investments and Allocating Capital -- Credit information sharing -- Tax evasion and credit activity -- Lack of experience on the part of borrowers -- Evaluating the environment of the borrower -- Who makes the final decisions? -- 4. Conclusions -- References -- INDEX.