Article history: Received 18 March 2009 Received in revised form 11 September 2009 Accepted 2 March 2010 Available online 7 March 2010 JEL classifications: C92 D03 H41

Based on a more realistic assumption, we modify the Taylor regression. The modified Taylor regression gives an explanation of why the (standard) Taylor regression is spurious (in the econometric sense, i.e. no stable relationship among the variables of interest) and, at the same time, a solution as to how central bank monetary policy can still be described by the Taylor rule. An empirical examp...

This paper investigates the causal relationship between education and GDP in a panel of 11 selected oil exporting countries by using panel unit root tests and panel cointegration analysis for the period 1970-2010. A three-variable model is formulated with oil exports as the third variable. The results show a strong causality from oil revenues and economic growth to education in the oil exportin...

This paper examines the effects of microfinance, financial development and foreign aid on income inequality for 43 Sub-Saharan African (SSA) countries. Panel data period 1995–2015 is examined using fixed effects, pooled ordinary least square system generalized method moments (GMM) estimation techniques. Findings suggest that although plays a determining role in explaining dynamics SSA, it does ...

the present study surveys the effect of bank-specific, industry-specific and macroeconomic conditions on bank performance to examine the structure-conduct-performance (scp) hypothesis in iranian banking industry. to achieve this goal, we drew upon the panel data technique to analyze the data of eleven public and private iranian banks during 2001-2006. firstly, productivity was calculated by usi...

interest free banking law at 1363 was implemented in the banking system in iran. one of the main goals of this law was eliminating usury from monetary system, and utilization from non-usury credit impact on economic growth through preferring money contribution in the capital. this paper uses data from years 1363 to 1386 and implementing herfindahl-hirschman index, evaluated and ranked concentra...

In this paper a Bayesian approach to unit root testing for panel data models is proposed based on the comparison of stationary autoregressive models with and without individual deterministic trends, with their counterpart models with a unit autoregressive root. This is done under cross-sectional dependence among the units of the panel. Simulation experiments are conducted with the aim to assess...

The present paper contributes to the theoretical analysis of the human capital investment and participation decision of heterogeneous workers in the search and matching framework‎. ‎Its aim is to characterize the equilibrium and to identify the efficiency‎. ‎Here‎, the paper studies search equilibrium and matching to consider the participation decision of heterogeneous workers who have differen...