Malware harms infected individuals by stealing computational resources and possibly authenticating information. Malware also creates negative externalities for all users by enabling the creation of botnets for criminal enterprise, e.g. DDoS or phishing. Why is there such a variance in the percentage of malware infections across nations? While there may be idiosyncratic or ad-hoc explanations fo...

Professor Crotty once casually observed that in his view economics could not be properly thought of as a science. This paper investigates the implications of this view in light of the question of how the scienti…c method has recently contributed to the evolution of economic practice. It is argue that agent-based models might provide a platform for an integration of recent micro and macroeconomi...

We construct risks around consensus forecasts of real GDP growth, unemployment, and inflation. find that are time-varying, asymmetric, partly predictable. Tight financial conditions forecast downside growth risk, upside unemployment increased uncertainty the inflation forecast. Growth vulnerability arises as conditional mean variance negatively correlated: driven by lower higher when tighten. S...

Recent studies on economic and technological transformation in less developed countries emphasise that improvement of their performance in terms of competitiveness and successful integration into the world economy requires both economic stabilisation at the macroeconomic level and technological development. Greece is a typical case, which during the last twenty years has had to deal with specif...

This paper investigates the macroeconomic challenges created by a surge in aid inflows. It develops an analytical framework for examining possible policy responses to increased aid, in terms of absorption and spending of aid—where the central bank controls absorption through monetary policy and the sale of foreign exchange and the fiscal authority controls spending. Different combinations of ab...