Although the IS/LM-AS/AD model is still the central tool of macroeconomic teaching in most macroeconomic textbooks, it has been criticized by several economists. Colander (1995) demonstrated that the framework is logically inconsistent, Romer (2000) showed that it is unable to deal with a monetary policy that uses the interest rate as its operating target, and Walsh criticized that it is not we...

During the 2000s, however, housing put itself on the agenda. Increased interest in housing was reflected in academic literature, in media commentary and in government and industry concerns. At the macroeconomic level, the start of the decade brought the chicken and egg problem of rising house prices and increasing housing debt. This raised concerns about the impact of increasing housing debt on...

Debt introduces firm vulnerability to insolvency as cash flow must be available to make interest payments. This paper reviews the empirical evidence on a sample of more than 6,000 real sector firms in 41 countries and their ability to service debt, as measured by the ratio of cash flow to interest expense, for the period 1994-01. Firmspecific, sector-specific and macroeconomic factors all influ...

this paper takes fundamental analysis research beyond the spatial and temporal bounds of previous studies. it was investigated that how detailed financial statement data enter the decisions of market makers by examining how current changes in the fundamental signals chosen can provide information on subsequent earnings changes. using tehran stock exchange’s firms data from 2003 to 2012, the rol...

Survival analysis can be applied to build models for time of default on debt. In this paper we report an application of survival analysis to model default on a large data set of credit card accounts. We show that survival analysis is competitive for prediction of default in comparison with logistic regression. We explore the hypothesis that probability of default is affected by general conditio...