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Abstract
The expansion of information & communication technology (ICT) is continuing in OECD countries and the world economy – partly due to the ongoing fall of relative ICT prices. The continuing absolute fall of ICT prices and ICT capital prices, respectively, is not adequately considered in the standard analysis of ICT. In the study presented here the ICT investment-GDP ratio is calculated in real terms and it is shown that this ratio is higher (order of magnitude is about 2 percentage points) than the nominal investment-GDP ratio which is misleading the ICT sector, policy makers and society at large. Moreover, we take an innovative look at the digital time budget of private households in selected OECD countries. Assuming that 10 % represents the relevant share of the time budget the digital value-added of private households stands for an unrecorded digital value-added of 2–5 % of gross domestic product; with a share of 20 % of the household's internet time budget devoted to value-added the hidden internet value-added in the US would be in the range of 4.7–10.4 %. Hence the overall understimation of the ICT sector's contribution to GDP is considerable and therefore changes in official statistical analysis and the System of National Accounts are required.

This paper tries to seek out the correlation between renewable energy use, real GDP, and HDI in addition to trade openness, urbanization, and environmental aspects in the case of Bangladesh during the phase of 1990-2015. In persuasion of the objective, time-series data of the given period is analyzed by means of the 2SLS approach. We also apply the VECM Granger causality technique in order to find the underlying relationship between the given variables. Findings of the study suggest that real GDP, CO2 emissions, and use of renewable energy have positive consequences on the human development index while trade liberalization and urbanization have insignificant impacts on it. The study finds renewable energy use improves human development processes. Therefore, the government should emphasize on renewable energy production and the use of renewable energy.

This paper identifies economic relations using real gross domestic product (GDP) within the five Associations of South-east Asian Nation economies namely: Indonesia, Malaysia, Philippines, Singapore and Thailand. Utilizing ARMA-GARCH, ARMA-EGARCH, ARMA-APARCH models, the study captures the presence of the leverage effect, and spillover of returns and volatility. Most economies except for Singapore are consistent with leverage effects, while the Philippines showed economic resilience with having symmetric volatility response. On one hand, Thailand's economy has consistent negative one-way relationship on Malaysia's economy for the three models. This paper suggests that ASEAN economies work together to improve bilateral relations and market integration by trading and investing; and cooperation in terms of food production and migrant workers condition. This will help to reinforce their economic and political relationships that can help boost their respective economies, and sense of regionalism. ASEAN should help each other by sharing their ways to improve the standards of living of their citizens, promotion of safer security and anti-terrorism activities, provide a safer place for the national and overseas workers, trade goods and sell in competitive prices, improve the level of education inside the country. Future studies can further extend data to include other ASEAN countries and also consider other political and economic organizations. A perceived limitation of the paper is the uncertainty of these five ASEAN-5 economies impact within the other major countries but to also other regional groupings and specific economies. In general, this paper can help policy-makers and researchers alike in better understanding economic relations and spillover effects of growth rates and volatility of real GDP. The paper offers further examination of the potential for further connection among the major ASEAN economies and to support existing integration policies.

CHAPTER 1: INTRODUCTION TO MODERN MAINSTREAM MACROECONOMIC THOUGHT VERSUS KEYNES' VIEWS ON RECOVERIES FROM RECESSIONS -- CHAPTER 2: LITERATURE REVIEW OF MAJOR SCHOOLS OF MACROECONOMIC THOUGHT AND EMPIRICAL WORK -- CHAPTER 3: RESULTS FROM ESTIMATING AND PROJECTING TRENDS FOR RECENT RECESSIONS -- CHAPTER 4: ECONOMETRIC ISSUES TO CONSIDER AND MODEL SELECTION FOR SOME HYPOTHESIS TESTS -- CHAPTER 5: HYPOTHESIS TESTING WITH REAL GDP: SOMEWHAT MIXED RESULTS -- CHAPTER 6: DERIVED DEMAND FOR LABOR AND BREAKS IN TREND: DOES HYSTERESIS IN EMPLOYMENT IMPLY HYSTERESIS IN THE GROWTH PATH OF REAL OUTPUT? -- CHAPTER 7: SIMILAR RESULTS FROM AN EXTENDED SAMPLE PERIOD AND CONCLUDING REMARKS TO GUIDE FUTURE WORK.