We examine the effect of a capacity constraint on the profits of a durable goods monopoly (DGM) in a two-period model when rationing is efficient. For sufficiently high discount factors, output rises through time without a constraint and a constraint increases the DGM profits: it restricts...

We undertake a case study of the budgetary reforms implemented in 1993 in the province of Alberta, Canada. Canadian provinces operate under political and institutional regimes which differ from those of US states but which closely resemble those member states of the proposed EMU. We examine the...

In this paper, we identify discretionary fiscal policies of the federal government and the ten provincial governments over the period 1962-1996. The characteristics of fiscal expansions and contractions are compared. Over this period, 'balanced' approaches to deficit changes were reserved for...

This paper investigates the presence of electoral and partisan cycles in the fiscal policy of Canadian provinces. We find strong evidence of electoral cycles in the form of large differences in the average change in the discretionary primary deficit between election and non-election years.

We use post-war quarterly data from Belgium, Canada, France, Germany, Greece, Ireland, Japan, theNetherlands, the United Kingdom, and the United States to examine the Fisherian link between inflation and the short-term nominal interest rates.

In this paper we test for deterministic chaos(i.e., nonlinear deterministic processes which look random) in seven Mont Belview, Texas hydrocarbon markets, using monthly data from 1985:1 to 1996:12 -- the markets are those of ethane, propane, normal butane, iso-butane, naphta, crude oil, and...