This note responds to Wynarczyk?s recent claim in this Journal that Austrian and Post Keynesian Economics share a similar axiomatic base. It is argued that while both traditions appear to emphasise the nominal importance of money, creativity and uncertainty, if they are indeed committed to...

This paper uses a stochastic short-run translog cost function to estimate productivity growth, adjusted for capacity utilisation effects, in the Australian gold mining industry over the time period 1968/69-1994/95. Productivity growth is measured and adjusted for the changes in capacity...

This paper traces the evolution of debate about the question of Rules versus Discretion in monetary policy from about 1800 until the mid 1930s. Particular attention is paid to long versus short run issues, notably with respect to the 1844 Bank Charter Act, and the Bagehot Principle, as well as...

This paper considers male earnings dispersion in the United Kingdom in four industries from 1973 to 1995. The analysis takes place in two stages. Firstly, earnings dispersion over time is split into two components: between-group earnings dispersion due to differing worker characteristics across...

We investigate the patterns of corporate financing through bank loans, bond markets and stock markets in the European Union (EU). Specifically, we examine whether the EU economies are converging towards a market-oriented or a bank-oriented financial system. Panel unit root tests and GMM...

In this article we employ the Pesaran and Shin (1999) structural cointegrating VAR methodology to reassess the monetary approach to exchange rate determination. This recently developed technique allows us to test directly the over-identifying restrictions of the long-run structural relations...

The paper looks for inhomogeneities in the actual and prospective membership of the EMU by applying techniques of cluster analysis to a set of variables suggested by the theory of Optimal Currency Areas (OCA). The analysis reveals that the member countries may be divided into those belonging to...

In recent research Enders and Granger (1998) have extended the Augmented Dickey Fuller statistic to allow the unit root hypothesis to be tested against an alternative of stationarity with asymmetric adjustment. In this paper the threshold autoregressive (TAR) and momentum threshold...

This paper outlines a Post-Keynesian theory of the aggregate rate of return, which recognizes the change in aggregate profits brought about by the investment multiplier and the income and demand externalities to which it gives rise. The paper analyzes the effect of an increase in investment...

The lag order dependence of finite-sample Augmented Dickey-Fuller (ADF) critical values is examined via a comparison of the response surface specifications of Cheung and Lai (1995) and MacKinnon (1991). Theoretical, Monte Carlo and empirical evidence show failure to incorporate lag order effects...