This paper uses the neoclassical growth model to evaluate the size of distortions associated with different monetary and fiscal policies designed to finance government expenditures in the presence of administration costs. The model is calibrated to match important features of U.S. data, and used...

This paper reviews briefly the general literature on macroeconometric modelling and highlights some important lessons from more than half a century of model-building. It appears that from the late 1940s to the 1960s this field has contributed to the expanding knowledge of both economists and...

Australia in the late 1990 adopted a purchaser-provider model of performance budgeting – so-called “accrual output budgeting” – which attracted considerable international interest. By 2003, however, the system was in headlong retreat. This paper examines the key difficulties experienced...

The paper examines the output and productivity performance of the Australian Agriculture sector by state from 1991 to 1999. The aim of the paper is two-fold. First, the paper is a pioneer in a series which compares the performance of each Australian state by sector starting with the Agriculture...

In this paper we examine effect on the returns of firms that have been included to and deleted from the FTSE 100 over the time period of 1984-2001. Like the S&P 500 listing studies, we find that the price and trading volume of newly listed (deleted) firms increases (decreases). The evidence is...

This paper estimates a variety of models of inflation using quarterly data for the UK between 1965 and 2001. We find strong evidence that the persistence of inflation is nonlinear and that inflation adjusted more rapidly in periods of macroeconomic stress such as the mid-1970s, the early 1980s...

We develop a generalised impulse response function (GIRF) approach to explore the different impacts of aggregate and sectoral shocks within a VAR-GARCH-M model.Using the output of our GIRF analysis, we explore the behaviour of three European countries (Germany, Spain and the UK). We analyse the...

In this paper we test for the inclusion of the bid-ask spread in the consumption CAPM, in the UK stock market over the time period of 1980-2000. Two econometric models are used; first, Fisher’s (1994) asset pricing model is estimated by GMM, and secondly, the VAR approach proposed by Campbell...

This paper explores the relationship between demographics and aggregate financial asset prices in 7 OECD countries over the past 50 years. Unlike most extant work it adopts an international as well as US focus, and also includes non-demographic variables usually considered to influence asset...