This study investigates the effects of fiscal policy on the U.S. economy within the confines of causality testing framework. A unidirectional causal flow is established from nominal GNP to fiscal expenditures and deficits. Further testing of the data indicates that although fiscal policy does...

This paper combines an experimental design and an artifical neural network to investigate the behavior of the Federal Reserve Board of Governors. The evidence suggests that FOMC decision making has been influenced by the presidential administration, with particularly strong evidence that...

This paper presents the results of a survey of 1000 U.S. Commercial Banks concerning their perception of and reaction to liability exposure. Also, the paper presents an application of the Modigliani‐Miller Capital Structure Model to illustrate the process by which liability exposure subjects...

We examine the stability of exchange rates among the members of the European Monetary System (EMS), using the Johansen‐Juselius multivariate cointegration (systems) analysis. The direct implication from cointegration theory is that exchange rate stability vis a vis EMS member countries has...

Economic Analysis of Institutions and Systems aims to redirect the study of what was previously referred to as comparative economic systems toward analysis of the history and development of institutions, and the effects of alternative institutional arrangements on economic behavior. To this end,...