The world population recently topped 6 billion people. Each person has the same need to eat, breathe, and drink. Unfortunately the world's limited resources imply a carrying capacity for the human race. As we approach this critical mass, the strain on our resources becomes increasingly severe....

This paper investigates the effects of wealth on consumer spending in the United States. A traditional life-cycle model is estimated first. Although it does find a statistically significant wealth effect, its findings are unusable due to the presence of autocorrelation and non-stationarity....

Computer-based models and Decision Support Systems have become standard tools for water quality management, and many are used by policy planners. Most models are developed in a research environment, have stringent input data requirements, and are becoming increasingly complex. In the early...

An important assumption underlying traditional theories of financial time-series behaviour is that consecutive changes in the price of an asset (ie. asset returns) are independent of each other. For analysts seeking to predict the future value of an asset, this implies that the best step-ahead...

Interest in more accurate assignment of overhead costs to establish credible product/service cost profiles has assumed substantial prominence in much of the recent debates on management accounting practices. While the promotion of new cost management systems and in particular Activity Based...

This paper presents some new results on the effects of technology shocks on hours worked based on structural VAR specifications containing various measures of US productivity growth and hours. These specifications can produce different answers depending on which sector of the economy is...

The one-sector Solow-Ramsey growth model informs how most modern researchers characterize macroeconomic trends and cycles, and evidence supporting the model's balanced growth predictions is often cited. This paper shows, however, that the inclu- sion of recent data leads to the balanced growth...

Despite their popularity as theoretical tools for illustrating the effects of nominal rigidities, some have questioned whether models based on Taylor-style staggered contracts can match the persistence of the empirical inflation process. This paper presents some general theoretical results about...

This paper analyzes the stability over time of the econometric process for Euro-area inflation since 1970, focusing in particular on the behaviour of the so-called persistence parameter (the sum of the coefficients on the lagged dependent variables). Perhaps surprisingly, in light of the Lucas...

I study a version of the Lagos-Wright (2003) model of monetary exchange in which buyers have private information about their tastes and sellers make take-it-or-leave-it-offers (i.e., have the power to set prices and quantities). The introduction of imperfect information makes the existence of...