The paper integrates the two-pillar Phillips curve, which explains expected inflation by the money growth trend, within a simple macro model. A Taylor-like interest rule contains also a money growth target. The model takes into account serially correlated supply and money demand shocks; the...

The paper integrates the two-pillar Phillips curve, which explains expected inflation by the money growth trend, within a simple macro model. A Taylor-like interest rule contains also a money growth target. The model takes into account serially correlated supply and money demand shocks; the...

Recently, frontier techniques have been utilised in the measurement of countries' macroeconomic performance by constructing a "production set" where the outputs are some macroeconomic indicators, while the inputs collapse to a unit scalar. In the present study, a different approach is proposed....

This study presents a methodology to assess the possible benefits of the combination of wind energy with the still unexploited, but quite significant in Ireland, wave energy. An analysis of the raw wind and wave resource at certain locations around the coasts of Ireland shows how they are very...

This paper examines the impact of a collapsing exchange rate regime on output in an open economy in which shocks to capital flows and exports predominate. A sticky-price rational expec-tations model is used to compare the variability of output under the collapsing regime to that under...

One of the costs of high levels of in ation may be misperceptions of relative prices and excessive volatility in sectoral output. This paper therefore examines the relationship between the level of inflation and sectoral output growth variability in Canada from 1961:1 to 1995:4. Despite the...