This paper investigates the inflationary impact of actual and expected de valuations. The empirical evidence indicates that (1) the effects of devaluation on the price level are felt for at least three years; (2) in the majority of the cases, the ceteris paribus inflationary impac t of...

The U.S. wage growth slowdown since 1982 has generated a large controversy over its causes. A hypothesis that has received extensive attention is based on international-competitivene ss effects. The evidence is mixed.and several authors have proposed alternative hypotheses based on economic or...

The balanced growth restrictions implied by the neoclassical growth model imply that output, the private capital stock and the public capital stock share the same stochastic trend. We analyse the postwar US data on real output, real private capital stock and real public capital stock and find...