Many studies have examined the relationship between defense spending and growth in real aggregate output with mixed results. Most recently, Atesoglu (2002) finds a positive relationship between defense spending and output. Capturing the error correction term as the long run adjustment parameter...

This paper investigates the question as to whether the volatility of the monetary aggregates arises primarily from the behavior of the monetary base or the monetary multipliers. The findings indicate that the monetary multipliers are more volatile than the base, regardless of the definition of...

A number of important monetary and financial changes occurred in the 1980s. A rising question among monetary economists is whether the character of M1 has changed substantially as a result. In particular, a frequent contention is that interest-bearing checkable deposits behave as a savings-type...