pt. 1. Introduction and heritage -- pt. 2. Money in the economy -- pt. 3. The demand for money -- pt. 4. Monetary policy and central banking -- pt. 5. Monetary policy and the macroeconomy -- pt. 6. The rates of interest in the economy -- pt. 7. Overlapping generations models of money -- pt. 8....

Most studies that emphasize and encourage the shift towards a less regulated and financially open system rest on the premise of a prosperous growth prospect. Accordingly, interests have focused on growth models as a framework to understand and to analyze the effects of economic freedom. This...

Most studies that emphasize and encourage the shift towards a less regulated and financially open system rest on the premise of a prosperous growth prospect. Accordingly, interests have focused on growth models as a framework to understand and to analyze the effects of economic freedom. This...

This paper develops a dynamic model of bargaining between a firm and union. Capital is assumed to be firm-specific, so only nonnegative investments are possible. Collective bargaining contracts specify the level of the wage rate that will prevail for a fixed contract length, while the firm...

This paper uses cointegration and fractional cointegration techniques to test for purchasing power parity (PPP) between the Canadian and the US currencies during the floating exchange period from 1974:1 to 2001:12. The focus is on whether the deviations from the cointegrating relationship...

This article evaluates the plausibility of financial development as a tool to boost economic growth, using time series data on a cross-section of thirteen countries at different stages of development. Using annual data from 1960 to 2002, it conducts stationarity tests on the variables, followed...

Hong Kong is an open economy that uses foreign currencies extensively in domestic payments. This paper focuses on substitution between the domestic and foreign currencies in their role as media of payments in such an economy. It uses quarterly data to estimate currency substitution (CS) for Hong...