A new value transfer system using alternative monies is emerging as a result of innovations such as prepaid cards, smart cards and the so-called electronic purse. This paper begins with a review of the changes in the value transfer system that are occurring in the economy. It then proceeds to...

The effects of both temporal and cross-sectional aggregation on the estimated time-series characteristics of manufacturing real wage data are examined. The effects, especially of temporal aggregation, are found to be quite large and in accord with statistical theory. The well-known results of J....

The authors formalize long-run neutrality and long-run superneutrality in the context of a bivariate ARIMA model; show how the restrictions implied by long-run neutrality and long-run superneutrality depend on the orders of integration of the variables; apply their analysis to previous work,...