The microeconomic foundations provided by the 'disequilibrium' macro-modelling approach of Barro-Grossman-Malinvaud are …

We use an intertemporal model incorporating short-run labour and goods markets disequilibrium to analyse the …

We construct an open economy disequilibrium model to assess the welfare effects of aid in different macroeconomic …

As a companion to a previous paper, monetary and fiscal policy are analyzed in (a) a small open economy and (b) a two … rates are flexible, and there is perfect capital mobility. Both monetary and fiscal policy raise domestic output whether the …

disequilibrium econometric framework in which the supply and demand for capital are not necessarily equal, and the actual amount of …

empirical investigation, and generated several important spinoffs: work on planners' behaviour; insights into CPE policy … market economy macro theory and econometrics. The quantity-rationing macro model and disequilibrium econometrics give a more …

hidden when an average loss function is used. To explore in more detail the issue of parameter instability, we then apply a … substantial amount of instability and non-linearity in the EMU, and suggest that it can be worth going beyond linear models for …

Money demand instability has been the subject of considerable attention in the recent literature. This paper examines … frequency) the sources of instability. The technique reveals structural breaks of long-term significance for only broad money …

A fundamentals-based monetary policy rule, which would be the optimal monetary policy without commitment when private …. This problem can be overcome if private expectations are observed and suitably incorporated into the policy maker's optimal … rule. These strong results extend to the case in which there is simultaneous learning by the policy maker and the private …