This article examines the time-series properties of real Gross Domestic Product (GDP) in the Euro area as a whole, both prior to and after the adoption of the Euro in January 1999. We employ the relatively recent 'optimal approximation' band pass filter developed by Christiano and Fitzgerald...

This study uses both parametric and nonparametric techniques to analyse scale economies and relative efficiency levels in policing in England and Wales. Both techniques suggest the presence of significant scale effects in policing and considerable divergence in relative efficiency levels across...

In 1992 the EU monetary authorities adopted a 'harmonized' broad money aggregate. The EMI was subsequently established to promote monetary policy coordination. This paper considers how broad money aggregates might be used to guide EU monetary policy and whether a 'Euro-Divisia' monetary index...

Eliminating rationing in the United Kingdom following the Second World War was a concern for policy-makers because of potentially large fluctuations in post-war prices and the impact on unrationed goods. This study shows that in using virtual prices, elasticities can be estimated from a 'free'...

This article examines the impact of Federal Open Market Committee (FOMC) statements on asset prices. Statements are found to have a much more pronounced impact on the volatility of asset prices than interest rate surprises. They influence primarily stock returns, intermediate and long-term...