This article presents the empirical results of an econometric investigation of the demand and supply of real money (M2) with real Federal debt in the USA economy as a Vector Auto-Regressions (VARs) system. This allows the study to focus on the crucial variables of fiscal and monetary policies,...

Murthy and Ukpolo (1994) recently estimated a model of aggregate health care expenditure for the United States using cointegration techniques. Their choice of dependent variable, however, introduced the possibility of simultaneity bias in the error-correction model they presented. Their results...

Granger causality is tested for to examine the exogeneity of GDP which is assumed in previous research on the determinants of aggregate health care spending. In theory, the causal relationship between these variables could be in either or both directions. For some of the 20 OECD countries tested...

The shape of Kaldor's technical progress function is retested using time-series data for a selection of OECD countries. In contrast to Bairam's study, which is criticized for its restrictions on several of the key variables, it appears that the function can be specified as a linear equation....

The effect of using gross investment data and utilized net capital stock data respectively to construct the investment-output ratio in growth equations modelling the effects of exporters and the government is demonstrated. Almost all such models in the literature use the former data, and yet, as...