This paper presents an empirical investigation into the level and stability of money demand (M1) in Nigeria between 1960 and 2008. In addition to estimating the canonical specification, alternative specifications are presented that include additional variables to proxy for the cost of holding...

Advances in gravity literature have presented econometric approaches for the theoretically consistent estimation of structural gravity. When estimating the impact of policy-shocks on trade values however, researchers are confronted with two problems. Once multilateral resistances are taken into...

Complications arise in the estimation of welfare changes in vertically and horizontally linked markets when technology affects production. Past research has dealt with these complications using single-equation models and dual approaches. We briefly discuss some of the limitations of these...