This paper investigates the long run and short run relationships of monetary policy, inflation and economic growth in Pakistan using co-integration and causality analysis during the period 0f 1972-2010. A large number of empirical studies on the relationships of monetary policy and inflation are...

Post Keynesian theory as opposed to Walrasian theory does not provide the foundations for a unique general equilibrium but claims the existence of multiple equilibrium positions. In this article, such a multiple of equilibrium positions is explained by different market constellations which are...

Despite significant economic reforms in many Southern Mediterranean EU neighbour countries, their growth performance has on average been subdued. This study analyses the differences in growth performance and macroeconomic stability across Mediterranean countries, to draw lessons for the future....

It is difficult to identify the driving forces behind financial market developments as they are not directly observable. The paper argues that correlations between asset prices in different markets can be used to infer which of five macroeconomic factors that drive markets (growth and inflation...

We discuss the scope of asymmetries in growth and inflation developments in the euro area countries, taking the euro area as the natural benchmark since the establishment of EMU. We start with a descriptive analysis of a set of indicators that can give a first idea of the likelihood of or extent...

After almost four decades of price stability, inflation has recently approached historical highs. Initially driven by global energy and food price increases, the magnitude of the surge in inflation caught central banks and markets by surprise. Price pressures are now increasingly broadening to...

In a new Keynesian model with random search in the labor market, endogenous selection among heterogeneous workers amplifies fluctuations in unemployment and results in excess unemployment volatility relative to the efficient allocation. Recessions disproportionately affect lowproductivity...