This study provides strong empirical support for modeling the demand for monetary assets within a consumer demand framework. We estimate a linearised locally flexible almost ideal demand system, containing five monetary assets, over the period 1991Q4 to 1998Q4. Estimating the system in...

This paper studies empirical linkages between cycles and trends in freight transportation activity and real economic activity in Sweden. We find that cycles in freight transportation are highly contemporaneously correlated with cycles in economic variables over both the short run and the medium...

This paper analyzes rigidities in the behavior of mark-up on petroleum products in the New York area using a new set of high-frequency data. We use a methodology that accounts both for deterministic and stochastic nature of petrol prices. The results indicate that the adjustment to the long run...

We develop the principal component analysis (PCA) approach to systematic liquidity measurement by introducing moving and expanding estimation windows. We evaluatethese methods along with traditional estimation techniques (full sample PCA and market average) in terms of ability to explain (1)...

In this paper we consider the predictors of the business cycle in Great Britain, where the claimant count and unemployment rate are found to be key indicators associated with turning points. Next, we consider at a micro-economic level, using disaggregated local authority level data, a number of...