This study examines Taiwan’s monetary policy reaction function based on an extended Taylor rule including the exchange rate, the stock price, and the lagged interest rate. The VAR model is employed to consider simultaneous relations among the endogenous variables. Two major monetary policy...

A Keynesian reduced-form quarterly model of regional income determination is constructed and tested for the eight regions of the United States. The results support the view that national economic policy exerts a significant direct influence on a region's export earnings. The findings are in...

The authors propose two general functional forms, and apply them to the specification of utility functions for predicting farmers' production response. The polynomial utility functions were rejected, based on the result~ of a likelihood-ratio test. The appropriate degree of nonlinearity of the...

The portfolio model of asset allocations is used to estimate the demand function for real M2 in the United States. The explanatory variables include real return on real M2, real returns on stocks and bonds, wealth, and the expected inflation rate. The cointegration test shows that the demand for...