Lucas (1988) modelled the productivity of workers as being a function not only of their own human capital but the human capital of the people with whom they work. Using individual data, this paper investigates whether there are such human-capital externalities. In particular, we look at the...

Most partial equilibrium analyses argue that the Central Bank should pay interest to the commercial banks on the reserves those banks are required to hold. This paper argues that such a proposal might no be welfare improving because in general equilibrium there is a tax burden that this payment...

We examine hypotheses about the relationship between provisional estimates and final values of M1, M2, and M3 and their growth rates in Canada, using monthly data and multiple revisions. Preliminary values cannot be viewed as final values plus an error (revision) uncorrelated with these but they...

This paper considers the class of inventory-theoretic transactions demand for money models and proves the following theorem: the sum of the income elasticity of money demand plus the absolute value of the interest elasticity is equal to unity. This result if often ignored in empirical simulation...

This survey evaluates the recent upsurge in buffer stock models. The paper describes the ideas common to most buffer stock models and divides them into four types depending on the assumptions made, and the equilibrium concept used. The main empirical implications are given in terms of the...