The paper extends the theory of trade unions. In past studies, the union members derive utility exclusively from the consumption of goods produced in markets. We consider the case where the union insider is a member of a household which derives utility both from market produced goods and from a...

We consider whether the introduction of the psychological concept of loss aversion into agents' preferences could generate a macroeconomic model in which changes in the money supply can have real, persistent effects. It is demonstrated that the macroeconomic implications of loss aversion depend...

We present two geometric representations of the Fieller confidence interval for the ratio of regression parameter estimates using standard statistics packages. These methods are used to interpret the estimation of the NAIRU for Australia.