Keynes' General Th&ry was a brilliant attanpt to plain the paradoxof 1CM interest rates, ineffectual easy rn,netaxy policy, and lowinvestrtntduring the Great Depression. We argue that Keynes' failure to distinguishbetween low naninal and high real interest rates led hint to misinterpret atight...

This paper presents a theoretical and empirical investigation into timing relationships between variables within and across industrialized countries. In the analysis we highlight the two polar cases of completely closed and open economies and draw some implications for timing between monetary...