In this paper, the authors present a methodology for measuring the effects of economic policy where expectations are forward-looking. The methodology is then applied to the National Institute model, version 11; in this version, expectational variables appear in several key equations and the model...

In this paper we investigate the role of workers' training history in determining current training-incidence. The analysis is conducted on an unbalanced sample comprising information on approximately 5000 employees from the first seven waves of the BHPS. Training participation is modelled as a...

There is a well-established methodology for measuring the effects of economic policy in a model that is `causal' or backward-looking. In this paper a complementary methodology is described for the case in which the model is `non-causal' or forward-looking. The methodology is then applied to an...

Money demand instability has been the subject of considerable attention in the recent literature. This paper examines the stability of velocity series for the United States and for five European countries (France, Germany, Italy, the Netherlands and the United Kingdom). A distribution-free test...