In this paper it is argued that neither the earlier Phillips type of fixed-coefficient or temporary equilibrium models nor the recent Tobin type of portfolio equilibrium models of the money supply process capture the money and credit creating potential of external financial markets. A partial...

The focus of this analysis is on the output costs of disinflation. A model of inflation with both forward and backward elements seems to characterize reality. Such an inflation model is estimated using data for industrial countries, and the output costs of a disinflation path are calculated,...

Unemployment in South Africa is decomposed into a cyclical and a structural component. The estimates suggest that unemployment is largely structural. Alternative explanations for the persistence of deviations of market wages from full-employment levels are examined. Three models that are...

This paper argues that determining the cyclical behavior of prices by applying the same stationarity-inducing transformation to the levels of both output and prices, and examining the correlations of the resulting series, can be misleading. A more appropriate procedure is to examine the...

Issues raised by the evolution of a rapidly growing small economy from a labor-intensive, low-technology production base to a capital-intensive, high-technology, knowledge-and-skill-intensive emphasis as it approaches the limits of its resource constraints in the labor market are examined. A...