The objective of this paper is to evaluate the short- and long-term effects of public investment in infrastructure on aggregate output, labour and capital formation in the private sector. The problem is analysed in a dynamic multivariate framework, which allows for explicit consideration of...

In this article the effect on consumption of a fall in housing wealth and housing prices, resulting from an increase in interest rates is estimated. With the help of a dynamic multiequation, macroeconomic model, the consumer response function is broken down into two parts: a direct response...

Most of the evidence on dynamic equilibrium exchange rate models is based on seasonally adjusted consumption data. Equilibrium models have not worked well in explaining the actual exchange rate. However, the use of seasonally adjusted data might be responsible for the spurious rejection of the...