The current mainstream approach to monetary policy is based on the New Keynesian model and is expressed in terms of a short-term nominal interest, such as the federal funds rate in the United States. It ignores the role of leverage and also downplays the role of money in basic monetary theory...

King, Plosser, Stock, and Watson (1991) evaluate the empirical relevance of a class of real business cycle models with permanent productivity shocks by analyzing the stochastic trend properties of postwar U.S. macroeconomic data. They fiÂ…nd a common stochastic trend in a three variable...

This paper focuses on the aggregate demand for electricity, natural gas, and light fuel oil in Canada as a whole and six of its provinces — Quebec, Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia — in the residential, commercial, and industrial sectors. We employ the...

In this paper, we build on Ryan and Wales (1998), Moschini (1999), and Serletis and Shahmoradi (2007) and impose curvature conditions locally on the quadratic Almost Ideal Demand System (AIDS) model of Banks et al. (1997), an extension of the simple AIDS model of Deaton and Muellbauer (1980)...