are found not to equal zero and this in turns affects all estimates of consumption, labor supply and saving elasticities … profit function rationalizing consumption, labor supply and savings is specified, estimated and used to test commonly … maintained separability hypotheses. Both consumption- labor and time separability are rejected. Cross-price Frisch elasticities …

. Using this model, I demonstrate how a positive investment-saving correlation can arise in a world with endogenous fiscal … capital mobility. This implies that the observed investment- saving comovement is not necessarily due to imperfect capital … mobility. The model has a testable implication: it predicts a lack of Granger causality from private saving to private …

consumers perceive the contrary. The data indicate that consumers based their perceptions about inflation on goods that are … explains why these goods were subject to higher price growth after the changeover. The data indicate that some retailers, aware …

This five-chapter introduction into international money and foreign exchange markets covers all the basics, theoretical …, institutional, as well as empirical. After a brief review of the money market, we discuss the size and structure of the foreign … with an overview of the main international money organizations and the institutional framework of the past 150 years. …

study the impact of risk and the public sector on consumption-wealth ratio, growth and welfare, given the exogenous size of … the public sector. A higher weight of public consumption in the utility function raises the rate of growth due to a fall … in the consumption-wealth ratio. Then we show that consumptionwealth ratio and welfare are higher in an open economy than …

. Then we study the impact of changes in exogenous variables on consumption, growth, and welfare. Next, we show that … consumption-wealth ratio and welfare should be higher in an open economy than in a closed economy. We discuss whether open …

not rely on the “smooth-pasting condition.” An application to MacDonald and Siegel’s canonical investment problem (1986 …) shows that the standard investment threshold over-estimates the optimal threshold when the lower barrier is absorbing and …

In this paper we empirically analyse the linkages among growth, investment and reforms in the South East Asian …