. 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. …

'Reality of money' is curiously similar to uncertainty theory of (Hisenburg)quantum physics. To some (natural societies …), legitimatimacy of exchange control is derived by associating it with certain physical signifiance of 'real' goods. Exchange control … is thus decided by producers in commodity exchanges. Others (Republicans of Greek civilization) think, money can be only …

distinguish its Balance Sheet from its Statement of Conditions. (2) Fiat money should not appear as a liability in a Balance Sheet …

. 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 …

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 …

The role that Bernanke’s Bad News Principle plays in the modern theory of investment under uncertainty is analyzed. The … analysis shows that the actual investment dilemma is that by delaying investment firms trade off a higher present value of … earnings for a lower present value of the investment cost, in contrast to previous interpretations of this dilemma. The …