. 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 …

, there is a renewed interest in the long-running debate about whether or not changes in the stock of money have direct … effects. In particular, do changes in money have additional effects on aggregate demand outside of those induced by changes in … structural model with no direct effects of money to show that the finding of positive and statistically significant coefficients …

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 …

Two remarkable features of the Australian economy over recent years have been strong growth in private consumption … expenditure and household wealth. This paper examines the relationship between consumption and wealth in an effort to better … understand aggregate consumption behaviour. We find a reasonably robust steady-state relationship between non …

This paper addresses the question of how changes in stock market wealth and housing wealth affect consumption … stock market wealth. We estimate the link between consumption and the components of wealth using panel-data estimation … housing wealth and stock market wealth have a significant effect on Australian consumption. We estimate that a permanent …

. 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 …