We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European Monetary Union (EMU). We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the...

This research investigates bifurcation phenomena in a continuous-time model of the United Kingdom. We use the Bergstrom, Nowman, and Wymer continuous-time dynamic macroeconometric model of the UK economy. We find that bifurcations are important with this model for understanding the dynamic...

Recently there has been a growing tendency to impose curvature, but not monotonicity, on specifications of technology. But regularity requires satisfaction of both curvature and monotonicity conditions. Without both satisfied, the second order conditions for optimizing behavior fail and duality...

This page is forthcoming in the journal, Macroeconomic Dynamics, as an Announcement from the Editor. The page provides information about the conversion of the journal's submission procedure from on-paper to all electronic. The new system was created by Stephen Spear and is maintained by him on...

This paper denies that the demand for money function is any more unstable than other demand functions and maintains that the controversies regarding unstable money demand are produce by poor methodology that is not shared by other areas of the field of economics, when investigating demand...

In this paper we provide a review of the literature with respect to the efficient markets hypothesis and chaos. In doing so, we contrast the martingale behavior of asset prices to nonlinear chaotic dynamics, discuss some recent techniques used in distinguishing between probabilistic and...

This is the front matter from the book, William A. Barnett and Jane Binner (eds.), Functional Structure and Approximation in Econometrics, published in 2004 by Elsevier in its Contributions to Economic Analysis monograph series. The front matter includes the Table of Contents, Volume...