The role of public capital in economic growth is examined using data from the Penn World Tables and other sources on a large number of countries. Drawing on intertemporal optimization, the theoretical framework nests the exogenous (Solow) and endogenous types of growth and is data-consistent. It...

The Euler equation is used for the intertemporal allocation of durable goods in conjunction with a simple model of housing flow supply to derive implications for the relation between house and land prices. Data from England and Wales fails a key time series test in this respect. The rejection of...

A structural VAR methodology is used for UK data to identify and map out the effects of innovations in the money supply, employment, output, wages and prices. Moreover, bands of two standard errors are computed for the impulse response functions so that comment may be made on the significance of...