This paper analyses the trends and movements of, and the relationship between, the agricultural and the external (net barter) terms of trade in Bangladesh for the period 1952-2006. The Pesaran bounds testing results suggest the presence of a cointegral relationship between the agricultural and...

Wheat types may be classified according to strength, a baking characteristic. Since the demand for wheat is derived demand, the baking characteristic is directly related to end use. Accordingly, the wheat classes that are used in this study are divided into sub-groups according to strength, that...

Economics

In this paper we embed the Taylor interest rate rule in a simple macroeconomic model with Calvo contracts. We contrast this with the case in which the interest rate is determined by the conventional LM curve along with a fixed value for the monetary aggregate. We derive conditions under which...

Wage growth has remained under control after the formation of the European Monetary Union (EMU). The literature has advanced numerous explanations to account for this phenomenon. But, arguments about the need to preserve competitiveness in an enlarged market remain too generic. At the same time,...

At the start of the Third Stage of EMU, it was by no means clear whether the ECB would succeed in setting up an efficient framework for distributing liquidity throughout the euro-zone. Now in retrospect, however, the ECB appears to have been quite successful. In this paper, we will look at the...

[From the introduction]. The synchronicity of cycles in real output is a subject that has attracted increased attention in the eld of economics, largely because not only is the international synchronicity of turning points of business cycles a "stylized fact", but also because within a monetary...