This note discusses expenditure multipliers and their use in analyzing spending efficiency. Conceptual models are developed to examine the marginal propensities; namely consumption and investment and their role in influencing the expenditure multiplier, aggregate spending cycles, consumption and...

The yen provided foreign exchange market participants with 'once-in-a-generation' volatility movements in 1998. For instance, after many months of uneven yen depreciation a remarkable period of yen appreciation was experienced where, in one two-day period, the U.S. dollar dropped in value by 20...