This paper develops a model of the relationship between public sector employment, total output and aggregate real demand in market prices, where public employment has a positive productivity effect on private output. Public employment crowds out private employment and output because its increase...

The purpose of the paper is to revisit the demand for money specifiections by using U.S. quarterly data over the sample period 1951:1 - 1983:4. Utilizing the so-called threshold models suggested by Tong and Lim (1980) we first demonstrate the unsatisfactory performance of standard linear partial...

In a recent paper, John Graham (1987) has argued that the life cycle approach. performs rather well in accounting for intercountry differences in household saving rates so that the negative evidence sometimes reported i s not warranted. This comment presents pieces of evidence against this view....

This paper analyzes aggregate household saving under the capital market imperfection, which is characterized by the wedge between the borrowing rate and the lending rate. Under these circumstances the assumption of a representative household is unlikely to hold and consumers are distributed into...

Keeping the finding of Feldstein and Horioka (1980) - that countries investment rates are highly correlated with their national saving rates - as a starting point this paper examines the possibility that . monetary policy reactions to target the current account mi.ght explain saving-investment...

This paper presents a simple model of aggregate demand in current market prices, in which public sector employment affects aggregate (and private) demand via the total output, the lump-sum taxes and the valuation of public sector production. Whlle the last effect is positive for aggregate...

This paper describes some institutional aspects of housing, markets and analyzes the price development of owner-occupied housing and its interaction with the household saving ratio in Finland during the last two decades. In Finland the volatility of house prices in relation to income can to a...

Household saving ratios in the Nordie eountries are very low by intemational standards and have declined markedly during the 1980s. Aggregate quarterly time-series data for the period 1970-1989 are used to study the development of household saving behavior over time. The evidenee suggests that...

The failure to predict the surge in inflation in 2021 raises questions about whether we are better equipped to anticipate a future decline in inflation. What tools do we intend to use for predicting the trajectory of inflation? Are we still primarily relying on survey data regarding inflation...