Using data on 61 oil companies from 2001-09, we examine the evolution of revenue efficiency of National Oil Companies (NOCs) and shareholder-owned oil companies (SOCs). We find that NOCs generally are less efficient than SOCs, but their efficiency increased faster over the last decade. We also...

Hoarding of money-supply increases can explain long and variable lags from money-supply changes to changes in aggregate expenditure and average prices. The Archibald-Lipsey model relies upon differences in income elasticities of demand for real money balances to explain aggregate hoarding of...

Data on 1278 flights on the East-West Sydney-Albury-Melbourne services, beginning when the Sydney-Melbourne excursion fare was first offered, are used to estimate three demand curves for the jointly provided services. The elasticities of demand for the Sydney-Melbourne service suggest it...

Using a simple model of a small, open economy that includes traded and nontraded goods and output in two periods, the authors demonstrate that changes in real interest rates will be associated with changes in real exchange rates. A high real interest rate will encourage consumers to substitute...

Borrowing on credit cards at high interest rates might appear irrational. However, even low transactions costs can make credit cards attractive relative to bank loans. Credit cards also provide liquidity services by allowing consumers to avoid some of the opportunity costs of holding money. The...

Households demand bank deposits for the liquidity services such assets provide. Higher yielding assets usually are available to finance future consumption. Nevertheless, the demand for bank liabilities enables banks to finance investment. One might therefore expect more capital in an economy...

When households face credit constraints in an economy with inside as well as outside money, stationary equilibrium real interest rates are below the household rate of time preference. They also depend significantly upon household risk aversion, the demand for inside versus outside money, bank...

The authors investigate a stationary equilibrium investment sequence in an industry where the costs of investment display initial economies of scale, but eventually decreasing returns to scale. Both the timing and size of new investments are choice variables, and they allow the industry...

Long-term contracts between exporters and importers of LNG increase the debt capacity of large, long-lived, capital investments by reducing cash flow variability. However, long-term contracts also may limit the ability of the contracting parties to take advantage of profitable ephemeral trading...

More than 90% of the world's primary energy currently is supplied by fossil fuels, while more than 8% comes from nuclear power and hydroelectricity. Thus, despite the recent publicity for energy sources such as wind, solar, geothermal or biofuels, they provide only a tiny fraction of the world's...