An argument connecting human capital theory with the 'weak version' of the signaling hypothesis, is advanced initially. It is an argument that helps methodologically the derivation of a work-incentives view of the complementarity between human capital theory and the strong version of the...

This paper examines the extent to which the policy instruments of money supply and budget deficit were endoigenous in Greece over the period 1975-1993. It is assumed that the policymaker's objectives are the growth rate of GNP and the balance of payments. The so-called "reaction-function...

Based on a traditional approach to the behavior of a bank which lends both private and public sector, and utilizing a typical expression for public debt accumulation, this paper concludes that the optimality of the number and size of banks depends heavily on the course of the public debt,...

Based on a Cobb–Douglas social welfare function in terms of the utilities of two concurrent generations, this paper derives a Pareto-efficient, envy-free, and equitable interest rate rule supported by a nonlinear-tax feedback rule in case of steady-state disturbance. The young are taxed to...

This paper investigates the impact of monetary policy on the optimal bank behavior under oligopolistic conditions. In addition, we attempt to extend this analysis in the sphere of bank-clients behavior.We concentrate on the way the minimum reserve requirements of commercial banks influence the...

Chicago rule is shown to be the unique optimal monetary policy rule from the viewpoint of an intergenerational welfare-maximizing social planner. But, in the absence of commercial banking, it really mandates the elimination of the public sector, because it involves the elimination of central...

This paper investigates empirically the impact of monetary deregulation that occurred in 1988 on the relationship betwen consumption and money supply in Greece. The results provide evidence that the deregulation has significantly affected the behaviour of consumption.

Despite the confusion surrounding the measurement of public sector outputs with respect to their demand and their distribution, the growing abundance of statistical data on public expenditures has been given incentives to the investigators of public economics to undertake research on the...