This paper investigates the impact of social security payments on personal and private saving in the U.S. in the short run and the long run. Annual data ranging from 1959 to 2003 are used to investigate this relationship. The long run investigation of the relationship between Social Security and...

This study investigates the effects of monetary changes on the U.S. economy. The emphasis is on establishing a causal flow from the money supply (nominal variable) to the two components of nominal output--the price level and real output (real variable). Test results indicate that the impact of...

This article investigates the relations among productivity growth, wage differentials, and net exports in the United States. The time periods considered are the long run and the short run. Cointegration test results indicate that all the test variables are cointegrated. Therefore, productivity...

The persistence of large federal government deficits has stimulated interest in investigating the impact of deficits on the U.S. economy. The present paper analyzes two related theoretical issues. First, it examines the direction of causal flows in the deficit-nominal interest rate relationship....