The aim of this paper is to investigate the relationship between government spending and private consumption in the UK, for which there is scarce previous empirical evidence. We disaggregate public expenditure into three categories and search for the corresponding private consumption...

The idea that speculation exacerbates commodity and stock price volatility dates back at least from the second half of the nineteenth century when an extensive literature emerged to which Marshall contributed. The essence of his arguments, originally applied to commodities and subsequently...

The paper investigates the role of speculation in the Liverpool cotton futures market between 1921 and 1929. The analysis is based on historical descriptions of the working of speculation in commodity markets and is related to the tenets of behavioural finance. The model posits the existence of...