This paper utilizes a new data set to test for utility maximizing behavior and weakly separable subutility functions in the context of a utility function comprising durables, nondurables, services, leisure, and monetary asset holdings for the U.K. personal sector. All the data sets analyzed...

This study shows how to construct monetary aggregates using a procedure to adjust the simple-sum, Divisia and empirical monetary aggregates to be consistent with weak separability. The corresponding adjusted monetary aggregates have considerable leading indicator information and provide the most...

This study examines the efficiency of the Japanese banking system utilising the slacks-based measure. In addition, we also extend the comparative bank modelling methodology literature by utilising both the intermediation and production approaches, together with the profit/revenue-based approach,...

The empirical relationship between the remuneration of: the highest paid director (HPD), mean Board remuneration (Director), and the Chairperson of the Board (Chair) and firm- level performance is examined on a panel of mutual building societies over the 1991 to 1996 period. Two measures of...

Nonparametric demand analysis is utilized to establish weakly separable subsets of monetary assets for the U.K. personal sector in the context of a utility function consisting of durable and nondurable consumption goods, services, leisure, and monetary assets. The admissible collections of...

The paper uses an asymptotically ideal model to estimate substitution elasticities between financial assets held by the U.K. personal sector. An important innovation is to extend the range of assets to include "risky" assets as well as capital certain monetary assets. The most significant result...

The paper presents new evidence of significant substitution between European domestic monetary assets and foreign holdings of sterling. The finding of significant cross-country currency substitution implies reduced costs of transition towards monetary union and easier European policy...

This paper utilizes an approach to long-run modelling proposed by Pesaran et al. (1996. Testing for the existence of a long run relationship. Mimeo, University of Cambridge) to develop an empirical weighted broad monetary aggregate for the UK. The properties of this new aggregate are contrasted...