Interest rate policy in the newly reforming Central and Eastern European countries has generally been geared toward establishing positive real interest rates and defending the exchange rate. The principal instrument for this task has been administrative increases in controlled interest rates....

The accelerator model of investment in its empirical formulation dominates nearly all other models of investment behavior throughout the world. This paper examines this model in the context of French data and contends that the empirical superiority of the model is spurious, being largely related...

This paper utilizes recently published French data on the financial wealth of the private sector to test for evidence of wealth effects in IS and LM functions in France. The analysis suggests that wealth effects are indeed in evidence in expenditure functions, provided this is considered with a...