The paper contains a comparison of the performance of two different monetary aggregates (a simple-sum one and a Divisia index). The econometric framework used is a multivariate VAR-model for non-stationary series, and some features from recently developed techniques for analyzing I(2)-systems...

This paper examines the relation between monetary asset components and some of the variables that traditionally enter into aggregate money demand relations. The analysis is performed on Danish data within the natural frame-work of a multivariate econometric model. The purpose of the study is to...

It has been argued that the effect of competition on a company’s incentive to innovate and to reduce managerial slack depends on the initial level of efficiency. For example, while firms close to the technology frontier invest more in innovation if competition increases, backward firms reduce...