A tax on excess reserves would worsen the banking crisis and could lead to a run on the dollar, according to John Thornton.

This article examines the issue of long-run fiscal sustainability in South Africa by applying a battery of recently developed unit root and cointegration tests to real revenue and spending data for the period 1895 to 2005. The results provide evidence that, allowing for structural breaks, South...

In Colombia core and total inflation are both (1) series, and core inflation is cointegrated with total inflation. Granger causality tests using error correction methodology indicate that divergence of total inflation from core inflation is quickly revers

Results of Granger-causality tests on data for the major industrial countries indicate that the volatility of the money supply is of little help in predicting income velocity. Results from nine industrial countries find no evidence of such a relationship in six cases and in the remaining three...

We report estimates of long-run and short-run money demand functions in Italy over the period 1861-1980 which are robust in terms of passing a range of diagnostic tests and exhibit a fairly high degree of parameter stability. The results are comparable to those of previous analysis of long-run...