In this paper, we examine the hybrid specification of the New Keynesian Phillips Curve (NKPC) proposed by Gali and Gertler (1999) by employing recently developed momentconditions inference procedures. These methods provide a more efficient and reliable econometric framework for the analysis of...

In this paper, we show that if capital and labour are complementary inputs and labour is in surplus[LS], economic development will reduce investment in the agricultural sector. We analyse the impact of factor substitutability and factor mobility on economic welfare as indicated by changes in...

The UK, with its relatively liberal immigration policies following recent enlargements, has been one of the main recipients of migrants from new EU member states. This paper poses the questions: what is the effect of immigration on a receiving economy such as the UK? Is the effect beneficial or...

Purpose – The purpose of this paper is to describe the transformation of macro‐modelling from reduced form behavioural equations estimated separately, through to contemporary microfounded dynamic stochastic general equilibrium (DSGE) models estimated by systems methods. It is argued that...

An area of huge concern to many people around the world, the economics of the Arms Industry are a vital strand that needs to be understood. This volume brings together contributors from all over the globe and focuses on this important area