Can the UK survive widespread dissatisfaction in both Scotland and England with the financing of public spending by Scotland’s parliament? This timely book explains how fiscal autonomy could raise economic growth and efficiency in Scotland – to the benefit of both Scotland and the rest of...

We investigate dollar-sterling exchange rate expectations during the period 1890-1908. We show that the dollar faced a 'Peso problem' in that for much of the period financial markets expected it to depreciate against sterling, but this never in fact happened - i.e. expectations were persistently...

We show that expansionary monetary policy causes exchange rate overshooting due to the secondary repercussion comes through the reaction of firms to changed asset prices and the firms’ decisions to invest in real capital. This overshooting effect adds to any overshooting that occurs through...

The thesis by HALLWOOD [1994] is compactly restated, showing that most of Love's points are either already encompassed, or, are useful extensions of it. Love's idea that production cost differences between firms are necessarily caused by transaction costs is rejected, as differences between...

Competencies-based theories of the firm are extended beyond current literature - focused only on flow-markets, to the context of the efficient pricing of competencies as capital-assets. It is shown that the combination of insider information and complementarity to the insider's production...

We develop a portfolio balance model with real capital accumulation. The introduction of real capital as an asset as well as a good produced and demanded by firms enriches extant portfolio balance models of exchange rate determination. We show that expansionary monetary policy causes exchange...

The invited tender-bid procurement auction used by oil companies to procure intermediate inputs into oil gathering has to find solutions to several problems. Assesses the nature of these problems and the peculiarities of the operating rules designed to solve them. Develops an economic rationale...