This study develops a new financial market indicator, which may be a useful addition to analysing real activity in the US. By taking the ratio of the price return of equity industry groups of the S&P 500 over a benchmark industry group, in this case taken to be the Utilities industry group, an...

The Central Bank of Ireland and SUERF organised a joint conference in Dublin on 20th September, 2010 on the general theme of Regulation and Banking after the Crisis. In the best traditions of SUERF, the programme included papers and presentations from the three main constituencies of SUERF:...

A presumption in much of the earlier literature on real exchange rates suggests their behaviour is decoupled from fundamentals. This paper develops a theoretical model which allows for increased globalisation and integration of international financial markets in a world where goods markets are...

Money demand is probably one of the most extensively studied economic relationship in applied economics. While useful surveys of existing literature are available, much of the attention has focused on the US. However, a considerable number of papers have recently been produced dealing with the...

The paper addresses the question of whether financial liberalisation and innovation have significantly altered consumption behaviour by reducing liquidity constraints as capital markets have become more flexible. A consumption model in which the permanent income hypothesis and extreme Keynesian...