We urge macroeconomists to abandon the 'natural rate' as an analytical device on the ground that it has become a source of great and growing confusion. But we press them to recognise that it has great potential as a policy tool provided we grasp the central idea of a hypothetical unemployment...

Using Australian capital city data from 1984Q3-2008Q2, this paper utilizes a dynamic present value model within a VAR framework to construct time series of house prices depicting what aggregate house prices should be given expectations of future real disposable income – the ‘fundamental...

China’s growth has been spectacularly high and persistent over the last few decades. However, there have been regular expressions of concern about the uneven distribution of the benefits across regions and, at times, it has been asserted that the regional distribution of available investment...

The relationship between financial-system reform and growth is of continuing interest and the subject of ongoing research; yet many aspects of it remain unclear. This paper contributes to the literature by an analysis of this relationship using Chinese time-series data. China is a particularly...

This paper analyses the relationship between stock prices and the Chinese macro economy measured by the level of GDP. There are many possible channels of influence between these two variables, channels which may operate in either direction. There are also many theories relevant to these...

The effects of immigration on the host country are pervasive and long-term. It is not surprising that they have been extensively analysed, not least the economic effects which have been the subject of both theoretical and empirical research. While some of the empirical research has had a...