In the evaluation of research quality conducted under ERA 2010 the sub-disciplines of econometrics and theory were rated more highly than the sub-disciplines of applied economics and other economics. The rating in each sub-discipline was benchmarked against a world standard, so the results...

Dramatic changes in the relative prices of goods in international trade have accompanied, and indeed preceded, the global crisis. These changes are reflected in the terms of trade of individual countries and in the relative prices of goods within those countries. Asia-Pacific countries are...

Schumpeter distinguishes between the circular flow of economic activity and economic development. The former is characterised by equilibrium, while the latter involves discontinuous change. The price theory that Schumpeter associates with the circular flow is the well established Walrasian price...

We consider the response of both nominal and real commodity prices on world markets to real and nominal shocks by hypothesizing that nominal shocks can permanently affect nominal commodity prices, but can have only temporary effect on real commodity prices. Real shocks, in contrast, can have...

We follow Schumpeter's approach to analyzing price movements as set out in Business Cycles. While Schumpeter emphasizes movements in prices of finished manufactured goods, our focus is on the real prices of primary commodities, which are measured by the price of particular commodities or an...

In the evaluation of research quality conducted under ERA 2010 the sub-disciplines of econometrics and theory were rated more highly than the sub-disciplines of applied economics and other economics. The rating in each sub-discipline was benchmarked against a world standard, so the results...