Hypothetical revenue-neutral tax reforms are conducted in a calibrated endogenous growth model in which money serves to economize on the time-costs of transacting. The model includes the cash-in-advance (CIA) and non-monetary frameworks as special cases of the parameterization. The results of...

This paper provides new evidence of the effect of weekly U.S. and Canadian M1 surprises on Canadian asset prices (stocks, T-bills, exchange rates) during the years John Crow was Governor of the Bank of Canada. In particular, we demonstrate the sensitivity of the evidence to the choice of...