The endogenous formation of coalitions involving asymmetric firms and their stability are analyzed as a function of diferences in eficiency and of the mixed cost of production. Results are derived for cartels as well as for mergers. Players have constant but diferent marginal costs of production...

This paper examines whether international spillovers matter for long run neutrality. Using as small open economy Canada, and U.S. for relevant foreign economy, we run three separate VAR systems, with none, some and all cross-border effects. We compare impulse responses and variance...

In this paper we re-evaluate the empirical evidence on money-inflation Granger causality for the euro area and, in contrast to Trecroci and Vega (2000), conclude that money does in fact Granger cause inflation. We also show that it takes about a year and a half for changes in money growth to...