THIS review attempts to synthesize recent currents of thought in consumer economics. The
focus is on the determination of total consumption (and saving) rather than on the allocation …

Optimization of the part of consumers is shown to imply that the marginal utility of
consumption evolves according to a random walk with trend. To a reasonable …

The earnings 'time-series literature'in accounting focuses on the statistical characteristics of
the processes which generate corporate earnings. In order to further our understanding of …

This paper explores how variables measuring firms' sustainable competitive advantages
influence profitability persistence. Using a large sample of firms from MSCI 23 developed …

The demand for real cash balances deduced from an underlying portfolio model of the
financial market is shown to depend upon domestic variables and foreign monetary …

This successful text, now in its second edition, offers the most comprehensive overview of
monetary economics and monetary policy currently available. It covers the microeconomic …

Earlier analysis of unanticipated money growth is extended to output (GNP) and the price
level (GNP deflator) for recent US experience. Price level determination is more complicated …

PHE QUESTION of whether the demnand function for money is" stable" is one of the most
important recurring issues in the theory and application of macroeconomic policy. What is …

Interest rate has long been recognized not only by classical and neo-classical economists
but also by contemporary economists as one of the factors that determine the level of …

Standard analysis of monetary policy effects on interest rates in terms of liquidity, income,
and expectations effects is incomplete. After a change in monetary policy, substitution …