T he key role of government policies in the process of development has long been recognized. The recent availability of quality data has led to quantitative analyses of the effect such policies have on development. Most of the renewed research effort on this front, both theoretical and empirical, has emphasized the relationship between fiscal policy and the paths of development of countries. 1 ...

The present paper analyzes the effects of ECB monetary policy on the Spanish stock market returns. The data sample run all over the euro period: from January 1999 to December 2014. This period is split into two well-defined sub-periods based on the structural change brought about by the financial crisis in August 2007. Spanish stock market returns are approximated by the returns of the selectiv...

The author presents a search-based model in which money coexists with equity shares on a risky aggregate endowment. Agents can use equity as a means of payment, so shocks to equity prices translate into aggregate liquidity shocks that disrupt the mechanism of exchange. The author characterizes a family of optimal monetary policies and finds that the resulting equity prices are independent of mo...

This paper examines the short and long run relationships between trade balance, real exchange rates, income and money supply in the case of Malaysia. The inclusion of income and money variables in the study is purposely to examine the monetary and absorption approaches to the balance of payments beside the conventional approach of elasticity, using exchange rates. Using the bound testing approa...

The aim of this analysis is to derive stable long-run relationships that innuence the conduct and transmission process of the German monetary policy. In this context, a special emphasis is on the question whether there is a stable long-run money demand in Germany as a precondition for monetary targeting. A multivariate analysis using seasonally unadjusted data is presented. The sample period an...

Aflatoxins are a family of toxic, acetate-derived decaketides that arise biosynthetically through polyhydroxyanthraquinone intermediates. Most studies have assumed that aflatoxin B1 is the biosynthetic precursor of the other aflatoxins. We used a strain of Aspergillus flavus which accumulates aflatoxin B2 to investigate the later stages of aflatoxin biosynthesis. This strain produced aflatoxins...

This paper analyzes monetary stabilization in a structurally unstable economy. The economy has multiple stationary states, differing in credit market conditions and economic activity. Under certain conditions two monetary stationary states are stable and self—fulfilling deflationary crises can occur. The model implies that adjusting long— run monetary conditions is insufficient to coordinate th...

This paper discusses the short-run tradeoff between inflation and unemployment. Although this tradeoff remains a necessary building block of business cycle theory, economists have yet to provide a completely satisfactory explanation for it. According to the consensus view among central bankers and monetary economists, a contractionary monetary shock raises unemployment, at least temporarily, an...

Private monetary transfers from parents to adult children living in a separate household constitute an important share of aggregate net worth in the economies of major economies like the United States or Germany. Evidence from the United States from the middle eighties suggests that parental intervivos transfers gifts given from living parents to adult childrenare the source of at least 11 perc...