The house price-to-income ratio (PIR) is widely used as an affordability indicator. This paper complements the cross-sectionally focused literature by proposing a tractable model for PIR dynamics. Our predicts that very persistent and correlated to lagged aggregate output. Cross-country analysis confirms this prediction provides evidence long-term, positive significant relationship between prod...

These notes are concerned with one answer to a fundamental question in macroeconomics: What causes the recurrent ups and downs we call the business cycle? For years, based largely on the work of Friedman-Schwartz (A Monetary History of the United States), the emphasis in macroeconomics was on monetary theories of economic fluctuations. The Great Depression in the United States was explained by ...

The aim of this paper is to verify the hypothesis of money neutrality in the Italian experience. After a critical overview of the traditional techniques employed to verify this hypothesis, cointegration technique is used to verify: long-run neutrality, weak evidence of long-run superneutrality but absence of hyperneutrality. The absence of hyperneutrality implies that an acceleration of the gro...

Previous research has shown that spending money on others (prosocial spending) increases happiness. But, do the happiness gains depend on who the money is spent on? Sociologists have distinguished between strong ties with close friends and family and weak ties--relationships characterized by less frequent contact, lower emotional intensity, and limited intimacy. We randomly assigned participant...

The paper develops an alternative hypothesis that attributes collateral responsibility for therecent spate of financial crises to a basic flaw of the architecture of the international financialsystem, free markets for foreign exchange. A valid positional distinction between reserve/ hardand soft currencies, based on reputation, accounts for the systematic substitution of the former<...

This study was motivated by Nigerian banks' inability to provide enough credit towards the real economy sector. The paper investigated connection between bank financial intermediaries and economic growth. main objective is evaluate effect of on expansion Nigeria's economy. specific objectives are t o determine significant relationship deposit money banks overall output in Nigeria explore with b...

This paper develops a general equilibrium asset pricing model for monetary economies. The model extends the standard liquidity model first developed by Lucas (1990) and Fuerst (1992). The one-transaction-per-period assumption of their model is replaced with one that allows for multiple transactions in each period. This extension not only makes the liquidity model more realistic, but also provid...

In The Genealogy of Morals, Nietzsche argues that "the mind of early man was preoccupied to such an extent with price-making . . . that in a certain sense this may be said to have constituted his thinking."' A fundamental change in price-making constitutes a fundamental change in thinking. The development of money was such a change. Although minting was not a great technological innovation, mon...

This paper presents a cross-national study of industrial marketing communications spending. The study compares the results of data collected from 55 European companies on 80 products with a sample of 131 products from 29 companies representing the ADVISOR 2 study sample in the U.S. Several key questions are addressed. First, we consider if the original ADVISOR results are specific to U.S. compa...