作者：BABA, Y; HENDRY, DF; STARR, RM
作者单位：University of Oxford; University of California System; University of California San Diego
摘要：Estimated U.S. M1 demand functions appear unstable, regularly breaking down, over 1960-1988 (e.g. missing money, great velocity decline, M1-explosion). We propose a money demand function whose arguments include inflation, real income, long-term bond yield and risk, T-bill interest rates, and learning curve weighted yields on newly introduced instruments in M1 and non-transactions M2. The model is estimated in dynamic error-correction form; it is constant and, with an equation standard error of...
作者：BARRO, RJ; SALAIMARTIN, X
摘要：The recent literature on endogenous economic growth allows for effects of fiscal policy on long-term growth. If the social rate of return on investment exceeds the private return, then tax policies that encourage investment can raise the growth rate and levels of utility. An excess of the social return over the private return can reflect learning-by-doing with spillover effects, the financing of government consumption purchases with an income tax, and monopoly pricing of new types of capital g...
