Search

The findings have important implications for the empirical work on the money demand schedule, i.e. it seems that the conventional equation leaves much too much in the disturbance term. Moreover, expectations of future monetary injections are highly important for the current demand for money.
The above points are discussed in the following order. Section II provides an evaluation of the current shock-absorption view of money on which the present work is based. In Section III, a microeconomic approach is provided to rationalize the shock-absorption view of money under exogenous money supply injections. Implications for empirical work will be discussed. The testable form of the model is derived in Section IV. The empirical results are reported in Section V for five economies: West Germany, Australia, the USA, Finland and Sweden. The final section summarizes the results. [ABSTRACT FROM AUTHOR]

This article provides insight on the relationship between individual obesity and happiness levels. Using the latest available panel data from Germany German Socio-Economic Panel (GSOEP), UK British Household Panel Survey (BHPS), and Australia Household, Income and Labour Dynamics in Australia (HILDA), we examine whether there is statistical evidence on the impact of overweight on subjective well-being. Instrumental Variable (IV) analysis is utilized under the presence of endogeneity, stemming from several explanatory variables. Results indicate that in all three countries obesity has a negative effect on the subjective well-being of individuals. The results also have important implications for the effect of other socio-demographic, economic and individual characteristics on well-being. [ABSTRACT FROM AUTHOR]

This study analyses the patent trends and volatilities for the top 12 foreign patenting countries in the US market from 1975 to 1997. Japan is ranked first in terms of foreign patents registered in the USA, followed by Germany. Patent registrations from each of these countries have increased steadily over time, but at different rates. Using monthly time series data for 1975-1997, the time-varying volatility of Australian, Japanese and German patents registered in the USA is examined in detail. The asymmetric AR(1)-GJR(1,1) model is found to be suitable for Australia and Japan, while the best fitting model for Germany is the symmetric AR(1)-GARCH(1,1) model. [ABSTRACT FROM AUTHOR]