Changes in monetary policy instruments are transmitted to the real sector through different channels. For Keynesian as well as for monetarists interest rates are very important; time deposits rates are therefore crucial variables. In econometric model building the formulation of the time deposit rate equations need special attention, not only because these rates affect the behavior of the private sector but also because institutional features such as e.g. ceilings on rates, can be important.

Since the Becker-Lancaster approach (1965-66) to consumer-demand, there has been a large body of literature on consumption technology. Part of it was intended to build in consumption technology into the classical consumption models. More specifically, the allocation of time has been introduced in various models. Mostly this introduction was limited to the time-variable as just one more argument in the utility function ana a time-restriction. Nevertheless this approach has proved to be useful.

This way of handling the time input is the most obvious one, when demand functions are directly specified. But if one starts off from a functionally specified utility function, consistency asks for the introduction of the time component by functionally specifying the consumption technology. In this contribution, we have tried to apply this reasoning to the linear Expenditure System, derived from the Stone-Geary utility function and an appropriate consumption technology. A first empirical exercice for Belgian data is made to a simplified version.

An Arrowian social welfare function is single-valued. That is, to any set of individual orderings a social welfare function assigns one, and only one, social ordering. While other features of the Arrowian framework have given rise to a huge volume of literature, single-valuedness does not seem to have attracted any attention at all and, on the face of it, this may seem hardly surprising. After all, given that social choice is to depend on a binary relation of social preference (or what has been called a relational procedure in Sen (1977)), single-valuedness seems natural and unobjectionable. Furthermore, it is not clear that anything can be gained by relaxing it. However, the question of single-valuedness and its implications is not quite so simple.

In the framework of a sequential equilibrium planning model, an explanation of labour demand allowing for discrepancies between implicit and actual wages is put forward. An extension of the input-output price system to take account of decreasing returns to scale is considered by introducing surpluses. The model is applied to Egypt on the period 1970-1989.

Labour demand is sometimes derived in planning models (1) under the assumption of profit maximization leading to the equalization of marginal productivity, valued at net prices, and, nominal wage. Furthermore wages are assumed equal over sectors. A different approach is taken here.

Fifty years ago was published the first major theoretical work of John M. Keynes : The Treatise on Money (1930). The book at the time was not very well received by the profession and the impact of the General Theory, published six years later, soon eclipsed Keynes' earlier contribution to political economy. After 50 years of progress in macroeconomics, the gap between the present state of the science and the original project of Keynes is all the more impressive. A candid look at the Treatise today could remind us of the challenges still open to our profession.