Stock market dispersion and business cycles
Real business cycles
The role of the discount rate in monetary policy
Real exchange rates under the gold standard
Purchasing power parity is one of the most important equilibrium conditions in international macroeconomics. Empirically, it is also one of the most hotly contested. Numerous recent studies, for example, have sought to determine the validity of purchasing power parity using data from the post-Bretton-Woods float and have reached different conclusions. We assert that most such studies are flawed for two reasons. First, the post-1973 data contain, by definition, only a very limited amount of the low-frequency information relevant for examination of long-run parity. Second, the dynamic ...
Market efficiency and cointegration
The effect of marginal tax rates on GNP: 1931 to 1985
Co-integration and the government's budget deficit
Cointegration: how short is the long run?