This paper proposes a new model called Fourier-GARCH that is a modification of the popular GARCH(1,1). This modification allows for time-varying first and second moments via means of Flexible Fourier transforms. A nice feature of this model is its ability to capture both short and long run...

Uncertainties are becoming more and more diverse around the world, and risks and impacts affecting the healthy development of cities are increasing. Fostering urban social resilience is not only a proactive countermeasure to growing external pressures and potential impacts, but also an important...

Productivity assessment has received increased attention over the past several years. At the same time, the focus has moved from single-factor productivity measures, or attempts to characterize performance in terms of simple ratios, to a multi-factor construct. In this dissertation, I propose a...

Can fixed exchange rate regimes cause output divergence among member states? We show that such divergence is a long-run equilibrium characteristic of a two-region model with fixed exchange rates, heterogeneous labor markets, and endogenous growth. Under flexible exchange rates, monetary policy...

How did the Spanish money supply evolve in the aftermath of the discovery of large amounts of precious metals in Spanish America? We synthesize the available data on the mining of precious metals and their international flow to estimate the money supply for Spain from 1492 to 1810. Our estimate...

We exploit a recurring natural experiment to identify the effects of money supply shocks: maritime disasters in the Spanish Empire (1531-1810) that resulted in the loss of substantial amounts of monetary silver. A one percentage point reduction in the money growth rate caused a 1.3% drop in real...