This research examines capacity utilization as a measure of economic slack in the US economy. Many macroeconomists have questioned the use of capacity utilization as a measure of economics slack on several fronts. The first issue revolves around the definition and accuracy of measurement of the...

This study extends the literature on relative price dispersion by addressing two questions that have remained largely unanswered: (a) What is the impact on relative price dispersion of the variance of the uncertain relationship between money and prices? (b) Is there evidence across industries of...

This research examines the relationship between the economic status of an immigrant's home country and the probability of self-employment in the US. We find that immigrants from developing countries on average have lower self-employment probabilities relative to immigrants from developed...

Past research on the determinants of self-employment in the United States has emphasized the importance of ethnicity. In particular, self-employment rates for Blacks lag far behind those of other racial groups for comparable individuals. This research examines two related issues: Does the dummy...

To date, an overwhelming majority of the literature has addressed mean relationships between producer and consumer price inflation. Granger et al. (1986) represent the only attempt to investigate second moment relationships. We examine the consumer--producer price relationship employing a...

Purpose: The purpose of this study is to empirically investigate the impact of aggregate federal personal income tax evasion on the real interest rate yield on 10-year Treasury notes, 20-year Treasury bonds and 30-year US Treasury bonds. Design/methodology/approach: An open-economy loanable...

Purpose: This study investigates the impact of federal income tax rates and budget deficits on the nominal interest rate yield on high-grade municipal tax-free bonds (municipals) in the US. The 58-year study period covers the years 1959 through 2016 and thus is very recent....

Purpose: This study mathematically aims to evaluate the implications of a central bank’s adoption of a policy of quantitative easing (QE)/relative QE. Design/methodology/approach: It is shown, within an investment-savings (IS)-liquidity preference-money supply (LM) framework, that this policy...