Argentina's government has resorted to fiscal policy as a countercyclical tool to mitigate the negative impact of the current economic downturn on aggregate demand. Empirical results based on a vector error correction model suggest, however, that the fiscal multiplier is relatively small and...

I study the asset approach to exchange rates in the time--frequency domain. Using Australian data, I show that the Granger causality runs from the exchange rate to commodity prices -- a proxy for economic fundamentals. This result holds at any point in time at business cycle and higher...

I analyze the perfect risk-sharing condition in the time–frequency domain using wavelets. Some countries engage more in risk-sharing at specific frequencies while others at all frequencies, but only for a short period of time. Increasing degree of risk-sharing over time is visible only for the...

I propose a state-space approach to test for international risk sharing at different horizons. Running the tests on US data <italic>vis-à-vis</italic> the rest of the world, I find that market incompleteness is pervasive: the null is rejected at all horizons.

We document a clear downward trend in labor market fluidity that is common across a variety of measures of worker and job turnover. This trend dates to at least the early 1980s if not somewhat earlier. Next we pull together evidence on a variety of hypotheses that might explain this downward...

Soaring commodity prices in 2007 and 2008 raised concerns that volatility was also rising, which would have implications for welfare and therefore for the design of public policy interventions. The literature focuses on trends in commodity prices rather than their volatility characteristics....