Applying the GARCH(1,1) model, this article finds that a higher real oil price may have a positive or negative impact on the US real output and that the critical value of the real oil price for output maximization is estimated to be $50.09 per barrel. Hence, real crude oil prices of $54.90 in...

Four different models are considered in examining the movements in the AUD/USD exchange rate. Based on the value of R2, the uncovered interest parity model performs best, followed by the purchasing power parity model, the monetary model, and the Mundell-Fleming model. The opposite signs of the...

The author applies the IS-MP-IA model (Romer, 2000) to examine short run economic fluctuations for Latvia. The results show that equilibrium GDP is negatively associated with the expected inflation rate and the US federal funds rate and positively influenced by real depreciation and stock prices...

This article extends Ball and Mankiw (2002) and applies the Hodrick-Prescott filter (1997) to estimate the time-varying NAIRU for Germany. The slope estimate of the Phillips curve is insignificant when the widely used lagged inflation rate πt-1 is selected as a proxy for the expected inflation...

This article applies the extended Box-Cox model to test functional forms of purchasing power parity (PPP) for eight selected Asian countries. Both the CPI and the PPI are considered. The relative price is the major determinant of the nominal exchange rate except for Malaysia when the CPI is...

Based on all the metropolitan statistical areas in the state of Texas during 2002-2004, this study finds that the real wage rate and the unemployment rate have a significant negative relationship. However, the value of R2 is relatively low. Policy implications are that the efficiency wage model...

The demand for M2 in Hungary is positively associated with real output and the nominal effective exchange rate and negatively influenced by the deposit rate, the euro interest rate, and expected inflation rate. The coefficient of the euro interest rate for the demand for M1 is insignificant....

Applying a general equilibrium model and the Newey-West method, this article finds that real output in China has a positive relationship with real M2, the government deficit/GDP ratio, and the real stock price and a negative relationship with real appreciation. The expected inflation rate is...

A general equilibrium model is specified to examine possible impacts of real or nominal depreciation, stock market movements, and changes in other macroeconomic variables on real output for Poland. The VAR model is applied in empirical work. Real depreciation is contractionary in the first...

Applying efficiency wage models, this article finds that there is a strong evidence of a negative wage curve for the state of Alabama. The elasticity of the wage curve is estimated to be -0.28, suggesting that the wage rate in Alabama is much more sensitive to a change in the unemployment rate...