Open market operation (OMO) is one of the major instruments of conducting the monetary policy in both developing and developed countries. Using this instrument requires a well-developed secondary financial market. OMO can be implemented by using either government or central bank (CB) securities....

An estimation of complex unit roots is presented based on the standardized periodogram of the Jordanian and Israeli Industrial Production indices over the period 1982-2003. Both indices are found to have six complex cyclical unit roots contents. In contrast, the propagation mechanism rather than...