Results from multivariate cointegration and error-correction models consistently reject the dichotomy conclusion of a recent paper in this Journal and reveal instead strong evidence of pronounced linkages among real, monetary, and financial sectors of the US economy. The results further indicate...

Since its inception in the mid-1970s, the floating exchange rate regime has been associated with large fluctuations in the values of foreign currencies. Many analysts have studied the implied interrelationship between the dollar's exchange value and US inflation and reported mixed evidence....

Long-run interactions and short-run dynamics among the fertility rate, the accumulation of human capital and macroeconomic performance are examined in several developing countries. While fertility and human capital influence how fast countries grow as traditionally believed, it is argued that...

Microstructure literature suggests common factors in liquidity measures. However, research on the intraday behaviour of liquidity commonality is scant. Because of higher information and inventory holding costs during the first and last half-hours of trading, we argue that liquidity covariations...