This paper uses annual US data to examine the causal relationship between immigration and real GDP. Despite its implications for policy, a statistically robust relationship between these two series has been difficult to pin down. Our tests reveal that both the series are break-stationary....

A quarterly time series of the aggregate commission rate of NYSE trading for the period 1980-2003 is developed. The aggregate commission rate is of significant size, captures trading cost, and reflects market illiquidity. Consistent with financial theory, I find a positive relation between...

The purpose of this paper is to compare four major exchange rate models. Based on the value of adjusted R2, the uncovered interest parity model performs best, followed by the purchasing power parity model using the relative PPI, the Mundell-Fleming model, and the monetary model. The unexpected...

The purpose of this paper is to study the potential repercussions of exchange rate policy on the trade of industrial products in Sub-Saharan African (SSA) countries. Panel data from 22 countries was used to estimate the impact of exchange rate policy on the trade of industrial products. In this...

International stock markets worldwide experienced a downturn in stock prices and activities following the subprime mortgage crisis in the U.S. in mid-2008. This suggests that stock prices volatility do spillover from one market to another. Thus, the purpose of this paper is to investigate the...

This paper analyzes monetary policy conditions in Spain before and after the changeover to the Euro as the single European currency. We use forward-looking Taylor-type rules to describe the Banco de España's pre-Euro monetary policy and find that it was clearly inflation stabilizing. Compared...