Over the last two centuries, the cross-spectral coherence between either narrow or broad money growth and inflation at the frequency ù=0 has exhibited little variationbeing, most of the time, close to onein the U.S., the U.K., and several other countries, thus implying that the fraction of...

We use tests for multiple breaks at unknown points in the sample, and the Stock-Watson (1996, 1998) time-varying parameters median-unbiased estimation methodology, to investigate changes in the equilibrium rate of growth of labor productivityboth per hour and per workerin the United States, the...

We explore the macroeconomic impact of a compression in the long-term bond yield spread within the context of the Great Recession of 2007-2009 via a Bayesian time-varying parameter structural VAR. We identify a 'pure' spread shock which, leaving the short-term rate unchanged by construction,...