This paper re-examines the issue of long-run monetary neutrality by using fractional integration and allowing for a possible structural break in six countries: the United States, the United Kingdom, Mexico, Brazil, Australia and Argentina. We use an extension of Fisher and Seater’s (1993)...

Quality of life has emerged over the last decades as an important policy and intellectual preoccupation. How to best measure quality of life, however, remains an open question. Since, as early as in the 1950s and 1960s, it has become clear that, in spite of its widespread use, monetary...

This article concerns the study of the impact of media consumption on happiness in Spain using data from the fourth wave of the European Social Survey, distinguishing between watching TV, listening to the radio, reading newspapers, and using the Internet. A negative effect of TV watching was...

This paper analyzes the oil price-macroeconomy relationship by means of analyzing the impact of oil prices on inflation and industrial production indexes for many European countries using quarterly data for the period 1960-1999. First, we test for cointegration allowing for structural breaks...

This paper first shows that survey-based expectations (SBE) outperform standard time series models in U.S. quarterly inflation out-of-sample prediction and that the term structure of survey-based inflation forecasts has predictive power over the path of future inflation changes. It then proposes...

The sustainability of fiscal deficits has received in recent years increasing attention from economists. Empirical work has concentrated on both the univariate properties of debt and the cointegration properties of public revenues and expenditures. In this paper, we examine if sustainability of...