This article analyzes the degree of convergence of financial development for a panel of 50 countries. We apply the methodology of Phillips and Sul (Econometrica 75:1771–1855, <CitationRef CitationID="CR58">2007</CitationRef>) to various indicators of financial development to assess the existence of convergence clubs. We consider ten...</citationref>

Purpose – To investigate whether monetary volatility in the US exerts any asymmetric impact on output volatility over the period 1974-2002. Design/methodology/approach – For the empirical purposes, the analysis makes use of the multi-variable GARCH (MVGARCH), which allows not only the...

We use the Johansen cointegration approach to assess the empirical validity of the purchasing power parity (PPP) between the UK and Germany since the introduction of the euro. We conduct the empirical analysis in the context of the global financial crisis that began in 2007 and find that it...

We use several models using classical and Bayesian methods to forecast employment for eight sectors of the US economy. In addition to using standard vector-autoregressive and Bayesian vector autoregressive models, we also augment these models to include the information content of 143 additional...

This paper employs time-series analysis to investigate the price dynamics of the house price indices included in the S&P/Case–Shiller Composite10 index and the validity of the ‘ripple effect’, following the approach outlined by Meen (1999). More specifically, the paper first considers the...

The US banking system has just emerged from a troublesome period with many institutions struggling for survival. We examine large commercial banks during the latter part of the 1980s to determine what factors affected bank profitability, using both cross-section and pooled time-series...