policy, economic activity and inflation expectations over short-, medium- and long-term horizons. Yield curves therefore play …

We investigate both theoretically and empirically how unemployment level and its growth affect future stock returns. We … find that both a higher unemployment rate and higher growth of unemployment positively predict future stock market returns … reinforce each other making stock returns exceptionally high in periods of high unemployment and high unemployment growth. Our …

production, inflation and the political business cycle, the institutional structure of stock exchanges has evolved in terms of …

is countercyclical. As a result, theory implies a negative collateralizability premium; that is, capital that can be used …

inflation, interest rate and stock returns. It employs the Vector Auto Regressive (VAR) approach method of Lee (1992) to analyze …

.S. stock prices. To overcome this bias, we propose a new identification method based on the "Impossible Trinity" theory which …

consumption and inflation dynamics. In particular, the means, volatilities, and the correlation structure between consumption … growth and inflation are regime-dependent. This general equilibrium framework can not only generate sign-switching stock …