China's rapidly growing role in the world economy has been accompanied by rising bilateral trade with Australia and the Association of Southeast Asian Nations (ASEAN group) as well as expanded offshore renminbi (RMB) markets in the region. Using a Markov-switching analysis that allows for...

After forty years of school consolidation, the preponderance of the evidence, including the results presented in this paper, suggest that the race to reap returns to scale and specialization in education may have come at a high price. This paper uses newly available STAR test score data from...

We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money ceases to function as a global unit of account. We develop a general equilibrium model of the global economy with gold and silver money. Calibration of the model shows that...

We study the impact of the 1918 Spanish Flu on U.S. stock prices. Using a new weekly hand collected sample of 136 firms that traded on the NYSE, we examine the impact of the four waves of the flu on stock returns using panel regressions. The second and fourth wave of the pandemic significantly...

We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money ceases to function as a global unit of account. We develop a general equilibrium model of the global economy with gold and silver money. Calibration of the model shows that...