This paper explores the mean-reverting behavior of the unemployment rate using monthly geographically disaggregated data for the period 1991:01 through 2012:02. We apply both standard unit-root tests and tests that allow for one and two structural breaks in the mean. We find evidence that favors...

The Penn World Table 7.0 is a comprehensive database covering measures of GDP and its components for almost all countries over the period 1960-2009. We explore the relationship between the size of government expenditure, as a share of GDP, and its effect on conditional convergence for 150...

The purpose of this paper is to investigate the stochastic behavior of corporate debt ratios utilizing a balanced panel of 2,556 publicly traded US firms during the period 1997 - 2010. We partition the panel into ten economic sectors and perform panel unit root tests on each sector employing...