Previous studies on regional convergence in the US have employed varied methodologies and yielded different conclusions. Some authors report evidence that convergence has grown stronger in recent decades, while others find recent years have seen an end to convergence. We test for convergence...

We introduce a new weekly database of spot and forward US-UK exchange rates as well as interest rates to examine the integration of forward exchange markets during the classical gold standard period (1880-1914). Using threshold autoregressions (TAR), we estimate the transactions cost band of...

We introduce a new weekly database of spot and forward US-UK exchange rates as well as interest rates to examine the integration of forward exchange markets during the classical gold standard period (1880-1914). Using threshold autoregressions (TAR), we estimate the transactions cost band of...

Rents have been proposed as a fundamental determinant of house prices, and indeed deviations from a purported stable relationship between rents and prices have been used as measures of housing market froth, or bubbles. However, previous research has demonstrated that rents and prices are...

Given the volatility of home values in recent decades, and the potential impact on the macroeconomy, the ratio of house prices to rents has been employed as an indicator of potential housing market froth. Researchers have attempted to find a stationary relationship between house prices and...