Numerous studies find that monetary models of exchange rates cannot beat a random walk model. Such a finding, however, is not surprising given that such models are built upon money demand functions and traditional money demand functions appear to have broken down in many developed countries. In...

Negative interest rates were once seen as impossible outside the realm of economic theory. However, several central banks have recently adopted negative policy rates. The Federal Reserve is coming under increasing pressure to follow suit in the wake of the coronavirus crisis. This paper...

This paper studies the relationship between income inequality and carbon emissions in the United States between 1929 and 2019. We contribute to the literature by taking a long-term perspective, which allows us to study how the relationship has varied over time. Our results show that higher...