Although the federal funds rate started rising from mid-2004 US long term rates continued to fall. A likely contributory factor to this conundrum was the contemporaneous increase in US bond demand. Using ARDL-based models, which accommodate structural breaks, this paper estimates the impact of...

El objetivo de este trabajo es estimar el mejor modelo que permita pronosticar los precios internacionales del azúcar en los mercados de Nueva York y Londres. Para ello, se busca alguna relación de largo plazo entre la cotización diaria del WTI y los precios del azúcar en esos dos mercados....

En este artículo se aplican algunas técnicas y procedimientos econométricos para el análisis de la convergencia económica regional en precios, con el fin de evaluar la Ley del Único Precio en Colombia, a través del índice de precios al consumidor (IPC) para las trece principales ciudades...

La mayor parte de la evidencia empírica sobre el efecto de Fisher o la hipótesisde Fisher sostiene que la relación entre la tasa de inflación y la tasa de interés nominaldebe ser igual a uno. Este artículo analiza la relación entre la tasa de interés nominaly la tasa de inflación para...

El presente estudio plantea una comparación entre el impacto que han tenido los choques externos en la región latinoamericana y en el este asiático, para el periodo comprendido entre 1995 y 2009. Con el fin de evaluar si dicho impacto ha sido diferente en cada región, se plantea la...

The relationship between government revenue and government expenditure has been an important topic in public economics, given its relevance for policy especially with respect to the budget deficit. The main purpose of this paper is to examine the relationship between government revenue and...

There is a long history of research into the impact of trading activity and information on financial market volatility. Based on 10 years of unique data on news items relating to gold and crude oil broadcast over the Reuters network, this study has two objectives. It investigates the impact of...

We investigate the likely sources of exchange rate dynamics in selected CIS countries (Russia, Kazakhstan, Ukraine, Kyrgyzstan, Azerbaijan, and Moldova) over the past decade (1999-2008). The analysis is based on country VAR models augmented by a regional common factor structure (FAVAR model)....

In this paper we investigate natural gas producer's reactions to changes in market prices. We estimate price elasticities of aggregated supply in the most competitive market for natural gas: the United States. Using monthly time series data form 1987 to 2012 our analysis is based on an...

This paper analyses macroeconomic and financial determinants of bad loans applying a SVAR approach to investigate whether excessive loans granted during expansionary phases can explain the more than proportional increase in non-performing loans during contractionary periods. The results indicate...