Abstract Currently Unavailable.

Abstract Currently Unavailable.

We estimate real US GDP growth as a threshold autoregressive process, and construct confidence intervals for the parameter estimates. However, there are various approaches that can be used in constructing the confidence intervals. We construct confidence intervals for the slope coefficients and...

Abstract Currently Unavailable.

The paper develops the theory of generalized purchasing-power parity (G-PPP) to explain the "stylized facts" of real exchange-rate behavior. The fundamental economic variables determining real exchange rates are nonstationary; thus real rates are nonstationary. If the fundamentals are...

This article proposes an extension to the Engle-Granger testing strategy by permitting asymmetry in the adjustment toward equilibrium in two different ways. We demonstrate that our test has good power and size properties over the Engle-Granger test when there are asymmetric departures from...

If the General Agreement on Trade and Tariffs reduces foreign trade barriers against U.S. farm exports, special interest groups in affected nations will seek other forms of protection. It would not be surprising if some of our trading partners used general macroeconomic policies to promote...