This study measures the proportion of U.S. exchange rate movements that can be accounted for by movements in relative prices of non-traded goods.

Economists have long been interested in searching for the causes and effects of the growth of income and wealth of countries. The relevant literature gradually was divided nto two banches: economic growth and development economics, with the former emphasizing the use of rigorous mathematical...

In this paper we consider the problem of making inference on a structural parameter in instrumental variables regression when the instruments are only weakly correlated with the endogenous explanatory variables.

This study attempts to provide benchmarks of North Korean institutional changes that signal the increased role of markets, looking at macroeconomic management, introduction of market-supporting policies, and provision of market-supporting infrastructure. The weight of the evidence indicates that...

As first pointed out by Mehra and Prescott (1985), the excess return of equities over the risk-free rate, roughly 6%, is too high to be readily reconciled with a standard intertemporal model. Recently, Bansal and Yaron (2000, 2004) have demonstrated a resolution of the equity premium puzzle when...