This paper examines the relationship between unemployment durations and cyclical movements in unemployment using an "employment calendar" constructed from recent questions in the Panel Study of Income Dynamics. We find that unemployment durations increase with the unemployment rate with the...

Causal relations between federal expenditure and taxation are analyzed using an approach based on the invariance of econometric relationships in the face of structural interventions. Institutional evidence for interventions or changes of regime combined with econometric tests for structural...

This paper develops a testable intertemporal model of the current account that allows for variable interest rates and exchange rates. These additional variables are channels through which external shocks may influence the domestic current account. The restrictions from the theoretical model are...