quantify how output risks are smoothed within Australia, and between Australia and New Zealand. About 85 percent of shocks were smoothed within Australia through credit and capital markets, with fiscal policy a source of dis-smoothing after 1992. Risk-sharing between Australia and New Zealand...

This paper empirically examines the aggregate determinants of the credit spread and the influence of monetary policy shocks on its dynamics in Korea. Using the innovations accounting technique from an estimated vector autoregression (VAR) model, we provide a set of interesting results on the...

As the Chinese economy becomes more open and the authorities scrapped the peg to the U.S. dollar in July 2005, exchange rate movements start to influence the price inflation in China in a significant way. This paper estimates a structural vector autoregression (SVAR) model to investigate the...

Many employees with strong religious convictions find themselves living in two separate worlds: the sacred private world of family and church where they can express their faith freely and the secular public world where religious expression is strongly discouraged. We examine the origins of...

One of the key differences between exogenous and endogenous growth models is that a transitory shock to investment share exhibits different long-run effects on per-capita output. Exploring this difference, the present paper evaluates the empirical relevance of the two growth models for the G-7...

Debate continues over whether a monetary or currency union will be a viable alternative to the current exchange arrangements in East Asia. This paper adds to the literature by assessing the level of business cycle synchronization among 10 major East Asian economies which is considered a key...

Debate continues over whether a monetary or currency union will be a viable alternative to the current exchange arrangements in East Asia. The present paper adds to the literature by assessing the level of business cycle synchronization among 10 major East Asian countries, which is considered a...

This paper investigates the validity of technology shocks as a driving force of U.S. business cycle fluctuations. Using three well-known structural vector autoregression (SVAR) models, we analyze how structural shocks are associated with the variations of output and hours worked at business...