This article estimates common structural breaks among four long-term UK bond yields, which shared a V-shaped trending behaviour during the sample period of 1870 to 1914. By applying the new inference procedure proposed by Qu and Perron (2007) for structural breaks in multivariate regressions, we...

The U.S. unemployment rate is generally regarded as nonlinear. In this study, we show that if there had been no miners' general strike in October of 1949, and if the aggregate unemployment rate had been 0.3% lower during that month, the 1948-2002 U.S. unemployment rate would have been linear....

Recent advances in nonlinear cointegration analysis find evidence for a nonlinear long-run relation between the U.S. interest rate and inflation. Employing the Breitung's (2001) rank tests for nonlinear cointegration, we find herein little evidence for cointegration in the U.S. data. We also...