This paper investigates whether any pattern of convergence of international earnings-to-price ratios that exist for a sample of 19 European Union (EU) countries over the period 1994-2012 can be detected through the methodology of Phillips and Sul (2007). This methodology is based on a general...

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We examine the generating process for default risk premia in short-term and long-term debt sectors of the U.S. economy over the recent period of January 1977 through December 1996. Using weekly aggregates reported by the Federal Reserve, this research finds that all univariate series examined...