We estimate the reaction of the hotel and restaurant industries to the monetary policy actions of the Federal Reserve in the US. We find that the portfolios of hotel industry stocks react strongly to the unexpected changes in the Federal Funds Target Rate. Specifically, for a hypothetical...

In this paper we study the effect of unexpected changes in monetary policy on the equity returns of real-estate-related industries, using federal funds futures prices to extract unexpected changes in the Federal Funds Target Rate and employing it as a measure of monetary policy shocks. We find...

Military service is a popular method of army recruitment for governments of developing countries that are particularly prone to conflict. This study contributes to the largely under-researched issues of military service by looking at an unintended consequence of a military service exemption...

Despite the remarkable increase in women's education levels and the rapid fall of their fertility rate in Iran, female labor force participation (FLFP) has remained low. Using the instrumental variable method, this paper estimates the causal impact of number of children on mothers' participation...