In this paper we investigate the asymmetric effects of oil price shocks and monetary policy on macroeconomic activity, using monthly data for the United States, over the period from 1983:1 to 2008:12. In doing so, we use a logistic smooth transition vector autoregression (VAR), as detailed in...

We derive a primal Divisia technical change index based on the output distance function and further show the validity of this index from both economic and axiomatic points of view. In particular, we derive the primal Divisia technical change index by total differentiation of the output distance...

This study contrasts the (apparent) random walk behaviour of the real exchange rate to chaotic dynamics, using (US) dollar-based real exchange rates for 17 OECD countries (covering the period 1957:1-1995:4). Tests for deterministic noisy chaos are carried out using the Nychka, Ellner, Gallant...

In this paper, we build on Ryan and Wales (1998), Moschini (1999), and Serletis and Shahmoradi (2007) and impose curvature conditions locally on the quadratic Almost Ideal Demand System (AIDS) model of Banks et al. (1997), an extension of the simple AIDS model of Deaton and Muellbauer (1980)...

Purpose – The purpose of this paper is to revisit the evidence for purchasing power parity (PPP) using long, low-frequency data (over 100 years) for 23 organization for economic co-operation and development (OECD) countries against each of four different base currencies – the Deutsch mark,...