order and trade-off theory are fairly contradictory. Using opposing theoretical contexts, the Sequential Panel Selection … Method apparently categorizes which and how many series are stationary processes in the panel. This method was used to test … exist in 10 of the 25 studied firms, supporting the trade-off theory. Moreover, the 10 firms utilizing trade-off theory are …

of factor jumps. Such jump dependence is implied by standard linear factor models. Our inference is based on a panel of … restriction on the relative magnitude of these two dimensions of the panel. The test is formed from the high‐frequency returns at …

We show that the Purchasing Power Parity (PPP) puzzle, whereby the half-life of the shock to the real exchange rate is … alternative specification for PPP and show that the half-life of the shock could be as short as 6.8 months and as long as 2 years …

the price level to a temporary risk shock are permanent. Our theoretical discussion shows that adopting a credible long …

official reserves as the recovery process from a shock becomes more costly in terms of time period needed for the adjustment …

find that (i) the US economy is well described by a number of structural shocks between two and five. Focusing on the four-shock …