This paper asks whether the notable decline in macroeconomic volatility after countries
adopted inflation targeting can be attributed to a more stable structure (the propagation …

Business cycle theory has fascinated economists ever since the beginning of economics as
a science. The analysis of empirical facts has often been used as basis for the testing and …

We investigate how output fluctuates before and after these financial crises hit the E-7
countries by excluding the crisis period defined earlier from the sample. The E-7 is referred …

Purpose–The purpose of this paper is to investigate the sources of the apparent episodic
stationarity of the P/E ratio. Design/methodology/approach–The Stock–Watson procedure is …

This paper asks whether inflation targeting (IT)“just got lucky” in the sense that its adoption in
a number of countries in the 1990s just happened to coincide with a more tranquil …

If the PE ratio is properly anticipated and shocks are random, according to Samuelson's
1965 proof, it should exhibit the characteristics of a pure martingale and be observed to be …

The recent wave of financial crises in the 1990s and the 2000s resulted in severe economic
distress among emerging market countries across several regions. The exchange rate …