Leonard, Greg; Stockman, Alan C. - 2021
This paper 'goes back to basics' in empirical analysis of the J-Curve. First, we document strong violations in the …, and real GDP. We find some (weak) evidence of a J-Curve in the data. Interestingly, however, we document that this … evidence is not consistent with the standard theoretical explanation of the J-Curve. Consequently, our empirical results pose a …