Recent theoretical and empirical research in international macroeconomics has rediscovered the problem of purchasing power parity (PPP). Empirically, PPP is a bad approximation of both the short-term and medium-term properties of the data. Economists have had difficulties in explaining the...

This paper discusses the interdependent effects of conditional volatilities in returns of the Euro and other major currencies against U.S. dollar exchange rates (spot rates) since the launch of the Euro, using, for this purpose, the daily data and dynamic conditional correlation (DCC)–GARCH...

The dielectric permittivity and resistivity have been measured simultaneously as a function of magnetic field in Pr<Subscript>1-x</Subscript>Ca<Subscript>x</Subscript>MnO<Subscript>3</Sub script> crystals with different doping. A huge increase of dielectric permittivity was detected near percolation threshold. The dielectric and conductive properties are found to...<//sub></subscript></subscript></subscript>

A simple formula for correlation energy E<Subscript>c</Subscript> of the π electron systems is obtained under an approximation for the electron-electron interactions. This formula is related directly to square of the bond order matrix and the nearest-neighbor Coulomb electron-electron interaction. The influence of...</subscript>

A robust finding for both small and large banks is that in response to a monetary tightening, real estate and consumer loans decrease while C&I loans increase. We also show that in a standard log-linear VAR the impulse response function of an aggregate variable is time varying. The finding that...

Applying the VAR model and using the interest rate as a monetary policy variable, we find that in the long run, output in China responds negatively to a shock to the interest rate, the real exchange rate, government debt, or the inflation rate, and it reacts positively to a shock to government...

This paper looks at the responses of bank loan components to a monetary tightening and compares the responses to those observed to output shocks. We find the results to be consistent with both a bank lending channel and a balance sheet channel for consumer loans. In contrast, wee find that C&I...

This paper analyzes the robustness of the estimate of a positive productivity shock on hours to the presence of a possible unit root in hours. Estimations in levels or in first differences provide opposite conclusions. We rely on an agnostic procedure in which the researcher does not have to...