In this paper, we estimate the time-varying response of foreign stock markets to U.S. monetary policy shocks derived from the high-frequency Federal funds futures market. Our results show significant time-variation in the response of the global equity markets to U.S. monetary policy surprises,...

In this paper, we use high frequency daily data to examine the dynamic relationship between the federal funds futures rate and the 3-month T-bill rate. Our results show that one month federal funds futures rate is cointegrated with the 3-month T-bill rate, and thus move together in the long-run....

"Conventional VAR estimation and forecasting ignores the fact that economic data are often subject to revision many months or years after their initial release. This paper shows how VAR analysis can be modified to account for such revisions. The proposed approach assumes that government...

In this paper, we revisit the issue of excess sensitivity of consumption to income and address the weak instrument problem that is well documented in this literature. Using quarterly data for the U.S. economy, we first highlight the weak instrument problem by showing that the use of conventional...

This paper investigates the persistent racial disparities in homeownership and wealth creation in Milwaukee. Despite past efforts, homeownership rates for Black and Hispanic households remain significantly lower compared to White households, contributing to wealth inequalities. We develop a...

In this paper we examine house price synchronization in 15 global cities using real house price data from 1995:Q1-2020:Q2. We find that although there is evidence for bilateral positive phase synchronization, there is no evidence for an integrated global housing market for our sample of cities....