This article proposes and investigates the asymmetry hypothesis, which predicts that an international asymmetric shock tends to have a stronger and longer effect on the U.S. business cycle than a symmetric shock. The hypothesis finds empirical support in the impulse responses of U.S. output and...

This book comprises a collection of well-researched essays on selected contemporary economic and finance issues in China, making a timely contribution to the intellectual intercourse regarding the implications of China’s rise. These essays describe the state of China's ecology, real estate...

Quality of governance has been found to be significant in economic growth. We investigate, using a threshold technique, whether the quality of governance matters equally across all levels of economic development. We find that the quality of governance is most significant for only a subset of...

This paper investigates the cross-sectional distribution of inflation forecasts errors over the period 1984–2007. Our working hypothesis is that the Fed's movement toward greater transparency starting in the mid-1990s likely affected both the distribution of forecast errors and the location of...