This paper examines the historical effects of the El Niño-Southern Oscillation (ENSO) cycle on world prices and … economic activity. The analysis indicates that ENSO has economically-important and statistically-significant effects on world … inflation movements over the past several years. ENSO also has some explanatory power for world consumer price inflation and …

multi-country model, with world market clearing, which incorporates speculative and non-speculative demands for inventories … matters, and that supply and demand elasticities are important in determining the commodity price in world markets above and … beyond the size of the share of those commodities in world trade …

In this paper, we derive evidence on the integration of international stock markets from the cointegration properties … of international stock market prices. Using the multivariate cointegration test of Johansen, we find that the set of six … subgroup analyses also indicate that the cointegration relationships have become stronger over time. This is consistent with …

This paper applies the maximum likelihood panel cointegration method of Larsson and Lyhagen (2007) to test the strong … contrasted to those from the Pedroni (1995) cointegration tests and fully modified OLS and dynamic OLS esimators of the …