This paper examines the effect of fiscal policy on financial markets over a long span of 125 years. Unlike existing studies that mainly focus on monetary policy shocks and model-based identification of fiscal policy shocks, we use a time-varying parameter model to study the effect of fiscal...

This paper examines the causal relationships between the real house price index and real GDP per capita in the U.S., using the bootstrap Granger (temporal) non-causality test and a fixed-size rolling-window estimation approach. We use quarterly time-series data on the real house price index and...

This paper examines the linkages between population growth and standard-of-living growth in 21 countries over the period of 1870-2013. We apply the bootstrap panel causality test proposed by Kónya (2006), which accounts for both dependency and heterogeneity across countries. We find one-way...

The aggregate performance of the banking industry depends on the underlying micro-level dynamics within that industry -- adjustments within banks, reallocations between banks, entries of new banks, and exits of existing banks. Jeon and Miller (2002a) extend Bailey, Hulten, and Campbell (1992)...

This paper examines the effects of geographical deregulation on commercial bank performance across states. We reach some general conclusions. First, the process of deregulation on an intrastate and interstate basis generally improves bank profitability and performance. Second, the macroeconomic...

Regulatory change not seen since the Great Depression swept the U.S. banking industry beginning in the early 1980s, culminating with the Interstate Banking and Branching Efficiency Act of 1994. Significant consolidations have occurred in the banking industry. This paper considers the...

This paper examines the effects of geographical deregulation on commercial bank performance across states. We reach some general conclusions. First, the process of deregulation on an intrastate and interstate basis generally improves bank profitability and performance. Second, the macroeconomic...

The aggregate performance of the banking industry depends on the underlying microlevel dynamics within that industry. adjustments within banks, reallocations between banks, entries of new banks, and exits of existing banks. This paper develops a generalized ideal dynamic decomposition and...

Regulatory change not seen since the Great Depression swept the U.S. banking industry beginning in the early 1980s, culminating with the Interstate Banking and Branching Efficiency Act of 1994. Significant consolidations have occurred in the banking industry. This paper considers the...

Recent studies that evaluate inflation targeting through average treatment effects generally conclude the window-dressing view for industrial countries and policy effectiveness for developing countries. Allowing for a time-varying relationship (treatment effect) between the monetary policy and...