This paper investigates the causal relations between stock return and volume based on quantile regressions. We first define Granger non-causality in all quantiles and propose testing non-causality by a sup-Wald test. Such a test is consistent against any deviation from non-causality in...

This study examined the mediation effect of gross domestic product (GDP) on the relationship between life expectancy and income inequality based on data from 23 Organisation for Economic Co-operation and Development (OECD) countries for 2004 through 2014. To form a theoretical framework, Preston...

This paper investigates the relationship between trade openness and the sacrifice ratio for 126 countries from 1973 to 2007. The instrumental variable quantile regression method is used to explain heterogeneous impact of openness on sacrifice ratio, where openness is endogenous. Empirical...

Conventional wisdom argues that the relation between central bank independence (CBI) and inflation is negative. However, empirical studies based upon regressing inflation rates on CBI tend to reject this hypothesis and show that there is no negative relationship. This article investigates the...