This paper examines price index convergence among U. S. cities by applying panel unit root test procedures that allow for structural breaks to annual CPI data between 1918 and 2010 for 17 major cities. With an endogenously determined single break in 1985, and two breaks in 1943 and 1990...

This paper tests the “Greenspan Hypothesis,” which proposes a breakdown in the link between the effective federal funds rate and the mortgage interest rate between 2002 and 2005 (Greenspan 2009). We estimate and find a long run relationship between the effective federal funds rate and the...

Using a fixed effects panel data approach, this paper empirically examines the effects of trade and foreign direct investment (FDI) on growth of per capita real GDP in 13 transition economies of Central and Eastern Europe, and the Baltic region from 1991 to 2005. A significant positive effect of...