Over the last few decades several countries have turned to inflation targeting as a policy choice for instilling stability into their economies. Prior studies have shown that inflation targeting has reduced inflation in those countries without significantly impacting GDP. This study seeks to...

Migration economics is a dynamic, fast-growing research area with significant and rising policy relevance. While its scope is continually extending, there is no authoritative treatment of its various branches in one volume. Written by 44 leading experts in the field, this carefully commissioned...

This study improves upon the Difference in Difference approach by examining exogenous shocks using a Generalized Difference in Difference (GDD) technique that identifies economic effects of hurricanes. Based on the Quarterly Census of Employment and Wages data, worker earnings in Florida...

Exogenous shocks often impact a local labor market more than at the national level. This study improves upon the standard Difference in Difference (DD) approach by examining exogenous shocks using a Generalized Difference in Difference (GDD) econometric approach that identifies the effects of...

This paper adopts a generalized-difference-in-difference (GDD) technique outlined in Ariel R. Belasen and Solomon W. Polachek (IZA Discussion Paper #2976) to examine the impact of hurricanes on the labor market. We find that earnings of the average worker in a Florida county rises over 4% within...

Corruption has affected systems of governance for thousands of years. Existing evidence suggests that it is especially common in "emerging and developing economies," yet cross-country analysis in this context is rare. We examine the impact of political, economic, and media freedom on corruption...

Recent literature reported conflicting results about the cointegration relationship between the spot and forward exchange rates. Applying rolling cointegration tests to the mark, yen, and Swiss franc with respect to the U.S. dollar for the post-80 period, we find that the relationship between...

Many observers have criticized recent IMF actions and program announcements during the Asian crisis by arguing that the IMF's declaration that Asia needed drastic reforms with respect to institutional issues such as transparency, corporate governance and corruption has led investors to panic and...

Using monthly post-WWII data from 13 developed and developing countries and a battery of GARCH models, the influential study of Schwert's (Journal of Finance, 54 (5), 1115-1153, 1989) on US stock market volatility is extended to an international setting. In line with the evidence reported in...