This paper analyzes Okun's law for the states of the U.S. over the period 1978-2002. By using Geographically Weighted Regression, possible geographical interactions across the analyzed states are taken into account. There is evidence of time-varying Okun's coefficients in each state. Moreover,...

Recent empirical research on the New Keynesian Phillips Curve (NKPC) does not offer any supporting evidence for its benchmark version in which all firms are forward-looking. There is, however, empirical support for a modified, "hybrid", NPKC, in which only a proportion of the firms that use a...

The long-run purchasing power parity (PPP) hypothesis is re-examined for Turkey and strong evidence on long-run PPP is provided by using standard multivariate cointegration techniques. It is argued that the refutation of PPP by Telatar and Kazdagli does not necessarily imply the failure of...