Housing is the leading indicator of the business cycle. The impact of monetary policy on housing has thus unsurprisingly been the subject of numerous studies. Some have also investigated whether the impact of monetary policy has changed since the mid-1980s. These papers to date have relied on...

The West African Monetary Zone is a proposed monetary union among the nations of The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone. A key characteristic for a well-functioning common currency is convergence in inflation rates among constituent members. A failure to achieve convergent...

Two recent empirical papers have presented results indicating that the U.S. Federal Reserve deserved much blame as a cause of the latest boom and bust in house prices and activity. Both papers are important contributions, but neither study allows for the impact of long-term interest rates, which...