The current financial crisis has drawn attention to consumers' use of the home equity line of credit (HELOC) to finance consumption. Although many economists have repeatedly noted that such borrowing fueled additional consumption, attempts to quantify the boost to consumer spending have been...

This paper examines the cointegrating relationships in seven foreign exchange rates for a sample period from 1974 to 1991 by utilizing Johansen's (1991) method. Three subperiods are also examined to confirm the intertemporal stability of the test results. In addition, subgroups of the seven...