This study re-examines the validity of the purchasing power parity (PPP) hypothesis for 24 OECD countries. The econometric methodology implemented not only allows for asymmetric nonlinear mean reversion within a panel ...

Many recent studies have documented the heterogeneous effects of government-spending shocks on major macroeconomic variables, particularly on output. We delve deeper into the heterogeneous effects of fiscal policy innovations, ...

Several attempts have been made in the literature to analyze the detrimental effects of terrorist activities on the stock market. However, in neither of these studies the effects of terrorist activities on stock returns ...