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Working Papers

2019-16: Interest Rates, Money, and Economic Activity

Serletis, Apostolos and Dery, Cosmas
In this paper, we are motivated by the fact that little is known about the relative performance of broad and narrow Divisia monetary aggregates, and by recent work that tests and rejects the appropriateness of the aggregation assumptions that underlie the various monetary aggregates published by...

2019-15: Information, institutions, and firm organization: A caselet on the Hong Kong personal services sector

Harvey, Patrick J. and Walls, W. D.
This paper describes how innovations in information technology led to a large structural change in the organization of the personal services business sector in Hong Kong. Initially this sector was characterized by high search costs on the part of customers and high costs of advertising on the...

2019-14: Monetary Policy Spillovers in Emerging Economies

Serletis, Apostolos and Azad, Nahiyan
This paper explores for spillovers from monetary policy in the United States to a number of emerging market economies. We estimate the Elder and Serletis (2010) bivariate structural GARCH-in-Mean VAR in the U.S. monetary policy rate and the policy rate of each of six emerging economies that target...

2019-13: Hollywood Studio Filmmaking in the Age of Netflix: A Tale of Two Institutional Logics

Hadida, Allègre L., Lampel, Joseph, Joshi, Amit and Walls, W. D.
New online streaming services are challenging long-standing decision-making processes in the traditional motion picture industry, thus placing Hollywood major studios at a crossroads. We use the institutional logics perspective to examine how both traditional studios and new online streaming...

2019-12: On the Markov Switching Welfare Cost of Inflation

Serletis, Apostolos and Dai, Wei
This paper uses the Markov switching approach to account for instabilities in the long- run money demand function and compute the welfare cost of inflation in the United States. In doing so, it circumvents the problem of data-mining of some earlier seminal contributions on these issues, allowing...

2019-11: Presidential Amnesty and Nigerian Oil Production: A Disaggregate Econometric Analysis

During, Adegboyega and Walls, W. D.
We estimate the impact of the Presidential Amnesty Program on crude oil production in Nigeria. The President of Nigeria instituted an amnesty program in June 2009 to end the insurgency crisis in the oil producing Niger Delta. Between 2006 and 2009 it is estimated that crude oil production losses...

2019-10: Environmental Regulation and Safety Outcomes: Evidence from Canadian Energy Pipelines

Walls, W. D. and Zheng, X.
This paper investigates the effects of more stringent environmental regulation—specifically, paying amortized abandonment fees as accrued and absolute liability for adverse events—on the safety performance of Canadian oil and gas pipelines. We construct a comprehensive monthly data set that...

2019-09: Volatility in the Cryptocurrency Market

Serletis, Apostolos and Liu, Jinan
How do cryptocurrency prices evolve? Is there any interdependence among cryptocur- rency returns and/or volatilities? Are there any return spillovers and volatility spillovers between the cryptocurrency market and other financial markets? To answer these questions,we use GARCH-in-mean models to...

2019-08: Consumption, Leisure, and Money

Serletis, Apostolos and Xu, Libo
This paper takes a parametric approach to demand analysis and tests the weak separa- bility assumptions that are often implicitly made in representative agent models of modern macroeconomics. The approach allows estimation and testing in a systems-of-equations con-text, using the Minflex Laurent...

2019-07: Canada-UK Free Trade: Balancing progressive trade policies and economic benefits

Beaulieu, Eugene, Dawar, Kamala and Garner-Knapp, Lindsey
The United Kingdom (UK) and Canada face uncertainty as they respectively manage relations with their largest trading partners: both the UK's withdrawal from the European Union (EU) post-Brexit and an aggressive American pivot toward a protectionist trade agenda threaten stability and economic...


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