Greece’s retail sales resumed growth with a 3 percent year-on-year (YoY) in June, after a marked decline of 4.6 percent in May, Hellenic Statistical Authority (ELSTAT) data showed on Friday.
Prime Minister Kyriakos Mitsotakis and Finance Minister Kyriakos Pierrakakis were in Thessaloniki on Thursday with the aim of talking up the government’s economic record, while also drumming up some positive publicity ahead of the New Democracy leader’s keynote policy speech at the city’s international fair (TIF) on September 6.
David G40/ShutterstockFor years, academic economists have argued that council tax and stamp duty are deeply flawed.
Is the Trump administration trying to reshape American capitalism?
Hyung Joo Kim and Dong Hwan OhWe propose a novel estimation framework for option pricing models that incorporates local, state-dependent information to improve out-of-sample forecasting performance.
Marcos Mac Mullen and Soo Kyung WooThis paper studies the drivers of the US real exchange rate (RER), with a particular focus on its comovement with net trade (NT) flows. We consider the entire spectrum of frequencies, as the low-frequency variation accounts for 62 and 64 percent of the unconditional variance of the RER and NT, respectively.
Friederike Niepmann and Leslie Sheng ShenHow do banks respond to geopolitical risk, and is this response distinct from other macroeconomic risks? Using U.S. supervisory data and new geopolitical risk indices, we show that banks reduce cross-border lending to countries with elevated geopolitical risk but continue lending to those markets through foreign affiliates—unlike their response to other macro risks.
Todd PronoIn heavy-tailed cases, variance targeting the Student's-t estimator proposed in Bollerslev (1987) for the linear GARCH model is shown to be robust to density misspecification, just like the popular Quasi-Maximum Likelihood Estimator (QMLE). The resulting Variance-Targeted, Non-Gaussian, Quasi-Maximum Likelihood Estimator (VTNGQMLE) is shown to possess a stable limit, albeit one that is highly non-Gaussian, with an ill-defined variance.
fizkes/ShutterstockSkilled migrants play an important role in the UK economy. But while the UK celebrates the skills they bring, it doesn’t always make it easy for them to thrive financially.
The trillions of dollars that tech companies are pouring into new data centers are starting to show up in economic growth. For now, at least.
