We measure the United States capital stock of money implied by the Divisia monetary aggregate service flow, in a manner consistent with the present-value model of economic capital stock and asset pricing theory. The resulting measures differ substantially from the usual simple sum accounting monetary aggregates. We permit non-martingale expectations and time varying discount rates. Based on Bar...

Turning points in financial markets are often characterized by changes the direction and/or magnitude of market movements with short-to-long term impacts on investors’ decisions. A Bayesian technique is developed for turning point detection equity markets. The interconnectedness among stock returns from a piece-wise network vector autoregressive model derived. global over past two decades exami...