| Professor Morley teaches courses on macroeconomics, finance, and econometrics at both the graduate and undergraduate levels. His research focuses on applied time series topics in macroeconomics, finance, and international finance. He has written papers on trend/cycle decomposition in the presence of nonlinear dynamics, the slow adjustment of aggregate consumption to permanent income, nonlinearity and the permanent effects of recessions, the variation in the natural rate of unemployment, the intertemporal relationship between stock market volatility and returns, the structural break in the equity premium, the expectations hypothesis of interest rates, the purchasing power parity persistence puzzle, and contagion in currency and bond markets. His paper "Why Are the Beveridge-Nelson and Unobserved-Components Decompositions of GDP So Different?" (with Charles Nelson and Eric Zivot) appeared in the Review of Economics and Statistics. He has also published in Journal of Applied Econometrics, Journal of Econometrics, Journal of Monetary Economics, and Journal of Money, Credit, and Banking, among others. He has been a visiting researcher at the Bank of Canada and is an ongoing visiting scholar at the Federal Reserve Bank of St. Louis. |
