Robert Jantzen (Iona College, 715 North Avenue, New Rochelle, NY 10801, USA) Donn Pescatrice (Iona College, 715 North Avenue, New Rochelle, NY 10801, USA) Andrew Braunstein (Iona College, 715 North Avenue, New Rochelle, NY 10801, USA)
Abstract
The Wal-Mart company, the world's largest retailer and second-largest corporation, is a dominant US business. This study investigates whether there are significant long-run relationships between the business of Wal-Mart and the overall US economy as measured by an array of traditional macro-level variables. Cointegration analysis reveals that Wal-Mart sales generally move counter to overall economic conditions, dampened in more prosperous economic periods and buoyed in more sluggish economic environments. Consequently, trends in Wal-Mart sales may serve as a rather non-traditional contrarian economic bellwether. Eastern Economic Journal (2009) 35, 297–308. doi:10.1057/eej.2008.19
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