Afonso, António (contributor); Furceri, Davide (contributor) - 2008
J V - I X H w (1)
2
, 2 2, 2, 2, 2 , 2 2 ,
E
it it it it it t i it
gEE XTS D … E J V - I X [ w (2)
where the index i (i=1, …, 28) denotes the country, the index t … expenditure volatility variables. X includes a
set of control variables (initial level of output per capita, output volatility …