This paper models total factor productivity (TFP) in space and proposes an empirical model for TFP interdependence across spatial locations. The interdependence is assumed to occur due to age-structured human capital dynamics. A semi-parametric spatial vector autoregressive framework is...

This paper models total factor productivity (TFP) in space and proposes an empirical model for TFP interdependence across spatial locations. The interdependence is assumed to occur due to age-structured human capital dynamics. A semi-parametric spatial vector autoregressive framework is...

This paper examines the impact of trade openness on economic growth using a new measure of trade openness proposed by Squalli1 and Wilson (2011). In contrast to the vast majority of the existing literature, the new measure of trade openness accounts for not only the country trade share of its...

This paper investigates the factors explaining aid allocation by bilateral and multilateral donors. We use data for 146 aid recipient countries over the period 1990-2007 and employ Bayesian Averaging of Classical Estimates Approach (BACE) approach and find that both the recipient need and donor...

Credit is a crucial instrument in asset price determination, yet existing research has produced conflicting evidence on its real impact, especially during episodes of heightened uncertainty. This paper develops a framework to show that by segregating credit into credit to the real economy and...

When both housing prices and macroeconomic variables possess significant 'long-memory', disregarding this under-identifies demand and supply functions of a housing market. The long-run relationship among variables and the speed of disequilibrium error adjustment are also misrepresented. We...