Showing 1 - 10 of 205
Cross-section or short-panel econometric techniques typically used to examine Gibrat’s Law of Proportionate Effect …
Persistent link: https://www.econbiz.de/10005136482
This Paper reviews recent econometric work on factor models in large cross-sections of time series. In this literature, traditional factor analysis is adapted to develop parsimonious estimation methods for high dimension time series models. The review covers problems of consistency and rates –...
Persistent link: https://www.econbiz.de/10005498094
This paper documents some stylized facts on evolving UK Phillips curves, and shows how these differ from their US versions. We interpret UK Phillips curve dynamics in a positive theory of monetary policy - how policy-maker attitudes on the Phillips curve have evolved since the 1950s - rather...
Persistent link: https://www.econbiz.de/10005067633
Recent tests for the convergence hypothesis derive from regressing average growth rates on initial levels: a negative initial level coefficient is interpreted as convergence. These tests turn out to be plagued by Francis Galton's classical fallacy of regression towards the mean. Using a dynamic...
Persistent link: https://www.econbiz.de/10005791236
This paper reviews the cross-country record of economic growth, using as organizing framework how economic theory has guided that empirical analysis. The paper argues that recent studies of economic growth - both empirical and theoretical - distinguish from previous work in three distinct ways:...
Persistent link: https://www.econbiz.de/10005792232
regressions, time-series modelling, panel data analysis - can be misleading for understanding convergence; a model of polarization …
Persistent link: https://www.econbiz.de/10005792413
In this paper we use unit roots/cointegration analysis and time-varying parameters procedures to test for a common …
Persistent link: https://www.econbiz.de/10005123521
Per capita incomes across European regions are not equal and do not stay constant; regional income distributions fluctuate over time. Such a process could have many possible limiting outcomes: complete equality (convergence), stratification, and continually increasing inequality are but three...
Persistent link: https://www.econbiz.de/10005123676
Barter in Russia can be explained by firms' liquidity constraint: it is strongly correlated with financial tightness. However, a microeconomic analysis reveals that the rationale behind this liquidity constraint is different according to the firm situation. For firms in a good economic...
Persistent link: https://www.econbiz.de/10005114427
Using multivariate unit root test methods, this Paper investigates the Purchasing Power Parity (PPP) hypothesis at the sectoral level across six European countries over the last seventeen years. Evidence of mean reversion toward PPP is found for the relative prices of some sectors and countries....
Persistent link: https://www.econbiz.de/10005504281