The present paper applies the Markov switching model with the aim of checking two industrial production features of six major Brazilian states. Firstly, we try to determine the date of business cycles and, soon afterwards, we verify the existence or not of an unobservable component that is...

This paper reexamines the effect of expansionary fiscal policy on the real GDP in the presense of entrepreneurship - firms' activities to predict and react to changes in consumers' taste. The existence of partial crowding out in this paper generates a trade off between private consumption and...

Central banks behave purposefully when they set monetary policy, basing their decisions upon the data that is available and upon their understanding of the economy. At the same time, policy decisions affect economic outcomes, and the likelihood of observing a given state of the world. This paper...

The per capita growth rate of Chile from 1984 to 1997 was among the highest in the world. During recent years, however, per capita growth dropped significantly. This paper discusses the role of factor accumulation and the efficiency with which factors are used, measured as total factor...

This paper examines whether permanent earnings growth, crucial to stock valuation, increased during the last decade as suggested by proponents of the 'New Economy.' Using S\&P 500 earnings for 1951-2000, we do not find strong evidence of either a one-time structural break or gradual change....

This paper looks into the total factor productivity performance and economic growth of Latin America. A stochastic production frontier function was estimated as a translog leading to technical inefficiency in a set of 19 Latin American countries over the period 1961–1990. Using the...

This paper analyses plant entry, total factor productivity growth, average productivity level differentials and turnovers across Colombia's petrochemical industry for the 1974-1998 period. Results show that successful entrants shaped industry productivity and induced plant restructuring among...

Not all firms contributed to Australia’s impressive productivity growth in the 1990s. Some performed better than others, and entrants arrived even as incumbents exited. If firms make decisions on input demand and liquidation based on their productivity, the latter known to them...

This paper applies a stochastic frontier production model to the data from Penn World Table’s 49 countries over the period 1965-1990, to decompose total factor productivity growth into technical change and technical efficiency change. Empirical results show East Asian countries led the...

Abstract Applying a Stochastic Production Frontier to sector-level data within manufacturing sector in India, this paper examines Total Factor Productivity (TFP) growth during 1979-80 to 1997-98. The analysis focuses on the trend of technical progress (TP) and Technical Efficiency Change (TEC)....