In this paper we attempt to provide evidence on the structure of technology in the three industrial branches of French economy, when capital is treated as quasi-fixed input. However instead of choosing a single functional form as an approximation to the variable cost function, modified versions...

Shifts in the long-run rate of productivity growth--such as those those experienced by the U.S. economy in the 1970s and 1990s--are difficult in real time to distinguish from transitory fluctuations. In this paper, we explore how economists' projections of trend productivity growth gradually...

Over the last 20 years, the annual average U.S. and Canadian productivity growth rates have been 2.3% and 1.3%, respectively. The objective of this paper is twofold. First, we empirically document the firm size distribution and the productivity for the two countries. Second, we quantitatively...

A group of developing countries bear high rates of financial dollarisation. Under this circumstance, monetary-policy makers are uncertain about the presence and scale of potentially harmful effects that might appear because of balance sheet mismatches arising from high and unexpected...

The accuracy of the solution of dynamic general equilibrium models has become a major issue. Recent papers, substituting second order for first order approximations, have shown to obtain significant differences in accuracy. Second order approximations have had some considerable success in...

This paper examines two numerical methods for pricing of American spread options in the case where both underlying assets follow the jump-diffusion process of Merton (1976). We extend the integral equation representation for the American spread option presented by Broadie and Detemple (1997) to...