The formation of the European Union (EU) is the one of the biggest political – economic events of the last 50 years. The aim of this study is to develop EU economy functioning system dynamic model. Main research method is system dynamics. General scheme of EU economy system dynamic model is...

This paper analyses the TFP heterogeneity of a sample of manufacturing firms operating in seven EU countries (Austria, France, Germany, Hungary, Italy, Spain and UK). TFP data refer to 2008. The empirical setting is based on the multilevel modelling which provides two main results. Firstly, we...

Using a time-varying parameter vector autoregression (TVP-VAR) with a new sign restriction framework, we study the changing effectiveness of the Bank of Japan's Quantitative Easing policies over time. We analyse the Zero-Interest Rate Policy from 1999 to 2000, the Quantitative Easing Policy from...

When we talk about international integration, trade and investment, the it’s-all-about-geographic-proximity is a tempting argument to make. While the importance of geographic closeness cannot be denied, empirical evidence suggests existence of other, perhaps equally significant factors that...

We propose a causal analysis of the mother’s educational level on the health status of the newborn, in terms of gestational weeks and weight. The analysis is based on a finite mixture structural equation model, the parameters of which have a causal interpretation. The model is applied to a...

This paper examines the India’s trade flows using a gravity model for the period 1998-2012. We selected the following major trade partners: China PRP, United Arab Emirates, United States, Saudi Arab, Switzerland, Singapore, Germany, Hong Kong, Indonesia, Iraq, Japan, Belgium, Kuwait, Korea RP,...

In state-of-the-art macroeconomic and labor market models shocks are assumed to be homoscedastic. However, we show that this assumption is much too restrictive. We �find signifi�cant evidence for strong time-varying volatility in all considered labor market time series. First, we estimate...

Remaking the primary source of an old good idea of the “lattice expectation”, published by me in 1975 at the first time and subsequently, especially in the western literature on stochastic geometry and the theory of random sets, named from a light hand of Dietrich Stoyan [1994] “Vorob’ev...

The aim of the paper is to study the nature of normalization in Structural VAR models. Noting that normalization is the integral part of identification of a model, we provide a general characterization of the normalization. In consequence some the easy–to–check conditions for a Structural...

Repo is used in India as an instrument for monetary policy by institutionalizing daily Liquidity Adjustment Facility (LAF) which allows banks and Primary Dealers to manage their liquidity needs. Liquidity stress in the market has an impact on the short term interest rate. Entities not having...