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The Empirics of Economic Growth in Previously Centrally Planned Economies
Leamer, Edward; Taylor, Mark P - C.E.P.R. Discussion Papers - 1994
We develop a novel Bayesian pooling technique to estimate aggregate production functions for the previously centrally planned economies (PCPEs) of Eastern Europe and for Western economies, as well as for a group of developing countries. This technique adjusts for the low quality of the PCPE data...
Persistent link: https://www.econbiz.de/10005124216
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The Poor Stay Poor: Non-Convergence Across Countries and Regions
Canova, Fabio; Marcet, Albert - C.E.P.R. Discussion Papers - 1995
We study the issue of income convergence across countries and regions with a Bayesian model which allows us to use information in an efficient and flexible way. We argue that the very slow convergence rates to a common level of per-capita income found, for example, by Barro and Sala-i-Martin, is...
Persistent link: https://www.econbiz.de/10005067447
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Testing for Convergence Clubs in Income per-capita: A Predictive Density Approach
Canova, Fabio - C.E.P.R. Discussion Papers - 1999
The paper proposes a technique to test jointly for groupings of unknown size in the cross-sectional dimension of a panel and estimates the parameters of each group, applying it to identifying convergence clubs in income per-capita. The approach uses the predictive density of the data,...
Persistent link: https://www.econbiz.de/10005498110
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Productivity Growth, Human Capital, and Technology Spillovers: Nonparametric Evidence for EU Regions
Badinger, Harald; Egger, Peter; von Ehrlich, Maximilian - C.E.P.R. Discussion Papers - 2013
This paper assesses the strength of productivity spillovers non-parametrically in a data-set of 12 industries and 231 NUTS2 regions in 17 European Union member countries between 1992 and 2006. It devotes particular attention to measuring catching up through spillovers depending on the technology...
Persistent link: https://www.econbiz.de/10011083265
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International Capital Flows and the Boom-Bust Cycle in Spain
In 'T Veld, Jan; Kollmann, Robert; Pataracchia, Beatrice; … - C.E.P.R. Discussion Papers - 2014
government. We estimate the model using 1995Q1-2013Q2 data for Spain, the rest of the Euro Area (REA) and the rest of the world … for Spanish households and firms, as well as a fall in the interest rate spread between Spain and the REA fuelled the … Spanish output boom and the persistent rise in foreign capital flows to Spain, before the global financial crisis. During and …
Persistent link: https://www.econbiz.de/10011083472
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The Sources of Long-run Growth in Spain 1850-2000
Prados de la Escosura, Leandro; Rosés, Joan R. - C.E.P.R. Discussion Papers - 2007
Between 1850 and 2000, Spain’s real income increased by about 40-fold, at an average rate of 2.5 percent. The sources … European Union Spain has experienced a dramatic productivity slowdown. …
Persistent link: https://www.econbiz.de/10005124439
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Mismeasuring Long Run Growth. The Bias from Spliced National Accounts
Prados de la Escosura, Leandro - C.E.P.R. Discussion Papers - 2014
this paper for the particular case of Spain, a fast growing country in the second half of the twentieth century. It is …
Persistent link: https://www.econbiz.de/10011084295
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Heterogeneity in Wage Setting Behavior in a New-Keynesian Model
Eijffinger, Sylvester C W; Grajales, Anderson; Uras, … - C.E.P.R. Discussion Papers - 2015
In this paper we estimate a New-Keynesian DSGE model with heterogeneity in price and wage setting behavior. In a recent study, Coibion and Gorodnichenko (2011) develop a DSGE model, in which firms follow four different types of price setting schemes: sticky prices, sticky information, rule of...
Persistent link: https://www.econbiz.de/10011249376
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Fiscal Volatility Shocks and Economic Activity
Fernández-Villaverde, Jesús; Guerron-Quintana, Pablo A.; … - C.E.P.R. Discussion Papers - 2011
We study the effects of changes in uncertainty about future fiscal policy on aggregate economic activity. Fiscal deficits and public debt have risen sharply in the wake of the financial crisis. While these developments make fiscal consolidation inevitable, there is considerable uncertainty about...
Persistent link: https://www.econbiz.de/10009246602
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Asset Pricing under Rational Learning about Rare Disasters
Koulovatianos, Christos; Wieland, Volker - C.E.P.R. Discussion Papers - 2011
This paper proposes a new approach for modeling investor fear after rare disasters. The key element is to take into account that investors' information about fundamentals driving rare downward jumps in the dividend process is not perfect. Bayesian learning implies that beliefs about the...
Persistent link: https://www.econbiz.de/10009201120