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This paper investigates the robustness of determinants of economic growth in the presence of model uncertainty, parameter heterogeneity and outliers. The robust model averaging approach introduced in the paper uses a flexible and parsimonious mixture modeling that allows for fat-tailed errors...
Persistent link: https://www.econbiz.de/10013129859
We derive monthly and quarterly series of UK GDP for the inter-war period from a set of monthly indicators that were constructed by The Economist at the time. The monthly information is complemented with data for quarterly industrial production, allowing us to employ mixed-frequency methods to...
Persistent link: https://www.econbiz.de/10013315964
This paper presents a stress indicator for the eurozone that summarizes developments of trends and cycles in real GDP and inflation in the member countries. Stress in a country is defined as the difference between the country's actual short-term interest rate and the interest rate that would...
Persistent link: https://www.econbiz.de/10013317182
these two facts by documenting:(1) an important reallocation of production towards “hyper-productive plants” and,(2) a …
Persistent link: https://www.econbiz.de/10012955279
This paper analyses the long memory properties of quarterly real output per capita in the US (1948Q1-2008Q3) using non-parametric, semi-parametric and parametric techniques. The results vary substantially depending on the methodology employed. Evidence of mean reversion is obtained in a...
Persistent link: https://www.econbiz.de/10013158457
into their direct (endowment accumulation, productivity growth, changes in trade costs, changing preferences) and indirect … productivity growth, and endogenous changes in expenditures shares on manufacturing goods and services. We quantify the importance … accumulation and trade costs have been the most important drivers of trade in the sample at hand, whereas productivity growth and …
Persistent link: https://www.econbiz.de/10012994081
types in 52 different industries. The industry sources of productivity and output growth are crucial to the understanding of …
Persistent link: https://www.econbiz.de/10012777641
explained by study design parameters, such as econometric specification, estimation technique, empirical model, type of public …
Persistent link: https://www.econbiz.de/10013316601
Measured rates of growth in real per capita income differ drastically depending on the data source. This phenomenon occurs largely because data sets differ in whether and how they adjust for changes in relative prices across countries. Replication of several recent studies of growth determinants...
Persistent link: https://www.econbiz.de/10012773476
The perpetual inventory method used for the construction of education data per country leads to systematic measurement … error. This paper analyses the effect of this measurement error on GDP regressions. There is a systematic difference in the … the measurement error. The standard attenuation bias suggests that using these corrected data would lead to a higher …
Persistent link: https://www.econbiz.de/10012774497