Previous findings of long-run purchasing power parity come mainly from data for industrial countries, raising the issue …

break tests are also carried out and various structural breaks are identified in both series. On the whole the corresponding …

historical perception of Germany as the poster child of European public finance. Given these corresponding breaks in time series … estimation of Vector Autoregression (VAR) and Vector Error Correction Models (VECM). While we cannot reject the hypothesis that … fiscal policy was sustainable in the period before the First World War, the tests allow for a rejection of the hypothesis of …

This paper examines persistence, structural breaks and non-linearities in the case of five European stock market … found to exhibit unit roots and the latter to be I(0) in most cases. Further, between 2 and 4 structural breaks are found …

estimate the purchasing power parity (PPP) bias in Penn World Table incomes and provide corrected incomes. The bias is …Purchasing power adjusted incomes applied in cross-country comparisons are measured with bias. In this paper, we …