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Is there convergence of Russia's regions? : exploring the empirical evidence : 1995-2010

Lehmann, Hartmut; Silvagni, Maria Giulia - 2013

This paper analyzes convergence in per capita gross regional product of Russia's regions during the period 1995 …-2010, when regional data are available. Using a panel regression framework we find no evidence for beta-convergence. Instead we … regional product confirm this outcome as do non-parametric estimates of convergence, namely estimates using Markov transition …

Persistent link: https://www.econbiz.de/10011730869

Short-run regional forecasts : spatial models through varying cross-sectional and temporal dimensions

Mayor-Fernández, Matías; Patuelli, Roberto - 2012

In any economic analysis, regions or municipalities should not be regarded as isolated spatial units, but rather as highly interrelated small open economies. These spatial interrelations must be considered also when the aim is to forecast economic variables. For example, policy makers need...

Persistent link: https://www.econbiz.de/10011731365

Till labor cost do us part : on the long run convergence of EMU countries

Pancotto, Francesca; Pericoli, Filippo Maria - 2011

A sustainable long-run pattern in the relative competitiveness of euro area countries is a key factor for the survivorship of the monetary union. We analyze the issue focussing on unit labor cost dynamics using cointegration analysis for the whole economy and for the manufacturing sector...

Persistent link: https://www.econbiz.de/10011735051

Interdependence of Fiscal Debts in EMU

Demertzis, Maria - 2011

We use an overlapping generations model to show that a bail-out is the optimal response to a fiscal crisis when the level of integration in a Monetary Union is high and the departure from Ricardian equivalence is significant. As it may not be optimal expost, the no bail-out rule is not credible...

Persistent link: https://www.econbiz.de/10013118957

Fiscal Discipline in EMU? Testing the Effectiveness of the Excessive Deficit Procedure

de Jong, Jasper - 2018

The Excessive Deficit Procedure (EDP), central to the Stability and Growth Pact, is criticized for both its procyclical effects and – in contrast – a perceived lack of enforcement. To test its actual effects, we construct a real-time database of EDP recommendations and estimate augmented...

Persistent link: https://www.econbiz.de/10012910189

Does the Stability and Growth Pact Induce a Bias in the EC's Fiscal Forecasts

Gilbert, Niels D. - 2014

Enforcement of European fiscal rules, to a large extent, hinges on the fiscal forecasts prepared by the European Commission (EC). The reliability of these forecasts has received little attention in the literature, despite the fact that i) the forecasts have potentially far-reaching consequences...

Persistent link: https://www.econbiz.de/10013040182

Parameter heterogeneity, persistence and cross-sectional dependence : new insights on fiscal policy reaction functions for the Euro area

Golinelli, Roberto; Mammi, Irene; Musolesi, Antonio - 2018 - This version: March 31st, 2018

A number of novelties have emerged in the study of the discretionary fiscal policy within the Euro area during the last decade. Among the others, the availability of up-to-date information on fiscal indicators for the years following the Great Recession, the introduction of cutting-edge...

Persistent link: https://www.econbiz.de/10011813607

Generalized Stability of Monetary Unions Under Regime Switching in Monetary and Fiscal Policies

Bonam, Dennis - 2016

Earlier studies on the equilibrium properties of standard dynamic macroeconomic models have shown that an inflation-targeting central bank imposes strict budgetary requirements on fiscal policy needed to obtain a unique and stable equilibrium. The failure of only one fiscal authority within a...

Persistent link: https://www.econbiz.de/10012980408

Invalid proxies and volatility changes

Angelini, Giovanni; Fanelli, Luca; Neri, Luca - 2024

When in proxy-SVARs the covariance matrix of VAR disturbances is subject to exogenous, permanent, nonrecurring breaks that generate target impulse response functions (IRFs) that change across volatility regimes, even strong, exogenous external instruments can result in inconsistent estimates of...

Persistent link: https://www.econbiz.de/10014495778

The Euro-dividend : public debt and interest rates in the Monetary Union

Marattin, Luigi; Salotti, Simone - 2010

The ongoing massive fiscal policy stimulus triggered increasing concerns on the potential impact on interest rate levels, as economic theory predicts. Particularly, the deterioration of some EMU countries' fiscal positions has been putting at risk Eurozone' financial stability. In this paper, we...

Persistent link: https://www.econbiz.de/10011737884