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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

The Role of Fiscal Transfers for Regional Economic Convergence in Europe

Checherita-Westphal, Cristina D. - 2009

-capita output convergence across a large sample of European regions during the period 1995-2005. We find that net fiscal transfers …

Persistent link: https://www.econbiz.de/10012764767

Convergence and anchoring of yield curves in the euro area

Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - 2007

We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries …) has led to substantial convergence in euro area sovereign bond markets in terms of interest rate levels, unconditional …

Persistent link: https://www.econbiz.de/10011604863

Determinants of inflation and price level differentials across the euro area countries

Andersson, Malin; Masuch, Klaus; Schiffbauer, Marc - 2009

This paper analyses the determinants of inflation differentials and price levels across the euro area countries. Dynamic panel estimations for the period 1999-2006 show that inflation differentials are primarily determined by cyclical positions and inflation persistence. The persistence in...

Persistent link: https://www.econbiz.de/10011605175

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

The Effect of Durable Goods and ICT on Euro Area Productivity Growth?

Jalava, Jukka - 2008

The present System of National Accounts (SNA93) treats durable consumption goods as consumption goods rather than investment although rentals for owner occupied households is imputed into GDP. We argue that households de facto treat the purchase of durable goods as investments and thus, the...

Persistent link: https://www.econbiz.de/10012770430

Does government spending crowd in private consumption? Theory and empirical evidence for the euro area

Coenen, Günter; Straub, Roland - 2005

In this paper, we revisit the effects of government spending shocks on private consumption within an estimated New-Keynesian DSGE model of the euro area featuring non-Ricardian households. Employing Bayesian inference methods, we show that the presence of non-Ricardian households is in general...

Persistent link: https://www.econbiz.de/10011604559

Fiscal convergence before entering the EMU

Onorante, Luca - 2006

The monetary integration of the acceding countries will proceed in several distinct steps, starting with membership in the European Union (EU), followed by participation in the so-called Exchange Rate Mechanism (ERM) II and ultimately entry into the euro area. This paper addresses the question...

Persistent link: https://www.econbiz.de/10011604710

Tax reform and labour-market performance in the euro area: a simulation-based analysis using the New Area-Wide Model

Coenen, Günter; McAdam, Peter; Straub, Roland - 2007

In this paper, we employ a calibrated two-country version of the New Area-Wide Model (NAWM) currently under development at the European Central Bank to examine the potential benefits and spillovers of reducing labour-market distortions caused by euro area tax structures. Our analysis shows that...

Persistent link: https://www.econbiz.de/10011604793

What do we really know about fiscal sustainability in the EU? A panel data diagnostic

Afonso, António; Rault, Christophe - 2007

We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel...

Persistent link: https://www.econbiz.de/10011604866