Showing 1 - 10 of 39
The number of variables related to long-run economic growth is large compared with the number of countries. Bayesian model averaging is often used to impose parsimony in the cross-country growth regression. The underlying prior is that many of the considered variables need to be excluded from...
Persistent link: https://www.econbiz.de/10013316179
We examine the two-level nested Constant Elasticity of Substitution production function where both capital and labor are disaggregated in two classes. We propose a normalized system estimation method to retrieve estimates of the inter- and intra-class elasticities of substitution and factor...
Persistent link: https://www.econbiz.de/10013118952
Foreign driven medium-term oscillations that originate from fluctuations in technological frontier countries gained widespread attention among policymakers. To study this phenomenon in the context of domestic and other foreign drivers of the euro area business cycle, we develop a medium-scale,...
Persistent link: https://www.econbiz.de/10013233525
This paper uses cross-country micro-aggregated data on firm dynamics and productivity from the ECB CompNet database to provide empirical evidence on factor reallocation in the European Union (EU). The analysis finds that reallocation is towards more productive firms although the magnitude varies...
Persistent link: https://www.econbiz.de/10013315373
Distributional accounts for households enable measurement, study developments andidentify drivers of inequality. Distributional information on households’ wealth is availablefrom the Household Finance and Consumption Survey only for three points in time (2009 –2018), while aggregates are...
Persistent link: https://www.econbiz.de/10014030310
We investigate heterogeneity and spillovers in macro-financial linkages across developed economies, with a particular emphasis in the most recent recession. A panel Bayesian VAR model including real and financial variables identifies a statistically significant common component, which turns out...
Persistent link: https://www.econbiz.de/10013097758
This paper addresses the mechanisms by which trade openness affects growth volatility. Using a diverse set of export concentration measures, we present strong evidence pointing to an important role for export diversification in conditioning the effect of trade openness on growth volatility....
Persistent link: https://www.econbiz.de/10013098217
The world has been struck by a mutating systemic financial crisis that is unprecedented in terms of financial losses and fiscal costs, geographic reach, and speed and synchronisation. The crisis from August 2007 to date can be divided into three main phases: the financial turmoil from August...
Persistent link: https://www.econbiz.de/10013101191
Against the background of the euro area sovereign debt crisis, our paper investigates the relationship between public debt and economic growth and adds to the existing literature in the following ways. First, we extend the threshold panel methodology by Hansen (1999) to a dynamic setting in...
Persistent link: https://www.econbiz.de/10013104431
This paper studies current account reversals in industrial countries across different exchange rate regimes. There are two major findings which have important implications for industrial economies with external imbalances: first, triggers of current account reversals differ between exchange rate...
Persistent link: https://www.econbiz.de/10013082531