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What drives productivity growth in the new EU member states? The case of Poland
Kolasa, Marcin - 2005
This paper considers productivity developments in the new EU member states and provides evidence on factors driving productivity growth in these countries, focusing on a panel of Polish manufacturing industries. Companies in Poland seem to benefit significantly from transfer of technologies that...
Persistent link: https://www.econbiz.de/10011604532
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Productivity in the euro area: any evidence of convergence?
Sondermann, David - 2012
productivity convergence among euro area countries. While no convergence can be found on the aggregate level, selected service … sectors and manufacturing sub-industries indicate evidence of convergence. In a search for factors influencing productivity … competitive environment, eventually facilitating economic convergence. …
Persistent link: https://www.econbiz.de/10011605476
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Imposing parsimony in cross-country growth regressions
Jarociński, Marek - 2010
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/10011605280
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Forecasting using a large number of predictors: Is Bayesian regression a valid alternative to principal components?
De Mol, Christine; Giannone, Domenico; Reichlin, Lucrezia - 2006
This paper considers Bayesian regression with normal and doubleexponential priors as forecasting methods based on large panels of time series. We show that, empirically, these forecasts are highly correlated with principal component forecasts and that they perform equally well for a wide range...
Persistent link: https://www.econbiz.de/10011604746
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Mutual Assistance between Federal Reserve Banks, 1913-1960 as Prolegomena to the TARGET2 Debate
Eichengreen, Barry - 2014
This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in the early years of the Federal Reserve System. We use data on accommodation operations by the 12 Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves in emergency...
Persistent link: https://www.econbiz.de/10013053813
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Inflation, factor substitution and growth
Klump, Rainer - 2003
Persistent link: https://www.econbiz.de/10011604326
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Why do financial systems differ? History matters
Monnet, Cyril; Quintin, Erwan - 2005
We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different...
Persistent link: https://www.econbiz.de/10011604488
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Transition economy convergence in a two-country model: implications for monetary integration
Bruha, Jan; Podpiera, Jirí - 2007
In this paper we present a two-country dynamic general equilibrium model of ex ante unequally developed countries. The model explains a key feature recently observed in transition economies – the long-run trend real exchange rate appreciation – through investments into quality. Our...
Persistent link: https://www.econbiz.de/10011604786
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Inquiries on dynamics of transition economy convergence in a two-country model
Bruha, Jan; Podpiera, Jirí - 2007
particular emphasis on the impact of productivity convergence and effects of timing of trade and financial liberalization on the … convergence patterns. We compare the mechanisms behind the three investment margins (horizontal investment to new varieties …
Persistent link: https://www.econbiz.de/10011604837
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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