This paper examines the short run and long run effects of real exchange rate changes on the real trade balance of three ASEAN countries in their bilateral trade to the US and Japan within a cointegrating vector error correction model (VECM). Generalized impulse response funtions are estimated to...

This paper explores the stability of the M2 money demand function in Nigeria in the Structural Adjustment Program (SAP) period. The results from the Johansen and Juselius cointegration test suggest that real discount rate, economic activity and real M2, are cointegrated. The Hansen (1992), CUSUM...

Following the real appreciation of the US dollar in the first half of the 1980s, travel expenditures in the current account soared. Employing standard regression techniques as well as Markov-switching regime analysis we show that such expenditures did not return to their pre-appreciation levels...

This paper evaluates the convergence process for different samples of European Union regions during the period 1982-1999 by using fixed effects panel data regressions. This estimation method allows us to control for unobserved time-invariant heterogeneity in cross-sectional models. The results...

Chen (Journal of Money, Credit and Banking [2007] 25-48) studies the AK model where the utility function includes multiplicative habits in consumption and argues that the model has multiple balanced growth paths with different growth rates. However, one of his calculations is incorrect. I show...

This paper investigates the business cycles in output and real output in nine countries. We detect the long-run and short-run relationships between the cyclical components of output and real output, using Autoregressive Distributed Lag and Error Correlation Models, respectively.

Using county-level census data from 19th century Prussia, this paper argues that the introduction of the power loom, a key technological innovation in the Industrial Revolution, had a significant impact on labour market outcomes and composition 40 years later. To combat endogeneity, I use a...

In this paper, we test the presence of stochastic trend in long series of US real GNP measured by Balke and Gordon (1989) and Romer (1989), using unit root tests robust against breaks and outliers. We apply two recent robust unit root tests proposed by Cavaliere and Georgiev (2009) and Lima and...

This short paper presents a simple analytical stability proof for the well-known Segerstrom (1998) model of endogenous growth. Moreover, a calibrated version of the model is employed to assess the speed of convergence. The result shows that transitional dynamics are important and, hence, the...

Cette étude s'inscrit dans un cadre de mise en évidence la relation entre la privatisation et la croissance économique. En effet, Plane (1997) et Bernett (2000) ont dégagé une corrélation alors que Cook et Uchida (2001) ont montré qu'il s ‘agit d'une corrélation négative. Notre étude...