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Innovation, Growth and Convergence in the Euro-Mediterranean Area: Implications for MENA Countries
Péridy, Nicolas - In: Economics Bulletin 30 (2010) 4, pp. 2978-2986
This paper focuses on the innovation gap between countries in the Euro-Mediterranean (Euromed) area and its … implications in terms of growth and convergence. Using a large set of innovation variables, we estimate a growth model à la Barro … which shows that differences in innovation between countries explain differences in growth of per capita GDP within this …
Persistent link: https://www.econbiz.de/10008692046
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Learning to Agree: A New Perspective on Price Drift
Giusto, Andrea - In: Economics Bulletin 35 (2015) 1, pp. 276-282
This paper introduces statistical learning in an asset pricing model of differences of opinions. I show that the model converges to the unique rational-expectation equilibrium and furthermore I show that asset prices drift predictably in its neighborhood. Accordingly, the model offers a unifying...
Persistent link: https://www.econbiz.de/10011199661
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Sunspots do matter: a simple disproof of Mas-Colell
Huesch, Marco - In: Economics Bulletin 5 (2008) 19, pp. 1-20
Mas-Colell conjectured that, for economies admitting a unique deterministic equilibrium, sunspot equilibria that 'matter'' would not exist. I prove an abundance of such equilibria using simple linear algebra.
Persistent link: https://www.econbiz.de/10010629257
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Modeling the oil prices: analysis with the vector error correction model
hammadache, ahmed - In: Economics Bulletin 31 (2011) 4, pp. 45-45
The aim of this study is to identify the factors which influence the dynamic of oil prices. Analysis by co-integration enables us to grasp the dynamic aspect of the analysis by making a distinction between a short-term and a long-term dynamic, between variables (both physical (real) and...
Persistent link: https://www.econbiz.de/10010629544
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Hours and effort variation in sunspot-based business cycle theory
Weder, Mark - In: Economics Bulletin 5 (2008) 12, pp. 1-12
This paper analyzes the role of variable work effort in inducing sunspot equilibria in real business cycle models. Not only is it demonstrated that variable workers' work intensity reduces the degree of increasing returns that is needed to generate indeterminacy but it is also shown that this...
Persistent link: https://www.econbiz.de/10010630314
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The lead of output over inflation in sticky price models
Kiley, Michael - In: Economics Bulletin 5 (2002) 5, pp. 1-7
Output growth is negatively correlated with inflation, detrended output is positively correlated with inflation, and output growth and detrended output lead inflation. I explore the consistency of these correlations with three models of price adjustment: the partial adjustment model, a staggered...
Persistent link: https://www.econbiz.de/10010630435
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Testing for price convergence: how close are EU New Member's States to euro zone?
Matei, Iuliana - In: Economics Bulletin 29 (2009) 4, pp. 3083-3094
The purpose of my paper is to empirically explore the validity of the relative version of purchasing power parity (PPP) for nine EU New Member States (NMS) using unit root and panel unit root frameworks. Three periods are considered: the period before NMS joined the EU (1995:01-2004:04), the...
Persistent link: https://www.econbiz.de/10008563096
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Sunspots do matter: a simple disproof of Mas-Colell
Huesch, Marco - In: Economics Bulletin 5 (2008) 19, pp. 1-20
Mas-Colell conjectured that, for economies admitting a unique deterministic equilibrium, sunspot equilibria that 'matter'' would not exist. I prove an abundance of such equilibria using simple linear algebra.
Persistent link: https://www.econbiz.de/10005110926
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The lead of output over inflation in sticky price models
Kiley, Michael - In: Economics Bulletin 5 (2002) 5, pp. 1-7
Output growth is negatively correlated with inflation, detrended output is positively correlated with inflation, and output growth and detrended output lead inflation. I explore the consistency of these correlations with three models of price adjustment: the partial adjustment model, a staggered...
Persistent link: https://www.econbiz.de/10005110948
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Hours and effort variation in sunspot-based business cycle theory
Weder, Mark - In: Economics Bulletin 5 (2008) 12, pp. 1-12
This paper analyzes the role of variable work effort in inducing sunspot equilibria in real business cycle models. Not only is it demonstrated that variable workers' work intensity reduces the degree of increasing returns that is needed to generate indeterminacy but it is also shown that this...
Persistent link: https://www.econbiz.de/10005110964