This paper applies the maximum likelihood panel cointegration method of Larsson and Lyhagen (2007) to test the strong … contrasted to those from the Pedroni (1995) cointegration tests and fully modified OLS and dynamic OLS esimators of the …

We combine some newly developed panel co-integration techniques and common factor analysis to analyze the behavior of … fundamentals: productivity, the terms of trade, openness, and government spending. We derive a number of common factors that … explain the dynamic of the RER in our sample. We find that while some fundamentals such as productivity, terms of trade, and …

This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of … various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and … components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to …