I compare the two alternative paradigms of business cycles for the case of the Romanian economy, namely the mainstream view that business cycles are driven by stochastic shocks and the nonlinear view, known as the endogenous business cycles theory, which states that business cycles are driven by...

I use the Markov Switching AR approach to model the business cycles in Romanian economy for the 1991-2008 period using monthly data on industrial production. The time series used allows for a comparison with previous dating of Romanian business cycles. Generally, the MS-AR performs well,...

The purpose of this study is to estimate the Okun coefficient for Romania for the 1991-2004 period. In order to derive it, I use a few alternative methods. As a dependent variable I use the gap of the unemployment rate while the independent variable is the gap of the production, where the...

This paper** addresses the problem of Okun's coefficient for the Korean economy. By running regressions between the unemployment and employment variables cycles and the economic activity cycles, I find that Okun's Law has held in Korea in the last decades. At the same time, the results indicate...

The monthly data of the industrial production in Romania after the structural discontinuity occurring at the end of 1989 show an under-damped oscillatory behavior that suggests an evolution of second order systems excited by a step function. Since this behavior is well described in control...

The current paper attempts to describe the labor market parameter dynamics using a different method, namely the semi-Markovian processes. This method allows for the labor market study without the large fluctuations that occurred at a certain moment in time impinging upon the results of the...

The paper’s main purpose is to assess the short-, medium- and long-term sustainability of fiscal policy in the great majority of the EU and non-EU member states in the Mediterranean Region. By using mainstream (primary fiscal gap) theory (proposed by Buiter (1983) and Blanchard (1990)), the...

This article presents alternative scenarios of macroeconomic dynamics for Romania. The author starts by presenting the structure of the model used for simulations. Two scenarios are developed for the 2003-2010 period. The first one, the desirable scenario, embodies performances envisaged in the...