We study how total factor productivity (TFP), energy prices, and the Great Moderation are linked. First we estimate a … negatively affected productivity. This spillover has since disappeared. Second, we show that within the framework of a dynamic … stochastic general equilibrium model, the disappearance of this energy-productivity spillover generates the significantly lower …

Koop, Pesaran and Smith (2011) suggest a simple diagnostic indicator for the Bayesian estimation of the parameters of a …

This paper examines Total Factor Productivity (TFP) and knowledge flows, using international patent data. The result is …-industry innovation enhances domestic productivity, and domestic between industry innovations are productivity enhancing. However, foreign …-sourced between-industry innovation has a negative effect on domestic productivity. This highlights the dual aspect of patents as a …

We analyze how adding the shadow economy to official output figures affects technical efficiency. We find that this … only slightly affects the ranking of efficiency scores, but increases average efficiency. Our results are robust to the …

. We discuss two challenges to successful estimation of DSGE models: potential model misspecification and identification … problems. We argue that prior distributions and Bayesian estimation techniques are useful to cope with these challenges. We …

. In this paper we explore the role of bank lending standards as a potential additional cost source and evaluate their …