According to conventional wisdom, 'peripheral' Southern European members of the euro area (Greece, Italy, Portugal and Spain) suffer from a problem of competitiveness. Since their membership of the euro area renders devaluation impossible, adjustment should come through decreasing wages and...

This paper provides estimates of the elasticity of substitution between operational and managerial jobs in the US economy during the years 1969- 2011. Estimating the long-term relationship between the aggregate employment/self-employment ratio and the returns from paid-employment relative to...

This paper analyses the relationship between total factor productivity (TFP) and innovation-related variables during the second half of the 20th century. We perform this analysis for several European countries (France, Germany, the United Kingdom, and Spain) and the U.S., extending Coe and...

According to several empirical studies, the Present Value model fails to explain the behavior of stock prices in the long-run. In this paper we consider the possibility that a linear cointegrated regression model with multiple structural changes would provide a better empirical description of...

In this paper, we provide a test of the sustainability of external imbalances in the OECD countries, over the years 1970-2007. Specifically, we deal with the case of those countries that have experienced current account deficits in more than half of the years throughout the period of analysis,...

According to several empirical studies, the Present Value model fails to explain the behaviour of stock prices in the long-run. In this paper we consider the possibility that a linear cointegrated regression model with multiple structural changes would provide a better empirical description of...

This paper analyses the relationship between total factor productivity (TFP) and innovation-related variables during the second half of the twentieth century. We perform this analysis for several European countries (France, Germany, UK, and Spain) and the USA, extending Coe and Helpman’s (Eur...