processes, cointegration is a necessary condition both for consistent estimation of the parameters of the model and … compatibility between the model and the data. Tests find little support for cointegration and, together with an out …

of weak demand can lead to rising structural unemployment and a permanently lower capital stock – the hysteresis effects … Blanchard and Summers type of hysteresis approach should not be taken one-to-one into recommendations for monetary policy …. Merely referring to the hard form of "reverse hysteresis" and pressing for bold counter-cyclical monetary (and fiscal …

2011) in a model that explains the decision of heterogeneous firms to export and to engage in R&D. Using a non … firms with exports and R&D dominates that of exporters without R&D, which in turn dominates that of firms that neither … export nor engage in R&D. These results are in line with findings for firms from manufacturing industries. The model …

, and exports. In line with hypotheses from theoretical model we find a positive link between a better credit rating score … of a firm and both the probability that the firm is an exporter and a higher share of exports in total sales. This link … hypothesis that credit constrained firms are less likely to start to export is at best weak, we find no evidence for a …