Using a normalized CES function with factor-augmenting technical progress, we estimate a supply-side system of the US economy from 1953 to 1998. Avoiding potential estimation biases that have occurred in earlier studies and putting a high emphasis on the consistency of the data set, required by...

This paper presents new evidence on the social returns to education within a macroeconomic growth regression framework. I use improved schooling data and a macro version of the Mincer relationship between education and wages for individual workers. The results suggest that an increase by one...

This paper investigates the average impact of government debt on per-capita GDP growth in twelve euro area countries over a period of about 40 years starting in 1970. It finds a non-linear impact of debt on growth with a turning point—beyond which the government debt-to-GDP ratio has a...

The number of variables related to long-run economic growth is large compared with the number of countries. Bayesian model averaging is often used to impose parsimony in the cross-country growth regression. The underlying prior is that many of the considered variables need to be excluded from...

We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme in financial markets. We embed this view in a standard model of the financial accelerator and explore its empirical and policy implications. In particular, we show how the...

This evaluation is being commissioned within the framework contract for Evaluation of the EC’s main policies and strategies which was signed on 10 April 2007 between the EC and a consortium led by Particip (Germany) and composed of ADE-Aide à la Décision Économique (Belgium), DIE-Deutsches...

The European Union (EU) has commissioned ADE to conduct a strategic evaluation of its cooperation with Pakistan over the period 2007-2014. The objectives were to provide an overall independent assessment of the EU’s past and current cooperation and to identify key lessons and recommendations...

Recently, EU Commission adopted a decision to fund a Technical Cooperation Facility for OCTs in order to improve their capacities to formulate and implement key territorial policies. Improvement in statistical capacities appeared with a high rank. Indeed, OCTs have noticed several gaps in their...

Since 1995 Germany has barely managed to grow by 1.2% annually, with growth over the last four years averaging only 0.6%. In 2005, growth will again be below1%. With these low growth rates Germany has clearly fallen behind all the other European countries. The German economy is suffering from a...