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evidence from a panel data analysis
De Ávila, Diego Romero; Strauch, Rolf - 2003
In Lisbon the European Council proclaimed a European growth strategy. It considers an average economic u0093growth rate of around 3 percent as a realistic prospect for the coming yearsu0094 and assigns public finances an important role in the process of achieving this goal. This paper addresses...
Persistent link: https://www.econbiz.de/10009635955
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Unemployment, hysteresis and transition
León-Ledesma, Miguel; McAdam, Peter - 2003
We quantify the degree of persistence in unemployment rates of transition countries using a variety of methods benchmarked against the EU. In part of the paper, we work with the concept of linear u0093Hysteresisu0094 as described by the presence of unit roots in unemployment. Since this is...
Persistent link: https://www.econbiz.de/10009635980
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Capital quality improvement and the sources of growth in the euro area
Sakellaris, Plutarchos; Vijselaar, Focco W. - 2004
Capital quality improvement is a general phenomenon. Therefore quality correction is needed in price indexes. There is substantial evidence of biases in the official price indexes of capital equipment. We apply to euro area statistics estimates of these biases based on US data thus deriving...
Persistent link: https://www.econbiz.de/10009639422
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Productivity and the ('synthetic') euro-dollar exchange rate
Schnatz, Bernd; Vijselaar, Focco; Osbat, Chiara - 2003
This paper analyses the impact of productivity developments in the United States and the euro area on the euro …-dollar exchange rate. The paper presents a new measure of relative average labour productivity (ALP), which does not suffer from the … productivity proxies. Our results indicate that the extent to which productivity can explain the euro depreciation varies with the …
Persistent link: https://www.econbiz.de/10009639842
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Imposing parsimony in cross-country growth regressions
Jarociński, Marek - 2010
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...
Persistent link: https://www.econbiz.de/10009640306
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Banking sector output measurement in the euro area
Colangelo, Antonio; Inklaar, Robert - 2010
Banks do not charge explicit fees for many of the services they provide but the service payment is bundled with the offered interest rates. This output therefore has to be imputed using estimates of the opportunity cost of funds. We argue that rather than using the single short-term, low-risk...
Persistent link: https://www.econbiz.de/10009640336
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Inflation, factor substitution and growth
Klump, Rainer - 2003
Recent empirical studies on the inflation-growth-relationship underline that inflation has negative growth effects already under relatively modest rates. Most contributions to monetary growth theory, however, have difficulties in explaining such a pattern. It is shown in this paper that this...
Persistent link: https://www.econbiz.de/10009635886
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The role of product market regulations in the process of structural change
Messina, Julián - 2003
The sectoral allocation of labor differs considerably across developed economies, even in the presence of similar patterns of structural change. A general equilibrium model that captures the stylized facts of structural change is presented. In this framework, product market regulations raise...
Persistent link: https://www.econbiz.de/10009639850
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Firms' investment decisions in response to demand and price uncertainty
Fuss, Catherine; Vermeulen, Philip - 2004
We estimate the effect of demand and price uncertainty on firms’ investment decisions from a panel of manufacturing …
Persistent link: https://www.econbiz.de/10009639401
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Towards the estimation of equilibrium exchange rates for CEE acceding countries
Maeso-Fernandez, Francisco; Osbat, Chiara; Schnatz, Bernd - 2004
This paper provides a discussion of methodological issues relating to the estimation of the long-run relationship …-step strategy that consists of estimating the relationship between exchange rates and economic fundamentals in a panel cointegration …
Persistent link: https://www.econbiz.de/10009639407