We study state dependence in the impact of monetary policy shocks over the leverage cycle for a panel of 10 euro area … countries. We use a Bayesian Threshold Panel SVAR with regime classifications based on credit and house prices cycles. We find …

developments in the panel time series literature. In particular, we employ the Common Correlated Effects (CCE) estimator developed … in Pesaran (2006) and estimate the effects of fiscal policy for a panel of EU countries using annual data from 1995 to … CCE estimation generates significantly larger effects of fiscal policy on growth with respect to the other widely used …

panel of European countries. The growth of the gross domestic product was observed over a twenty-year time period on a … sample of 43 developing and developed countries. Based on a robust dynamic panel setting, we conclude that increases in …