The global economic crisis of 2008 was a phenomenon that had a huge impact on the economy of many large and smaller countries, such as Greece. The significant gradual deterioration of the Greek economy and the deep economic recession that took place in the last years negatively influenced the...

There has been much discussion of the differences in macroeconomic performance and prospects between the US, Japan and the euro area. Using Markov-switching techniques, in this paper we identify and compare specifically their major business-cycle features and examine the case for a common...

A number of authors have attemted to test whether the U.S. economy is in a determinate or an indeterminate equilibrium. We argue that to answer this question, one must be impose a priori restrictions on lag length that cannot be tested. We provide examples of two economic models. Model 1...