It is clear that some of the fundamental principles of the modern economic model have changed significantly over the past decades: the number of jobs with average skills is declining, and only the owners of capital receive high incomes.Technologies by themselves do not have predetermined results...

This article analyses the frequency components of European business cycles using real GDP by employing multiresolution decomposition (MRD) with the use of maximal overlap discrete wavelet transforms (MODWT). Static wavelet variance and correlation analysis is performed, and phasing is studied...

A non-linear model utilising the sine function is proposed as an appropriate model of economic growth over time and is used to examine the link between volatility and economic growth. The most appropriate functional relationship is found by using non-linear generalised least square estimation on...

We revisit UK’s poor productivity performance since the Great Recession by means of both a suitable theoretical framework and firm-level prices and quantities data for detailed products allowing us to both measure demand, and its changes over time, and distinguish between quantity total factor...

We study the underground economy in a dynamic and stochastic general equilibrium framework. Our model combines limited tax enforcement with an otherwise standard two-sector neoclassical stochastic growth model. The Bayesian estimation of the model based on Italian data provides evidence in favor...