Coming from standard economic growth theory and empirical evidences, we concentrated on the convergence process as a result of structural changes in economy. We investigate the differences among countries in EU in terms of the share in total economy of main sectors. Then, based on the spatial...

With the development of global economy and rapid process of urbanization, migration has become one of the key forces in population redistribution and has important implications for socio-economic development in a region. As we all know, population migration flows between different regions are...

The development of employment and unemployment in regional labour markets is known to spatially interdependent. Global Vector-Autoregressive (GVAR) models generate a link between the local and the surrounding labour markets and thus might be useful when analysing and forecasting employment and...

Traffic congestion contributes to longer travel times and increased travel time variability. We account for the dynamic nature of travellers' choices, by deriving a closed-form solution for the costs of travel time variability. The resulting travel delay cost function is linear in the mean...

Likelihood functions of spatial autoregressive models with normal but heteroskedastic disturbances have been already derived [Anselin (1988, ch.6)]. But there is no implementation for maximum likelihood estimation of these likelihood functions in general (heteroskedastic disturbances) cases....

This paper contributes to the recent literature in spatial econometrics that focuses on space-time data modeling implementing a multi-location time-series statistical framework to analyze a regional system. Therefore, taking as a point of departure the Global Vector Autoregression approach...

The analysis of active labour market policies (ALMP) at the macroeconomic level measures net effects on labour market outcomes. These net effects consist of direct treatment effects on participants as well as indirect effects on non-participants and on the economy as a whole, e.g. deadweight,...

We revisit the question whether U.S. fiscal policy in the pre-Volcker period was active or passive. To determine the policy stance, we estimate a DSGE model with monetary and fiscal policy interactions employing a sequential Monte Carlo algorithm (SMC) for posterior evaluation. In contrast to...