What are the least developed countries? -- Continuity and change in the least developed countries category -- How has the application of inclusion and graduation criteria affected the least developed countries list? -- Least developed countries and growth economics: why no convergence? -- The...

We integrate systemic financial instability in an empirical macroeconomic model for the euro area. We find that at times of widespread financial instability the macroeconomy functions fundamentally differently from tranquil times. We employ a richly specified Markov-Switching...