In this paper we examine some testable implications of growth theories based on threshold externalities and complementarities. Specifically, we use industry data for a set of eight emerging economies in East Asia and Eastern Europe to perform general tests of the big push industrialization...

The paper reconsiders Friedman's (1977) proposition that increased inflation uncertainty may have adverse real effects for the German case. A proxy for the unobservable uncertainty variable is obtained from the Kalman-filtering estimation of a time-varying parameter model of inflation. The...

In this paper we examine some testable implications of growth theories based on threshold externalities and complementarities. Specifically, we use industry data for a set of eight emerging economies in East Asia and Eastern Europe to perform general tests of the big push industrialization...

There is little agreement on how to measure seigniorage changes and their sources in a monetary union. This paper informs the debate by developing a modular approach that distinguishes between seigniorage changes a country experiences during the transition phase prior to joining a monetary union...

There is little agreement on how to measure seigniorage changes and their sources in a monetary union. This paper informs the debate by developing a modular approach that distinguishes between seigniorage changes a country experiences during the transition phase prior to joining a monetary union...

This study uses a large panel of industrialized and developing countries to investigate the link between exchange rate volatility and exports. Although the empirical literature on this relationship is extensive, a clear consensus about its nature and importance is yet to emerge. Using fixed- and...