The aim of this paper is to show that random matrix theory (RMT) can be a useful addition to the economist's tool … of the correlation matrix. However due to the finite size of both the number of variables and the number of observations …, a reliable determination of the correlation matrix may prove to be problematic. The structure of the correlation matrix …

academics in studies of economic growth, particularly through the Penn World Table, and in some cases, to allocate resources … extrapolation of the previous round, ICP 2005. These discrepancies will eventually have important implications for the Penn World … Table, and for international comparisons of living standards. The world according to ICP 2011 looks markedly more equal than …

academics in studies of economic growth, particularly through the Penn World Table, and in some cases, to allocate resources … extrapolation of the previous round, ICP 2005. These discrepancies will eventually have important implications for the Penn World … Table, and for international comparisons of living standards. The world according to ICP 2011 looks markedly more equal than …

spatial effects (spatial error correlation and spatial lag dependence). We then provide LM tests for the individual random …