In this paper we argue that measured (RPI) inflation is conceptually mismatched with core inflation: the difference is more than just "measurement error". We propose a technique for measuring core inflation, based on an explicit long-run economic hypothesis. Core inflation is defined as that...

This paper shows how standard methods can be used to formulate and estimate a dynamic index model for random fields—stochastic processes indexed by time and cross section where the time-series and cross-section dimensions are comparable in magnitude. We use these to study dynamic comovements...

We review the role of R&D in endogenous growth theory, and describe extant empirical research macro and micro bearing on R&D as an engine of growth. Taking R&D to be key while recognizing the significance of economic incentives emphasizes knowledge as an economic object and, more generally, the...

This paper documents the dynamics of growth and convergence across regions in the Cohesion countries, comparing them to patterns across countries in the world, regions in Europe and more broadly, and regions in non-Cohesion EU member states. Among the Cohesion economies, Spain and Portugal have,...

This paper studies cross-country patterns of economic growth from the viewpoint of income distribution dynamics. Such a perspective raises new empirical and theoretical issues in growth analysis: the profound empirical regularity is an "emerging twin peaks" in the cross-sectional distribution,...

Per capita incomes across European regions are not equal and do not stay constant; regional income distributions fluctuate over time. Such a process could have many possible limiting outcomes: complete equality (convergence), stratification, and continually increasing inequality are but three...

The paper uses a model of growth and imperfect capital mobility across multiple economies to characterize the dynamics of (cross-country) income distributions. This allows convenient study of the convergence hypothesis, ad reveals, where appropriate, polarization and clumping within subgroups....