We model 'new ideas' production in a panel of 17 emerging countries. Our results reveal: (i) ideas production is duplicative, (ii) externality associated with domestic knowledge stocks is of above unit factor proportionality, (iii) OECD countries raise the innovation-bar for emerging countries,...

Convergence across regional economies has spurred one of the most debatable issues in contemporary research in economics. In this paper we seek to address the question of whether, during the period 1995-2004 the NUTS-2 regions of EU-26 exhibited a tendency to converge in terms of agricultural...

This paper tests for long-run output convergence between a sample of eight Latin American countries and over the study period 1900-2003. The key contribution of this paper is in terms of the econometric methodology where non-stationarity of log real per capita income differentials is tested...

A bi-directional relationship between FDI and economic reforms in ten Central European countries is tested, along with the role of the EU in breaking a potential vicious circle of insecurity, little investment, slow reforms, low prospects of EU membership and hence high insecurity. Using panel...

This paper investigates a Dutch data set on vacancy durations and numbers of applicants to inquire employer's search strategies. A non-sequential search process assumes that most vacancies are filled from a pool of applicants, which is formed shortly after the posting of the vacancy. The time...

I document price adjustments in both high and low inflation years from 14 milllion monthly price observations of 1,133 goods and services. The variation in the frequency of price changes explains all the variation in the inflation rate. On average, prices increase more often when inflation is...

This paper extends the procedure developed by Jurado et al. (2015) to allow the estimation of measures of uncertainty that can be attributed to specific structural shocks. This enables researchers to investigate the "origin" of a change in overall macroeconomic uncertainty. To demonstrate the...

In this paper we extend the Bayesian Proxy VAR to incorporate time variation in the parameters. A Gibbs sampling algorithm is provided to approximate the posterior distributions of the model's parameters. Using the proposed algorithm, we estimate the time-varying effects of taxation shocks in...

This study evaluates the performance of international securities markets by analysing the efficiency, economies of scale, and technological development in stock exchanges and securities settlement systems.Implications for future policy and market design are also addressed.This work provides...

This study analyses the Foreign Direct Investment (FDI) effects on the macroeconomic dynamics of Bolivian economy. For this purpose, a Structural Vector Autoregression model (SVAR) is used. The results show the expected signs according to economic theory, which implies a positive effect of...