This paper discusses the concept of path dependence in macrodynamics, and identifies practical difficulties associated with building path-dependent macrodynamic models of the sort that Keynesians and Schumpeterians regard as necessary for the successful study of long-term growth and development....

This paper develops a set of leading indicators of industrial production growth and consumer price inflation for the period 2001-2010. The choice of indicators is based on pseudo out-of-sample forecasting exercise implemented by Stock and Watson (2003), amongst others. We find that asset prices...

The study discusses conditions and prospects for fast and durable growth in emerging market economies. In the course of history less than 30 nations have become rich and still more than 80 per cent of the world population lives in the middle and low-income countries, some of them in extreme...

In this paper, we test whether oil price predicts economic growth for 28 developed and 17 developing countries. We use predictability tests that account for the key features of the data, namely, persistency, endogeneity, and heteroskedasticity. Our analysis considers a large number of countries,...

En este documento se investiga acerca de la existencia y la identificación de un ciclo económico común entre Colombia, Ecuador y Venezuela. Se busca una evidencia de la sincronización de los ciclos económicos de estos países, a través de diferentes medidas no paramétricas, en conformidad...

Joining the European Union big opportunities in the international markets have opened for Latvia. Paper purpose is to investigate influence of international integration processes on development of economy of Latvia. Latvia's incoming in EU increased the amount of received means from structural...

This paper develops a set of leading indicators of industrial production growth and consumer price inflation for the period 2001-2010. The choice of indicators is based on pseudo out-of-sample forecasting exercise implemented by Stock and Watson (2003), amongst others. We find that asset prices...

Joining the European Union big opportunities in the international markets have opened for Latvia. Paper purpose is to investigate influence of international integration processes on development of economy of Latvia. In the paper Latvian economic indicators before and after entering the EU are...

For Latvia with incoming into the European Union big opportunities in the international markets have opened. Paper purpose is to investigate influence of international integration processes on development of economy of Latvia. In paper various indicators of a national economy before and after...

In the wake of the Greek debt crisis, concerns about the sustainability of public debt have intensified. As a result, from the summer of 2010 several euro area member states announced fiscal austerity measures. These adjustments have a significant impact on the economic outlook of the euro area...