This paper compares the business cycle features of the EC economies using quarterly and annual data since 1960 and the Real Business Cycle model as a guidance. The evidence suggests that there are remarkable similarities between the business cycle pattern of these countries, despite significant...

In this paper we look at the behaviour of maintenance, utilization and physical depreciation over the business cycle. We do so within the context of a real business cycle model where the decisions of firms about physical capital utilization, maintenance, and improvement or scrapping are...

This Paper examines the past growth performance of the Greek economy and examines the outlook for future growth in light of the macroeconomic stabilization that was achieved over the last half of the 1990s and following Greece's admission to the Euro currency zone. The Greek economy performed...

In this paper we obtain the time-consistent solution to a stochastic dynamic version of the strategic export subsidy problem. The dynamic structure of the problem emanates either from an exhaustible resource or from a learning-by-doing technology. In any given period, nature ‘chooses’ the...

The paper compares the cyclical behaviour of the Greek economy to that of the other EC economies, using quarterly and annual data since 1960 and the Real Business Cycle model as a theoretical framework. The evidence suggests that there are remarkable similarities in these features despite...

In this paper, the authors develop and estimate time-series models of the rational-expectations equilibrium laws of m otion for several U.S. commodity imports: bauxite, cocoa, coffee, and petroleum. The theoretical model is based upon the optimizing behavi or of firms that import in the presence...