This paper examines organisational forms in the car industry, in order to derive stylised facts that can be used to medel the interaction between firm structure and market structure. The analysis of the car industry since 1945 points to a fundamental change in production technology, that brought...

The authors provide an epistemic analysis of forward induction in games with complete and incomplete information. They suggest that forward induction may be usefully interpreted as a set of assumptions governing the players' belief revision processes, and define a notion of strong belief to...

A well-known result from the analysis of the monetary policy coordination of two countries is that coordination of the two policies pareto-dominates the outcome of the non-cooperative game. Hence, both countries will always have an incentive to form a Union when it is ensured that the other...

This paper analyzes the interplay of growth, distribution and public policy when the latter depend on economically important fundamentals. It is shown that not only pro-capital, but also pro-labour or income egalitarian policies lead to high growth. The paper argues that the long-run...

We criticise existing empirical results on the detrimental effects of natural resource dependence on the rate of economic growth after controlling for institutional quality, openness and initial income. These results do not survive once we use instrumental variables to correct for the endogenous...

This paper deals with the estimation and testing of conditional duration models by looking at the density and baseline hazard functions. More precisely, we focus on the distance between the aprametric density (or hazard rate) function implied by the duration process and its non-parametric estimate.

Using business survey data on German manufacturing firms, this paper provides tests for hypotheses that predict distributrional effects in the transmission mechanism of monetary policy. Effects of monetary policy shocks on the business conditions of firms of several size classes are analysed,...

This paper analyses two features of concern to policy-makers in the countries of the prospective European Monetary Union: The solvency of their governments finances; and the accuracy of fiscal forecasts.

Using annual US data for gross domestic product originating by sector between 1947 and 1997 it is shown that a negative long-run relationship between inflation and the markup is present across the sectors as well as in the aggregate. A preliminary explanation based on indutry structure is...

In this paper, we analyse the properties of recursive trend adjusted unit root tests. We show that OLS based recursive trend adjustment can produce unit root tests which are not invariant when the data is generated from a random walk with drift and investigate whether the power performance...