This paper estimates the GDP gap in Venezuela by means of the structural VAR methodology and the Blanchard and Quah decomposition for the period 1999:1-2010:4. We use quarterly data for the inflation rate, real GDP, unemployment rate, and oil prices. We identify fiscal and monetary innovations...

This paper investigates methods of assessing dynamic efficiency, points out their shortcomings and develops a new criterion of determining whether or not an economy accumulates too much capital. This criterion is then applied to the OECD countries as well as China. The analysis sheds a new light...

This paper investigates methods of assessing dynamic efficiency, points out their shortcomings and develops a new criterion of determining whether or not an economy accumulates too much capital. This criterion is then applied to the OECD countries as well as China. The analysis sheds a new light...

This paper investigates methods of assessing dynamic efficiency, points out their shortcomings and develops a new criterion of determining whether or not an economy accumulates too much capital. This criterion is then applied to the OECD countries as well as China. The analysis sheds a new light...

The objective of this paper is to highlight the idea according to wish the current misery of the DRC would be mainly dependent on the debt crisis of the years 1970-1980. To analyze this problem, the econometric approach was privileged and more precisely the cointegration. By the cointegration,...

Abstract The paper determines whether minimum wage stimulates economic growth in Ghana, for the period 1984-2013, using autoregressive distributed lag (ARDL) bounds testing approach to cointegration, within an error correction framework. A preliminary test provides evidence of correlation...

Growth performance of African countries since their independence in the late 1950s until mid-1990s is qualified by many scholars as a tragedy. Geography, ethnic fractionalization, conflicts and wars, bad policies, predatory elites, and many other phenomena were the factors presumed to explain...

Composition of capital varies systematically with incomes: rich countries have higher equipment capital shares than poor countries. Also, equipment production is highly concentrated and most countries import equipment. I investigate the quantitative importance of equipment trade for capital...

Income differences across countries are enormous. In this paper, I quantify a novel channel through which countries gain from equipment trade: composition of capital. During 1985-2005, while the rich-poor gap in aggregate capital-output ratio is relatively stable, composition of capital evolved...

Income differences across countries are enormous. In this paper, I quantify a novel channel through which countries gain from equipment trade: composition of capital. Over time, while the rich-poor gap in the aggregate capital-output ratio has been relatively stable, composition of capital has...