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In this paper, we test the presence of stochastic trend in long series of US real GNP measured by Balke and Gordon … to make the test in small samples powerful. We obtain mixed results on the presence of a unit root in the GNP and GNP per … reconstruction on the data, we show that the US real GNP series is characterized by a deterministic trend on the post-1929 period. …
Persistent link: https://www.econbiz.de/10011278543
The per iodic structure of business cycles suggests that significant asymmetries are present over different phases of the cycle. This paper uses markov regime-switching models with fixed and duration dependent transition probabilities to directly model expansions, contractions and durations in...
Persistent link: https://www.econbiz.de/10009447874
This paper estimates the causal relationships between energy consumption and income for India, Indonesia, the Philippines and Thailand, using cointegration and error-correction modelling techniques. The results indicate that, in the short-run, unidirectional Granger causality runs from energy to...
Persistent link: https://www.econbiz.de/10009448215
Currency debasement, defined as a loss of precious metal content (intrinsic value) of the circulating penny currencies over time, was a common feature in the monetary history of Europe, c. 1400–1900. Over the centuries the loss rate was sustained; between 1400 and 1900 A. D. the (south) German...
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This course will focus on the environment of firms with particular emphasis on economic variables such as GNP …
Persistent link: https://www.econbiz.de/10009433297
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Conventional econometric analysis using VEC suggests that there is a long-term relationship between nominal world GDP and nominal world exports. The analysis cannot say anything about the causal relationships between the levels of GDP and exports. But it says a lot about the rules governing the...
Persistent link: https://www.econbiz.de/10009765435