This study recognizes explicitly the efficiency gain or loss as a source in explaining the growth. A theoretically consistent method to estimate the decomposition of dynamic total factor productivity growth (TFP) in the presence of inefficiency is developed which is constructed from an extension...

The structure of farming activity under the provisions of the generalized regime of the Common Agricultural Policy involving both the first and second pillar elements is modelled. Independently of whether regulated agents exhibit unbounded or bounded rationality, the impact of the different type...

In this paper drawing from the theoretical framework developed by Shieh et al., (2002), we present an endogenous growth model to empirical analyze the growth maximizing allocation of public capital among military spending and investment in infrastructure. Using this general model of public...

The joint evolution of participating and complying firms in a public VA, along with the evolution of the pollution stock is examined. Replicator dynamics modeling participation and compliance are combined with pollution stock dynamics. Fast-slow selection dynamics are used to capture the fact...

We develop a conceptual framework for valuing bioversity from an economic perspective. We consider bioversity important because of a number of characteristics or services that it provided of enhances. We attribute bioversity loss to economic activities related to decisions of private optimizing...

This paper uses cointegration and common trends techniques to investigate empirically the expectations hypothesis of the term structure of interest rates in the 10 new EU countries, and the 2 core EMU countries, France and Germany. By decomposing each term structure into its transitory and...

We examine whether the use of the environment, proxied by CO2 emissions, as a factor of production contributes, in addition to con- ventional factors of production to output growth, and thus it should be accounted for in total factor productivity growth (TFPG) mea- surement and deducted from the...

In this paper we present an endogenous growth model to analyze the growth maximizing allocation of public investment among N different types of public capital. Using this general model of public capital formation, we analyze the stability of the long-run equilibrium and we derive the...

This short empirical paper examines the unemployment dynamics in Greece both in the long run and during the current crisis. Using monthly data from 2001 until mid-2012 it finds that unemployment fluctuations were predominantly driven by the job finding rate. Nevertheless, during the current...