We adopt a time-varying cointegration test to discriminate among different empirical studies claiming to find a stable Euro Area money demand equation. A time invariant relation explaining real balances is rejected by data, even when accounting for housing, financial and labour markets....

This paper tackles one of the most persistent criticism of patent statistics. Because not all inventions are patented, the patent-to-R&D ratio reflects both a productivity effect (the number of inventions created per unit of research input) and a propensity effect (the proportion of inventions...

This paper describes how we constructed a real time database for the euro area covering more than 200 series regularly published in the European Central Bank Monthly Bulletin, as made available ahead of publication to the Governing Council members before their first meeting of the month. We...

Developing countries argue that because of their historical responsibility, developed countries should be the ones to bear the costs of climate change mitigation. This paper revisits this argument throughout the analysis of clean technology diffusion between developed and developing countries in...

The paper investigates the effect of child malnutrition on the risk of mortality in Burundi, a very poor country heavily affected by civil war. We use anthropometric data from a longitudinal survey (1998-2007). We find that undernourished children, as measured by the height-for-age z-scores...

This article deals with Stein characterizations of probability distributions. We provide a general framework for interpreting these in terms of the parameters of the underlying distribution. In order to do so we introduce two concepts (a class of functions and an operator) which generalize those...

This paper presents a quality index for patent systems. The index is composed of nine operational design components that help shape the transparency of patent systems and affect the extent to which they comply with patentability conditions. Seven factors are related to rules and regulations...

I study the effects of intertemporal emission permits trading in a cap-and-trade scheme when firms' abatement investments have long-term effects. In a two-period general equilibrium model, firms make trading and investment decisions in each period to meet their caps. I compare equilibrium...

In this paper we examine the robustness properties of a specific type of orientation in the context of efficiency measurement using partial frontiers. This so called unconditional hyperbolic-quantile estimator of efficiency has been recently studied by Wheelock and Wilson (2008) and can be seen...

We examine patterns of acquiring non-native languages in a model with two linguistic communities with heterogeneous learning skills, where every individual faces the choice of self-learning the foreign language or acquiring it at a profit-maximizing linguistic school. We consider a one-school...