Based on the macroeconomic VAR model for total employment and sectoral employment shares developed by Campbell and Kuttner (1996) we extend the model to a multivariate ARCH in mean (ARCH- M) model. We investigate the question of whether volatile growth in sectoral employment shares has an impact...

A VAR-GARCH-M model for aggregate employment and employment shares is developed to explore the macroeconomic effects of sectoral shocks. Using U.S., U.K. and German data, three main issues are investigated: the relevance of shocks volatility; the amount of aggregate employment growth variation...

In this paper we present the current crisis of the Italian economy as a phase of a major systemic decline. The social political system has led to a framework that has violated the fundamentals of sustained economic growth. An unhealthy implicit contract between the social-political elites and...

This study revisits the sectoral shifts hypothesis for the US for the period 1948 to 2011. A quantile regression approach is employed in order to investigate the asymmetric nature of the relationship between sectoral employment and unemployment. Significant asymmetries emerge. Lilien’s...

This study revisits Lilien’s sectoral shifts hypothesis for the US. We employ quantile regression estimation in order to investigate the asymmetric nature of the relationship between sectoral employment and unemployment. Significant asymmetries emerge. Lilien’s dispersion index is...

This paper re-examines Lilien’s sectoral shifts hypothesis for U.S. unemployment. We employ a monthly panel that spans from 1990:01 to 2011:12 for 48 U.S. states. Panel unit root tests that allow for crosssectional dependence reveal the stationarity of unemployment. Within a framework that...

Despite the recognition of entrepreneurship as one of the main determinants of rural economic development, empirical research in this field is relatively sparse. Thus, there is little evidence on the role and function of rural entrepreneurs, the driving force behind the birth, survival and...