This paper briefly presents new empirical tests of the convergence hypothesis based on panel data. We apply a modified Evans and Karras [1996] testing procedure to three samples (Europe, OECD and World). We propose a nested tests procedure to characterize various convergence processes: absolute...

This paper assesses the magnitude of bias in reported estimates of the productive contribution of public capital stock to private factors productivity and growth. The standard approach is taken, based on a production function, in order to estimate structural parameters on simulated pseudo...

In this study, we systemically apply nine recent panel unit root tests to the same 14 macroeconomic and financial series as those considered in the seminal paper by Nelson and Plosser (1982). The data covers OECD countries from 1950 to 2003. Our results clearly point out the difficulty that...

We study the impact of the bank lending channel and loan market disequilibrium on the efficiency of the monetary policy transmission in Poland since 1994. First, we develop a simple credit-augmented model with an interest rate control, flexible prices and an imperfect nominal wage indexation....

The authors provide various estimates of the government net capital stocks for a panel of 26 developing countries over the period 1970-2001. Two kinds of internationally comparable series of public capital stocks are presented. The first estimates are based on the standard perpetual inventory...

Using panel data models, the author examines the threshold effects of the productivity of infrastructure investment in developing countries. He considers various specifications of an augmented production function that allow for endogenous thresholds. More precisely, these specifications are...

This paper analyses the basic features of technical and distributional changes in the US since the Civil War as the expression of the gradual emergence of a new paradigm, corresponding to a Managerial Revolution, and its replacement of the earlier organization inherited from the Industrial...