This paper analyses the economic performance of European Regions and computes the Total Factor Productivity (TFP) using a panel cointegration approach. The main idea behind this choice is that this approach allows to directly estimate differences across economies in the production function and...

This paper investigates the variation in entrepreneurship across cities of the Commonwealth of Independent States during 1995-2008, utilising a unique dataset and employing the System Generalised Method of Moments technique. Our findings suggest that banking reform facilitates entrepreneurship,...

Using local labour systems data, this work aims at assessing the effects of sectoral shifts and industry specialisation patterns on regional unemployment in Italy over the years 2004-2008, when huge worker reallocation caused by changes in the international division of labour occurred. Italy...

Using distance and time zone differences as a measure for coordination costs between service suppliers and consumers, we employ a Hausman-Taylor model for services trade by foreign affiliates. Given the need for proximity in the provision of services, factors like distance place a higher cost...

When dealing with credit booms driven by capital inflows, monetary authorities in emerging markets are often reluctant to raise interest rates, as they fear that an increase attracts even more capital and appreciates the currency. A number of countries therefore use reserve requirements as an...

This paper proposes a cumulative error correction model where the summing weights follow a geometrically decreasing function of prior deviations from equilibrium and are estimated from the data. It is shown that this approach is located in between the traditional error correction model - where...

This study analyzes the role of tax policy in gasoline prices in Turkey by utilizing time series techniques. It provides and compares empirical results by using daily gasoline prices between January 2005 and July 2012, with and without the effect of taxation. Our results, based on the standard...

Virtually all empirical firm-level studies on the demand for labor do not include labor cost in the econometric specification. This is due to the fact that business and innovation survey data usually lack information on labor cost. This paper shows how reliable skill-specific and firm-specific...

This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in the growth rate of the money supply. We examine the Phillips curve from the perspective of what we call "frictional growth", i.e. the interaction between money growth and...