The aim of this paper is to examine the goodness-of-fit of several aggregated production functions including the Cobb-Douglas function, the Mankiw, Romer and Weil model, or Mincer's specification for a set of 30 European countries during the period 2006-2015. The dependent variable was economic...

This paper discusses a theoretical possibility of expanding the coverage of illegal economic activities (IEAs) in possible areas that go beyond the minimum recommendations adopted in a number of European countries. It also investigates the relevance and sources for statistics on additional IEAs...

Part I The first part of the paper is devoted to the monetary indicators of social welfare. It is shown which methods of quantitative estimating the aggregate wealth and well-being are available in the modern economic theory apart from the traditional GDP measure. The limitations of the methods...

Part II The second part of the paper is devoted to the non-monetary indicators of social welfare. Various approaches to the study of subjective well-being and happiness are described. The author shows what problems a researcher would encounter trying to analyze welfare on the micro-level and to...

The main aim of this paper is to analyse the reaction of real unit labour costs and labour productivity in the EU Member States to cyclical fluctuations in the economy of the EU and in the context of different starting positions for each state. The starting position of the states was determined...

This paper provides a new data set of regional income inequalities within countries based on satellite nighttime light data. We first empirically study the relationship between luminosity data and regional incomes for those countries where regional income data are available. We subsequently use...

The islands of Cyprus and Malta have been considered as similar economically to other South-Eastern European states, despite the lack of historical evidence to prove it. The paper uses recently complied primary sector output estimates for the interwar period (1921 – 1938) to evaluate that the...

This article shows that the business cycle magnitude and the output gap strongly varied in the Lebanon between 1970 and 2008, the most important variations taking place from 1975 to 1990 corresponding to the period of the civil war. Nevertheless, a decrease in the discrepancy between these two...

Housing prices diverge from construction prices after 1997 in four major countries. Besides, TFP differences between construction and the general economy account for the evolution of construction prices in the U.S. and Germany, but not in the U.K. and Spain.

This paper estimates that the macroeconomic damages from climate change are six times larger than previously thought. We exploit natural variability in global temperature and rely on time-series variation. A 1°C increase in global temperature leads to a 12% decline in world GDP. Global...