Harvey, Andrew C.; Carvalho, Vasco M. - In: Journal of Applied Econometrics 20 (2005) 2, pp. 275-289
Multivariate unobserved components (structural) time series models are fitted to annual post-war observations on real income per capita in countries in the Euro-zone. The aim is to establish stylized facts about convergence as it relates both to long-run and short-run movements. A new model, in...