Within the EU region, the emerging policy orientation of pursuing balanced or in-surplus budgets as a means of revitalising investment has dominated economic policy. Nonetheless, the notion that saving must be boosted in order to expand investment, is a contention that has to be taken with a...

This article focuses on the measurement of economic efficiency of firms in an industry in a dynamic framework, where R&D investments and learning experience play critical roles. Dynamic aspects of cost and production efficiency and the impact of capital through learning by doing are developed...

This article provides new evidence on both long run and short-run determinants of trade balance for Fiji and investigates evidence of J-curve adjustment behaviour in the aftermath of a devaluation. We adopt a partial reduced form model that models the real trade balance directly as a function of...

In this paper the method-production frontier analysis is used to analyse differences in efficiency between different Swedish Employment Offices. Earlier empirical labour market policy evaluation studies have utilised various measures that, however, do not take into consideration differences...

Levine & Zervos (1998) presented cross-country econometric evidence showing that, in a sample of 47 countries, stock market liquidity contributed a significant positive influence on GDP growth between 1976-93. We show that the Levine-Zervos results are not robust to alternative specifications...

This paper tests whether a wage curve—a negative relationship between the level of unemployment and the level of pay—existed in Chile during 1957-96. The analysis is divided into two periods. For 1957-73, during inward-led development, we reject the existence of a wage curve. For 1974-96,...

Explicit modelling of factor markets clarifies two fundamental aspects of the New Keynesian Phillips Curve (NKPC). First, we clarify the relationship between output and marginal cost. Second, for the NKPC in inflation-output space, we identify the key stochastic influences on inflation without...

This study estimates and compares the competing optimising and non-optimising balance of trade models using Indian data. The results obtained from the optimising model suggest that the prices relative to user cost of capital and the real wealth lead to a deterioration, while the real capital...

This paper discusses the current 'new consensus' view on monetary policy and the theoretical framework on which that practical view relies, namely, the 'targets-and-instrument approach'. We argue that in the modern world of financial innovation and liability management central banks cannot...

The objective of this paper is to investigate the causes of the recurrences of individuals in unemployment during benefit periods. So as to attain this objective, we use administrative data from the Spanish Employment Agency to estimate a duration model with multiple spells that allows for...