We give an appraisal of the New Keynesian Phillips curve (NPCM) as an empirical model of European inflation. The favourable evidence for NPCMs on euro-area data reported in earlier studies is shown to depend on specific choices made about estimation methodology. The NPCM can be re-interpreted as...

The paper utilizes data for north-east England over the period 1985-98 to examine if foreign-owned start-up plants achieve their job targets. Different models are estimated, each shedding light on the relationship between the jobs promised by plants in their initial investment and their actual...

This paper builds a quarterly Divisia monetary aggregate for the euro area using area-wide data over the sample period from 1980 to 2000, finding two main results. First, it is found that the demand for this monetary aggregate has been well behaved and relatively stable over the last two...

This paper presents estimates of the long-term impact of various sources of knowledge (R&D performed by the business sector, the public sector and foreign firms) on multifactor productivity growth of 16 countries from 1980 to 1998. The main results show that the three sources of knowledge are...

The potential shortcomings of the regression (or stochastic) approach for computing exact standard errors of the Gini coefficient using ordinary least squares or weighted least squares are pointed out. Copyright 2004 Blackwell Publishing Ltd.

We provide international evidence on the issue of whether the optimizing IS equation is more stable than a backward-looking alternative. This evidence consists of estimates of IS equations on quarterly data for the UK and Australia, both for the full sample of the last 40 years and for the...

We compare alternative forecast pooling methods and 58 forecasts from linear, time-varying and non-linear models, using a very large dataset of about 500 macroeconomic variables for the countries in the European Monetary Union. On average, combination methods work well but single non-linear...

<link rid="q1" />We provide the first Spanish evidence about the effects on re-employment probabilities of variations in benefit levels and time-to-exhaustion. Increases in unemployment insurance (UI) benefit levels had a small disincentive effect on the re-employment hazard on average. Around this average,...

We suggest a strategy to evaluate members of a class of New-Keynesian models of a small open economy. As an example, we estimate a modified version of the model in Svensson ["Journal of International Economics" (2000) Vol. 50, pp. 155-183] and compare its impulse response and variance...

We consider tests of the null hypothesis of stationarity against a unit root alternative, when the series is subject to structural change at an unknown point in time. Three extant tests are reviewed which allow for an endogenously determined instantaneous structural break, and a related fourth...