Paap, Richard; Groen, Groen, J.J.J. - Faculteit der Economische Wetenschappen, Erasmus … - 2009
allow for stochastic breaks in regression parameters, where the breaks are described as occasional shocks of random … across the post-WWII period. Over the full 1960-2008 sample the framework indicates several structural breaks across … different combinations of activity measures. These breaks often coincide with, amongst others, policy regime changes and oil …