This paper considers estimation in a stationary heterogeneous panel model where common unknown factors are present. A two-stage estimator is proposed. This estimator is based on the CCE estimator (Pesaran, 2006) in the first stage and on a similar approach to the Interactive Effect estimator...

Regional sustainability encourages a re-examination of development programs in the context of environmental, social and economic policies and practices. However, sustainability remains a broadly defined concept that has been applied to mean everything from environmental protection, social...

The shape and dynamics of the yield curve provide useful information in the analysis of current economic and financial developments, and market expectations. This article describes the key theoretical factors affecting the yield curve and examines their role in the developments in advanced and...

This paper presents a revised version of the DIW Economic Barometer, the business cycle index of the German Institute for Economic Research (DIW Berlin). As in earlier versions, we put forward a factor model on a monthly frequency to filter the latent state of the aggregate economy. In the new...

This paper presents a revised version of the DIW Economic Barometer, the business cycle index of the German Institute for Economic Research (DIW Berlin). As in earlier versions, we put forward a factor model on a monthly frequency to filter the latent state of the aggregate economy. In the new...