We propose a coherent unified approach to the study of the linkages among economic growth, financial structure, and inequality, bringing together disparate theoretical and empirical literature. That is, we show how to conduct model-based quantitative research on transitional paths. With...

This paper considers regression models for cross-section data that exhibit cross-section dependence due to common shocks, such as macroeconomic shocks. The paper analyzes the properties of least squares (LS) and instrumental variables (IV) estimators in this context. The results of the paper...

In view of detecting the stochastic non-stationarity in time series, successive Yule-Walker estimates are considered for general seasonal ARIMA models and their asymptotic laws are obtained. This extends results known on least squares estimates for stable-unstable ARMA. Furthermore, these...