The causality between energy consumption and real income in developed countries has been a very vital research topic in recent years. Raising concerns about climate change and global warming increase the pressure on policy makers to take action against energy depletion. Unfortunately these...

We apply Bayesian Model Averaging procedures to a dataset on growth to estimate the output gap caused by the recent financial crisis. The special focus of this work lies in group of variables that may simultaneously cause countries to behave differently during episodes of economic recessions. In...