The catching up process in Czech Republic, Hungary and Poland is analysed by investigating the integration properties of log-differences in per-capita GDP vs. the EU15 and a Mediterranean country group. We account for structural changes by using unit root tests that allow for two endogenous...

The Expectations Hypothesis of the Term Structure (EHT) implies cointegration between interest rates of different maturities and predicts certain values for adjustment speed. We estimate reduced-form Vector Error Correction Models (VECMs) of the US term structure. These are derived from a...

This article proposes an unobserved components approach to disentangle the influence of unemployment on labour participation into a permanent and a cyclical part, connected to discouragement and added worker effect, respectively. By splitting up the participation effect of changes in the...