Using the Dynamic Conditional Correlation (DCC) model due to Engle (2002), we estimate time-varying correlations of quarterly real GDP growth among the G7 countries. In general, we find that rather heterogeneous patterns of international synchronization exist during US recessions. During the...

Using aggregate manufacturing data and a cross-section of 40 countries, we estimate the effects of trade, competition and country size on productivity. Endogeneity of trade and competition is accounted for using instruments that are based on entry barriers and geographical characteristics of the...

Using a panel cointegration approach we test for technology- and investment-led growth effects of economic integration for the EU-15 Member States over the period 1960 to 2000. Integration is measured by an index that is mainly based on tariff reductions and accounts for both GATT-liberalization...

This article provides evidence that globalization has contributed to global disinflation by making policy makers more aggressive towards fighting inflation. We estimate Taylor rules for 83 countries over the period 1985 to 2004 and find that the relative weight attached to the output gap is...