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Testing for Convergence Clubs in Income per-capita: A Predictive Density Approach

Canova, Fabio - C.E.P.R. Discussion Papers - 1999

The paper proposes a technique to test jointly for groupings of unknown size in the cross-sectional dimension of a panel and estimates the parameters of each group, applying it to identifying convergence clubs in income per-capita. The approach uses the predictive density of the data,...

Persistent link: https://www.econbiz.de/10005498110

The Poor Stay Poor: Non-Convergence Across Countries and Regions

Canova, Fabio; Marcet, Albert - C.E.P.R. Discussion Papers - 1995

We study the issue of income convergence across countries and regions with a Bayesian model which allows us to use information in an efficient and flexible way. We argue that the very slow convergence rates to a common level of per-capita income found, for example, by Barro and Sala-i-Martin, is...

Persistent link: https://www.econbiz.de/10005067447

The Empirics of Economic Growth in Previously Centrally Planned Economies

Leamer, Edward; Taylor, Mark P - C.E.P.R. Discussion Papers - 1994

We develop a novel Bayesian pooling technique to estimate aggregate production functions for the previously centrally planned economies (PCPEs) of Eastern Europe and for Western economies, as well as for a group of developing countries. This technique adjusts for the low quality of the PCPE data...

Persistent link: https://www.econbiz.de/10005124216

Productivity Growth, Human Capital, and Technology Spillovers: Nonparametric Evidence for EU Regions

Badinger, Harald; Egger, Peter; von Ehrlich, Maximilian - C.E.P.R. Discussion Papers - 2013

This paper assesses the strength of productivity spillovers non-parametrically in a data-set of 12 industries and 231 NUTS2 regions in 17 European Union member countries between 1992 and 2006. It devotes particular attention to measuring catching up through spillovers depending on the technology...

Persistent link: https://www.econbiz.de/10011083265

International Capital Flows and the Boom-Bust Cycle in Spain

In 'T Veld, Jan; Kollmann, Robert; Pataracchia, Beatrice; … - C.E.P.R. Discussion Papers - 2014

government. We estimate the model using 1995Q1-2013Q2 data for Spain, the rest of the Euro Area (REA) and the rest of the world … for Spanish households and firms, as well as a fall in the interest rate spread between Spain and the REA fuelled the … Spanish output boom and the persistent rise in foreign capital flows to Spain, before the global financial crisis. During and …

Persistent link: https://www.econbiz.de/10011083472

Mismeasuring Long Run Growth. The Bias from Spliced National Accounts

Prados de la Escosura, Leandro - C.E.P.R. Discussion Papers - 2014

this paper for the particular case of Spain, a fast growing country in the second half of the twentieth century. It is …

Persistent link: https://www.econbiz.de/10011084295

The Sources of Long-run Growth in Spain 1850-2000

Prados de la Escosura, Leandro; Rosés, Joan R. - C.E.P.R. Discussion Papers - 2007

Between 1850 and 2000, Spain’s real income increased by about 40-fold, at an average rate of 2.5 percent. The sources … European Union Spain has experienced a dramatic productivity slowdown. …

Persistent link: https://www.econbiz.de/10005124439

Forecasting and Turning Point Predictions in a Bayesian Panel VAR Model

Canova, Fabio; Ciccarelli, Matteo - C.E.P.R. Discussion Papers - 2001

We provide methods for forecasting variables and predicting turning points in panel Bayesian VARs. We specify a flexible model that accounts for both interdependencies in the cross section and time variations in the parameters. Posterior distributions for the parameters are obtained for...

Persistent link: https://www.econbiz.de/10005504253

Estimating Macroeconomic Models: A Likelihood Approach

Fernández-Villaverde, Jesús; Rubio-Ramírez, Juan … - C.E.P.R. Discussion Papers - 2006

This paper shows how particle filtering allows us to undertake likelihood-based inference in dynamic macroeconomic models. The models can be nonlinear and/or non-normal. We describe how to use the output from the particle filter to estimate the structural parameters of the model, those...

Persistent link: https://www.econbiz.de/10005504323

Robust Portfolio Optimisation with Multiple Experts

Lutgens, Frank; Schotman, Peter C - C.E.P.R. Discussion Papers - 2007

We consider mean-variance portfolio choice of a robust investor. The investor receives advice from J experts, each with a different prior for the distribution of returns. Confronted with these multiple priors the investor follows a min-max portfolio strategy. We study the structure of the robust...

Persistent link: https://www.econbiz.de/10005497881