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Illusive Persistence in German Unemployment
Tschernig, Rolf J.V.; Zimmermann, Klaus F - C.E.P.R. Discussion Papers - 1992
The non-stationarity of many macroeconomic time series has lead to an increased demand for economic models that are able to generate fragile equilibria. For instance, in this literature the natural unemployment rate is allowed to shift over time depending on past unemployment. Actually, many...
Persistent link: https://www.econbiz.de/10005666959
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Cross-Sectional Heterogeneity and the Persistence of Aggregate Fluctuations
Michelacci, Claudio - C.E.P.R. Discussion Papers - 2004
The micro evidence indicates that small firms grow faster than big firms. I argue that this relationship between the expected growth rate of a firm and its size may provide a micro foundation for the well-known high degree of persistence of shocks to aggregate output. The logic goes as follows....
Persistent link: https://www.econbiz.de/10005114433
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Multinational Enterprises and New Trade Theory: Evidence for the Convergence Hypothesis
Barrios, Salvador; Görg, Holger; Strobl, Eric - C.E.P.R. Discussion Papers - 2001
According to the ‘convergence hypothesis’, multinational companies will tend to displace national firms and trade as … measures are then used to test the convergence hypothesis for a panel of data of country pairs over the years 1985-96. Our … results provide some empirical support for the convergence hypothesis. …
Persistent link: https://www.econbiz.de/10005504219
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GMM Estimation of Empirical Growth Models
Bond, Stephen Roy; Hoeffler, Anke; Temple, Jonathan - C.E.P.R. Discussion Papers - 2001
This Paper highlights a problem in using the first-differenced GMM panel data estimator to estimate cross-country growth regressions. When the time series are persistent, the first-differenced GMM estimator can be poorly behaved, since lagged levels of the series provide only weak instruments...
Persistent link: https://www.econbiz.de/10005504299
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Neoclassical Growth and Commodity Trade
Cuñat, Alejandro; Maffezzoli, Marco - C.E.P.R. Discussion Papers - 2002
countries. Moreover, it does not necessarily yield convergence in levels for identically parameterized economies. All in all …
Persistent link: https://www.econbiz.de/10005504435
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Technological Diffusion, Convergence and Growth
Barro, Robert J.; Sala-i-Martin, Xavier - C.E.P.R. Discussion Papers - 1995
We construct a model that combines elements of endogenous growth with the convergence implications of the neoclassical … costs to increase reduces followers' growth rates and thereby generates a pattern of conditional convergence. We discuss how …
Persistent link: https://www.econbiz.de/10005504608
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Workers, Machines and Economic Growth
Zeira, Joseph - C.E.P.R. Discussion Papers - 1995
This paper models technology adoption as replacing workers by machines, which perform the same job in the production process. The paper shows that such modelling of technology adoption affects significantly the analysis of economic growth. This model can explain large and persistent...
Persistent link: https://www.econbiz.de/10005504740
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Tests of the `Convergence Hypothesis': A Critical Note
Cohen, Daniel - C.E.P.R. Discussion Papers - 1992
I argue in this paper that the `speed of convergence' estimated in recent works on `convergence' does not capture … `actual' convergence towards a steady state, but rather conditional dynamics towards a moving target. Although this … conditional convergence can be taken to imply that there are decreasing returns to such storable assets as physical and human …
Persistent link: https://www.econbiz.de/10005504752
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The Geography of Multi-Speed Europe
Martin, Philippe; Ottaviano, Gianmarco - C.E.P.R. Discussion Papers - 1995
lower income. We analyse the effect of different integration sequences on industrial location and convergence during the …
Persistent link: https://www.econbiz.de/10005497760
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Knowledge Spillovers at the World's Technology Frontier
Keller, Wolfgang - C.E.P.R. Discussion Papers - 2001
Convergence in per capita income turns on whether technological knowledge spillovers are global or local. Global … spillovers favour convergence, while a geographically limited scope of knowledge diffusion can lead to regional clusters of …
Persistent link: https://www.econbiz.de/10005497902