Emerging markets are more volatile and face different types of shocks, in size and nature, compared to their developed counterparts. Accurate identification of the stochastic properties of shocks is difficult. We show evidence suggesting that uncertainty about the underlying stochastic process...

Business cycles are expected to contribute to drive the dynamics of inequality of countries. This paper provides new stylized facts about the relationship between business cycles and inequality. We study the cross-correlations of filtered series of inequality, on the one side, and macro-economic...

Convergence and synchronisation of business and growth cycles are important issues in the efficient formulation of euro area economic policies, and in particular European Central Bank (ECB) monetary policy. Although several studies in the economics literature address the issue of synchronicity...

Using data for SAARC region, we found real GDP per capita is nonlinear stationary implying that shocks to economy by economic policies (external or internal) have permanent effects on real per capita GDP of SAARC countries. This finding reveals that classical growth model works better to boost...

Convergence and synchronisation of business and growth cycles are important issues in the efficient formulation of euro area economic policies, and in particular European Central Bank (ECB) monetary policy. Although several studies in the economics literature address the issue of synchronicity...

In this work, we study the short- and long-run properties of different inequality series vis-à-vis the most important macroeconomic series for a set of OECD countries. We employ standard tools of time series macro-econometrics (e.g. stationarity tests, detrending, comovements analysis,...

Business cycles, the ups and downs observed somewhat simultaneously in numerous macroeconomic variables in an economy and often measured using real GDP, are important and, despite much economic research, still incompletely understood. A method for ex-post dating of the business cycle in the Euro...

The investigation of the growth-volatility link is an important one in empirical macroeconomics. There is no empirical evidence supporting the predictions of recent theoretical models that incorporate and explicitly recognize the role of human capital in this link. Using a panel data, we show...

The unprecedented 11 September 2001 terrorist attacks in the United States caused massive casualties and damage, and ushered in an era of greater uncertainty. While a prompt and vigorous policy response helped limit the immediate economic impact of the aggression, the heightened terrorist threat...

In a dynamic general equilibrium setup, this paper highlights the role of vintages and creative destruction in business fluctuations. By stressing the forward-looking characteristic of the optimal scrapping rule, we use a standard rational expectations argument to show the constancy of the...