This paper analyzes and employs two versions of the Functional Central Limit Theorem within the framework of a unit root with a structural break. Initial attention is focused on the probabilistic structure of the time series to be considered. Later, attention is placed on the asymptotic theory...

The application of different unit root statistics is by now a standard practice in empirical work. Even when it is a practical issue, these statistics have complex nonstandard distributions depending on functionals of certain stochastic processes, and their derivations represent a barrier even...

En este trabajo se analizan los efectos de largo plazo de periodos de crisis de inflación sobre el crecimiento de la Productividad Total de los Factores (PTF) para 18 países de Latinoamérica durante el periodo de 1961 al 2000, utilizando la metodología de estimación de Método Generalizado...

En este trabajo se analizan los efectos de largo plazo de períodos de crisis de inflación sobre el crecimiento de la Productividad Total de los Factores (PTF) para 18 países de Latinoamérica durante el período de 1961 al 2000, utilizando la metodología de estimación de Método...

This paper provides evidence on the Harberger-Laursen-Metzler (HLM) effect for the case of Peru. The HLM effect is the deterioration in the savings level of an economy due to a decline in their terms of trade for a given level of investment. This deterioration is caused by lower revenues which...

Following the approach suggested by Engel and Kim (1999), we estimate the permanent and transitory components of the real exchange rates in four Latin-American countries for the period 1957:01 to 2002:04. Results suggest that transitory component is the driving force of the real exchange rates...

There has been a substantial amount of convergence between post-Keynesian and Marxist economics, the writings of Kalecki being common ground for both traditions. Still, some differences remain. While authors in both traditions seem to agree to a large extent on short-period issues, long-period...

We established, via finite sample simulations, that additive outliers have important effects on the exact size of the statistic for testing for Granger causality. An empirical application illustrates the effects of neglecting for additive outliers.

Empirical research indicates that the volatility of stock return time series have long memory. However, it has been demonstrated that short memory processes contaminated with random level shifts can often be confused as being long memory. Often this feature is referred to as spurious long...