Padoan examines the properties of a dynamic disequilibrium model focused on trade specialization and the accumulation of knowledge. He uses a sector breakdown (four export and two import sectors) following pavittis (1984) taxonomy, which is especially appropriate for empirically analyzing the...

We explore the role of business services in knowledge accumulation and growth and the determinants of knowledge diffusion including the role of distance. A continuous-time model is estimated on several European countries, Japan, and the United States. Policy simulations illustrate the benefits...

This paper is a step in the direction of a larger research project aimed at determining the long run equilibrium value of the euro/dollar real exchange rate. Given this value, one could then give a precise meaning to the notion of undervaluation or overvaluation of the euro, and calculate its...