Having shown the important role of the Russian economy in the ex-USSR region by causality tests, we proceed to empirical analysis of growth and performance of the Russian regions. A dynamic panel data approach enabled us to obtain elasticity coefficients on proxies for convergence, physical...

This paper empirically investigates and theoretically reflects on the generality of the "stylized facts" discussed in business cycle analysis. Using OECD data for 1960 - 2010, the duration of business cycles as well as three models capturing core macroeconomic relations are estimated: based on...

We test the history-augmented Solow model with respect to its predictions on the patterns of divergence and convergence between the nowadays industrialized countries of the OECD. We show that the dispersion of incomes increased after the Industrial Revolution, peaked during the Second World War,...

We propose theory-based Monte Carlo simulations to quantify the extent to which the estimated speed of convergence depends on the underlying econometric techniques. Based on a theoretical growth model as the data generating process, we find that, given a true speed of convergence of around 5%,...

We assess the performance of widely-used dynamic panel data estimators based on Monte Carlo simulations of a dynamic economic process. Knowing the true underlying coefficient of the autoregressive term, we show that most estimators exhibit a severe bias even in the absence of measurement errors,...

Vadim Kufenko provides a theoretical and empirical analysis of various aspects of economic growth and income inequality in the Russian regions using different estimation techniques from the cross-section OLS and logistic models to dynamic panel data system GMM. The general period for the data is...