Existing gravity models of trade based on panel data are often static, that is, they only allow for contemporaneous effects of regressors on trade. However, there are numerous economic arguments suggesting that trade is a dynamic process. Hence, we extend the static model by including lags of...

The aim of this report is to foster a better understanding of past trends in, and drivers of, productivity growth in the countries of the European Union (EU) and of the interplay between productivity and monetary policy. To this end, a group of experts from 15 national central banks and the...