Argentina is the only country in the world that was 'developed' in 1900 and 'developing' in 2000. Although various underlying reasons have been identified (chiefly political instability, financial development, inflation, trade openness, and international financial integration), no study has...

Previous research shows that technical progress at the industry level, measured by sectoral TFP growth, is more localized in continental European countries than in Anglo-Saxon coun-tries. We use EU KLEMS data sets to decompose sectoral TFP for nine European countries by means of a Malmquist...

The standard two-sector monetary business cycle model suffers from an important deficiency. Since durable good prices are more flexible than non-durable good prices, optimising households build up the stock of durable goods at low cost after a monetary contraction. Consequently, sectoral outputs...

Das Papier entwickelt neue Methoden zur Messung der Misallokation von Produktionsfaktoren zwischen verschiedenen Produktionseinheiten. Diese Methoden beruhen nur auf sehr allgemeinen Annahmen. Eine empirische Anwendung dieser Methoden liefert Evidenz für eine beträchtliche Misallokation von...

This paper tests whether intangible capital is a substitute or, to some degree, a complement to standard inputs in the production process. The analysis is conducted for public sectors in which governmental institutions are directly responsible both for efficiently producing public goods and for...

We study the eligibility of corporate bonds as collateral for central bank operations and its effect on interbank and corporate bond markets. While money market functionality increases in the amount of eligible assets, a thorough assessment of collateral policies must also account for endogenous...

This paper provides survey evidence on firms’ subjective uncertainty about future sales growth from a new representative panel data set of the German manufacturing sector. The main finding is that uncertainty reflects change: firms report more subjective uncertainty after either high or low...