"This article tests the main unemployment paradigms for the unemployment rates of the states of the United States and the European Union-15 countries over the past three decades. For that purpose, we employ a state-of-the-art panel stationarity test, which allows for an unknown number of...

In this paper we investigate the existence of stochastic convergence of per capita real output in 19 OECD countries over 1870-2003. For that purpose, we employ panel techniques which incorporate an unknown number of structural breaks along with cross-dependence. Overall, our analysis provides...

This paper investigates the hypothesis of a unit root in output for four panels of real gross domestic product (GDP) and real GDP per capita series in the Organization for Economic Co-operation and Development (OECD). For that purpose, a panel stationarity test is employed that assumes a highly...

In this paper, we investigate the existence of infrequent shocks and the degree of persistence of U.S. state unemployment over the period 1976–2004. We first apply individual Lagrange multiplier (LM) unit root tests and fail to reject the hysteresis hypothesis in forty states. When two changes...

This paper examines the existence of stochastic and deterministic convergence of carbon dioxide (CO2) emissions in 23 countries over the period 1960-2002. For that purpose, we conduct unit root testing by employing the recently developed panel stationarity test of Carrion-i-Silvestre et al....

This paper investigates the hypothesis of a unit root in inflation for 13 OECD countries over the period 1957-2005, taking into account cross-sectional dependence and multiple mean shifts. We conduct unit root testing with the more powerful unit root tests with cross-dependence proposed by Smith...

This paper addresses the question whether public finance reform can affect trend growth in the EU-15. Focusing on time series patterns, we investigate whether there have been persistent trends in economic growth and fiscal variables over the last 40 years. In addition, we estimate a...

This paper investigates several issues concerning persistence of inequalities of relative income per capita among the Spanish regions over the period 1980 to 2002. For that purpose we take a Bayesian approach which extends the work by Canova and Marcet. First, we study to what extent there...

In this study we develop a knowledge-driven growth model which explicitly models the banking sector as monopolistically competitive. The main mechanism through which financial intermediaries affect the real economy is through the evaluation and provision of liquidity to R&D projects. We...