We investigate hysteresis and persistence behaviour in the course of unemployment in EU countries and US states by means of first and second generation panel unit root tests. While the former tests assume independent cross sections, the latter control for dependencies. The first generation tests...

This paper explores the long-term relationship between public and private investment in the euro area. A stock-flow approach is proposed to control for the integration properties of the variables. Panel econometric techniques including international spillovers are employed. Private and public...

Diese Arbeit untersucht die langfristige Beziehung zwischen öffentlichen und privaten Investitionen in der Eurozone im Rahmen eines Strom-Bestands-Modells. Mit diesem Ansatz lassen sich die unterschiedlichen Integrationseigenschaften der beteiligten Variablen erfassen. Die Ergebnisse basieren...

Die Investitionstätigkeit der Unternehmen ist ein Motor der wirtschaftlichen Entwicklung. Trotz günstiger Finanzierungsbedingungen hielten sich die Firmen in den vergangenen Jahren in Deutschland und im Euroraum aber weitgehend zurück, wenn es darum ging, in ihre Produktionsanlagen zu...

This paper provides an empirical analysis on the determination of wages at the sectoral level in main industrial economies. Nominal wages are bargained between labour unions and employers in imperfect competitive markets, where spillovers across sectors might occur. Using a principal component...

Generally speaking, money demand models represent a natural benchmark against which monetary developments can be assessed. In particular, the existence of a well-specified and stable relationship between money and prices can be perceived as a prerequisite for the use of monetary aggregates in...

This paper investigates the link between health care expenditures and GDP for a sample of 21 OECD countries using recent developed panel cointegration techniques. In contrast to previous studies, the analysis accounts for the fact that health care expenditures are not only determined by income....

This paper explores the long run relationship between public and private investment in the euro area in terms of capital stocks and gross investment flows. Panel techniques ac-counting for international spillovers are employed. While private and public capital stocks are cointegrated, the...