This paper specifies an empirical framework for estimating both technical and allocative efficiency, which is applied to a large panel of European banks over the years 1996 to 2003. Our methodology allows for self-consistent measurement of technical and allocative inefficiency, in an effort to...

The paper investigates the empirical association between inflation and productivity in 15 European countries over the period 1960-97. Modern econometric techniques based on integration and cointegration analysis are used to test for the existence of a long-run relationship between inflation and...

The paper examines whether inflation systematically distorts the informational content of price signals. A shadow cost function is specified, and the deviation of shadow from actual prices is modeled as a function of the level of economy-wide inflation, as well as other conditioning variables...

The paper studies technical inefficiency in the railway systems of ten countries of the European Union. A new approach is used which permits the disaggregation of inefficiency by factor of production to result in estimates of input-specific technical inefficiency. The cost structure is...

This paper specifies an empirical framework for estimating both technical and allocative efficiency, which is applied to a large panel of European banks over the years 1996 to 2003. Our methodology allows for self-consistent measurement of technical and allocative inefficiency, in an effort to...

This paper models the firm's production process as a system of simultaneous technologies for desirable and undesirable outputs. Desirable outputs are produced by transforming inputs via the conventional transformation function, whereas (consistent with the material balance condition) undesirable...

In this paper, we propose simulation based Bayesian inference procedures in a cost system that includes the cost function and the cost share equations augmented to accommodate technical and allocative inefficiency. Markov Chain Monte Carlo techniques are proposed and implemented for Bayesian...

1 Introduction -- 2 What Went Wrong With the Euro?.- 3 Public Debt: Introductory Remarks -- 4 Was the Eurozone an Acceptable Currency Union? -- 5 Preconditions of a Monetary Union -- 6 What Was the Theory Behind the Formation of EMU? -- 7 Will the Eurozone Dissolve Into Its Constituents? -- 8...