This article explores the question of whether concepts and methods used in non-equilibrium statistical physics, already successfully applied in biology, epidemeology and finances, can also be a useful tool for research into economic development. The aim of this article is to describe one such...

GMM estimation of autoregressive panel data equations in error-ridden variables when the noise has memory, is considered. The impact of variation in the memory length in signal and noise spread and in the degree of individual heterogeneity are discussed with respect to finite sample bias, using...

We study the impact of alternative detrending techniques on the distributional properties of U.S. output time series. We detrend GDP and industrial production time series employing first-differencing, Hodrick-Prescott and bandpass filters. We show that the resulting distributions can be...