In this paper we argue that modelling the trend component in real GNP as a random walk is inconsistent with its interpretation as productivity growth. As an alternative we specify the trend as an Auto Regressive Integrated Moving Average (ARIMA) process, whose impulse response function follows...

This paper proposes a new way to compute a coincident and a leading index of economic activity. The method provides a unified approach for the selection of the coincident and the leading variables, for averaging them into coincident and leading indexes and for the identification of turning...

The work studies the processes of growth of the world top 150 pharmaceutical firms, on the grounds of an original database which allows also disaggregate analysis at the level of single therapeutical classes and chemical entities.Our findings show that the industry -whose long-term evolution is...