The paper explores the effect of technological specialisation on economic growth within a balance-of-payments-constrained growth model. We find that countries that are specialised in fast-growing technologies experience above average rates of growth due to the positive effects on international competitiveness. Moreover, we find that innovation, imitation and investment affect countries’ perform...

Recent evaluations of the impact of Turkish healthcare reforms on the efficiency of public hospitals suffer from simultaneous structural changes in the healthcare sector as well as from lack of data on some of the key ingredients of the reform. In this note, we analyze the major obstacles in a fair evaluation of the efficiency of public hospitals taking Sulku(2011)’s data envelopment analysis a...

This paper proposes a new unit root test in the context of a random autoregressive coefficient panel data model, in which the null of a unit root corresponds to the joint restriction that the autoregressive coefficient has unit mean and zero variance. The asymptotic distribution of the test statistic is derived and simulation results are provided to suggest that it performs very well in small s...


 Since the growing interest in study of dynamics tourism and its implications for economic growth, this paper explores Latin America Caribbean case. From regimes’ conception time series symbolization, we perform a cluster analysis posterior causality relationship estimation between growth performance 22 countries considering period 1995 2015. Results show existence two clusters with simil...

This paper uses Granger non–causality tests to analyze if channel competition exists between the companion websites of 93 German newspapers observed between I/1998 and II/2005. It provides econometric evidence for significant negative effects of companion website traffic on the print circulation of national newspapers and for significantly positive effects on local newspapers, at least for the ...

The authors address the issue of estimation and inference in dependent nonstationary panels of small cross-section dimensions. The main conclusion is that the best results are obtained applying bootstrap inference to single-equation estimators, such as fully modified ordinary least squares and dynamic ordinary least squares. Seemingly unrelated regression estimators perform badly, or are even u...

Separating Uncertainty from Heterogeneity in Life Cycle Earnings This paper develops and applies a method for decomposing cross section variability of earnings into components that are forecastable at the time students decide to go to college (heterogeneity) and components that are unforecastable. About 60% of variability in returns to schooling is forecastable. This has important implications ...

Macro-prudential authorities need to assess medium-term downside risks the real economy, caused by severe financial shocks. Before activating policy measures, they also consider their short-term negative impact. This gives rise a risk management problem, an inter-temporal trade-off between expected growth and risk. Predictive distributions are estimated with structural quantile vector autoregre...