Trends in Structural Changes and Convergence in EU
AbstractDespite the multitude of models created, their predictions are often contradicted by the empirical data, so that investigating macroeconomic structural changes continues to be a challenge to economists. Based on empirical data from countries around the world, our study tries to estimate a generic long-run model for analysing structural changes along with the general process of economic development. Moreover, from such a methodology a specific “EU model” was derived. Among the results, the long-run dynamics of structural changes seems to converge within the EU-27; the remaining problem being how long the convergence period is. This study shows how some more detailed interpretations could be extracted from the simulation of the model by using 3D maps or contour plot in the case of the EU countries.
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Bibliographic InfoArticle provided by Institute for Economic Forecasting in its journal Romanian Journal of Economic Forecasting.
Volume (Year): 5 (2008)
Issue (Month): 1 (March)
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structural changes; non-linear model; asymptotical trajectory; stages of economic development.;
Find related papers by JEL classification:
- C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
- C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
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