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Trends in Structural Changes and Convergence in EU

  • Albu, Lucian Liviu

    ()

    (Institute of Economic Forecasting, Romanian Academy)

Despite 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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Article provided by Institute for Economic Forecasting in its journal Romanian Journal of Economic Forecasting.

Volume (Year): 5 (2008)
Issue (Month): 1 (March)
Pages: 91-101

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Handle: RePEc:rjr:romjef:v:5:y:2008:i:1:p:91-101
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  1. L. Rachel Ngai & Christopher Pissarides, 2007. "Structural change in a multi-sector model of growth," LSE Research Online Documents on Economics 4468, London School of Economics and Political Science, LSE Library.
  2. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
  3. Erik Canton & Bert Minne & Ate Nieuwenhuis & Bert Smid & Marc van der Steeg, 2005. "Human capital, R&D, and competition in macroeconomic analysis," CPB Document 91, CPB Netherlands Bureau for Economic Policy Analysis.
  4. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-80, December.
  5. N. Gregory Mankiw & David Romer & David N. Weil, 1990. "A Contribution to the Empirics of Economic Growth," NBER Working Papers 3541, National Bureau of Economic Research, Inc.
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