Growth and volatility in the European Union: a linear or a non-parametric approach?
The paper reports an investigation of the relationship between business-cycle volatility and economic growth in the European Union before (EU-15) and after broadening (EU-25) using cross-sectional models. Results based on the superiority of the pseudo-likelihood ratio test as a more reliable tool for testing the robustness of the model used, indicate that the above relationship is linear only in the case of EU-15.
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Volume (Year): 14 (2007)
Issue (Month): 1 ()
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References listed on IDEAS
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- Joseph Dejuan & Simon Gurr, 2004. "On the link between volatility and growth: evidence from Canadian Provinces," Applied Economics Letters, Taylor & Francis Journals, vol. 11(5), pages 279-282.
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- Pindyck, Robert S., 1990. "Irreversibility, uncertainty, and investment," Working papers 3137-90., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Robert S. Pindyck, 1990. "Irreversibility, Uncertainty, and Investment," NBER Working Papers 3307, National Bureau of Economic Research, Inc.
- Pindyck, Robert, 1989. "Irreversibility, uncertainty, and investment," Policy Research Working Paper Series 294, The World Bank.
- Garey Ramey & Valerie A. Ramey, 1994.
"Cross-Country Evidence on the Link Between Volatility and Growth,"
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4959, National Bureau of Economic Research, Inc.
- Ramey, Garey & Ramey, Valerie A, 1995. "Cross-Country Evidence on the Link between Volatility and Growth," American Economic Review, American Economic Association, vol. 85(5), pages 1138-51, December.
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