Unit roots and infrequent large shocks: new international evidence on output

Article Abstract:

In a study involving 16 Organisation for Economic Co-operation and Development, the nature and magnitude of the economic shocks that have affected the per capita gross domestic product (GDP) reveal that infrequent, large permanent and transitory shocks were found which were a result of two major wars, the recession in the 1920s and the Great Depression. Also the nature of the output trend examined showed that the GDP series cannot reject the unit root hypothesis in 13 countries, and in other three countries, no conclusions could be drawn.

Gross domestic product, Depressions, Economic depressions, Great Depression, 1929-1934

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Barriers and the transition to modern growth

Article Abstract:

Knowledge on cross-country income differences is studied from the point of barriers, which affect both the beginning date, and the subsequent pace of modern growth. The graph representing the U-shaped cross-country income differences implies that a fraction of the cross-country differences are transitional thereby emphasizing the need for studying smaller barriers. Also, empirically, differences in the beginning dates of modern growth explain large differences in incomes.

Income Distribution

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The term structure of real interest rates: theory and evidence from UK index-linked bonds

Article Abstract:

A paper studying the default-risk--free real term structure and term permia or time-varying risks in two general endowments economies with complete markets but without money is presented.

Risk (Economics), Default (Finance)

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