Human capabilities play an important part in the emergence from stagnation to modern economic growth. Historical and macroeconomic studies show substantial effects for nutrition and health on income levels and, for poorer countries, on rates of growth, implying divergence. Cross-country examination of the joint dynamics of life expectancy and income shows that a stratified emergence from stagna...

The validity of previous findings that dynamic factor models are useful for macroeconomic forecasting is of great importance for subsequent studies which use these models not only as a starting point for further developments but also as a benchmark for the evaluation of the forecasting performance of these further developments. Reanalyzing a standard macroeconomic dataset, we do not find any ev...

Two approaches to the multi-factor modeling of security returns are evaluated. In the first, a variance/covariance matrix of security returns and macroeconomic factors is assembled and decomposed. Factors are generated through this algebraic decomposition and are thus unspecified. In the second, a macroeconomic variable model is proposed and a linear model estimating security returns as a funct...

in this paper, we examine influence oil shocks on macroeconomic variables and dutch disease phenomena when these variables encountered positive oil revenue shocks. statistical model which is copula approach is used to show when iran's macroeconomic variables encountered positive oil revenue casus dutch disease and oil revenue has non-symmetric influence on the growth economic. in another w...

The relation between macroeconomic fundamentals and the cross section of asset returns is studied through the lens of dynamic stochastic general equilibrium (DSGE) models. We provide a full-information Bayesian estimation of the model using seven macroeconomic variables and extract the time series of three fundamental shocks to the economy for the period of 1966Q1-2010Q3: neutral technology (NT...

Time-varying volatility is common in macroeconomic data and has been incorporated into macroeconomic models in recent work. Dynamic panel data models have become increasingly popular in macroeconomics to study common relationships across countries or regions. This paper estimates dynamic panel data models with stochastic volatility by maximizing an approximate likelihood obtained via Rao-Blackw...

In this article, we carry out the structural analysis of an IS-LM-AS macroeconomic model with adaptive inflation expectations, exploring presence a possible local bifurcation. We prove that is structurally unstable when speed which economic agents adjust their expectations about future equal to inverse semi-elasticity real money demand respect nominal interest rate since periodic solutions are ...

Traditionally, Dynamic Scoring calculations experiements are carried out using representative agent based macroeconomic models. Existing literature does not provide any objection to this approach. In this paper, I develop a heterogeneous agent model similar to the SaverSpenders model of Mankiw(2000). But spenders in my model are merely credit constrained and not Rule of thumb consumers. Both gr...