This paper considers large N and large T panel data models with unobservable multiple
interactive effects, which are correlated with the regressors. In earnings studies, for example …

Is globalization being eclipsed by a resurgent geopolitics? Does the war on terror denote the
end of globalization or a new phase of militarized globalization? Empire or globalization-are …

This paper introduces the concepts of time‐specific weak and strong cross‐section
dependence, and investigates how these notions are related to the concepts of weak, strong …

This paper traces the yearly response of gross domestic product growth—both aggregated
and disaggregated into its agricultural and non‐agricultural components—to four types of …

This article develops an information criterion for determining the number q of common
shocks in the general dynamic factor model developed by Forni et al., as opposed to the …

In this paper we study high‐dimensional time series that have the generalized dynamic
factor structure. We develop a test of the null of k0 factors against the alternative that the …

The appetite for fiscal discipline has been steadily declining among most industrial
countries. In the past, fiscal profligacy would have been punished by markets with higher …

The objective of this paper is to present a survey of the research related to the Feldstein–
Horioka puzzle and, in particular, to investigate what economists have learned, which parts …

We compare the labour market response to region-specific shocks in Europe and the United
States and to national shocks in Europe and investigate changes over time. We employ a …

On 16 and 17 June 2005, the ECB has hosted a Conference on “What Effects is EMU
Having on the Euro Area and its Member Countries?” One and a half decade after the start …