This paper presents an empirical analysis of the "Great Moderation" phenomenon characterized by a decrease of volatility in GDP real growth rates, using quarterly data for the OECD member states over the period 1960-2010. This paper expands the existing literature on methodological and empirical grounds. We use a GARCH modeling approach with endogenously determined structural breaks in both the trend and volati...
Tourism is one of the largest and fastest growing industries, playing a key role in the economic growth of many European countries, with direct and indirect impacts on other economic sectors through multiplier effects. The national authorities are aware of its role and have given important steps attempting to influence the number of visitors, the timing and duration of visits. Nevertheless, little is known ...
Tourism is one of the largest and fastest growing industries, playing a key role in the economic growth of many European countries, with direct and indirect impacts on other economic sectors through multiplier effects. The national authorities are aware of its role and have given important steps attempting to influence the number of visitors, the timing and duration of visits. Nevertheless, little is known abou...
Na Europa, o desemprego elevado e com tendência crescente tem sido considerado o maior desafio que hoje se apresenta aos decisores económicos. Ao longo do tempo, as explicações para este problema têm evoluído de acordo com as alterações constantes que a realidade económica se tem sujeitado. A relativa impotência da teoria económica, em encontrar uma explicação para o aumento da taxa natural de desemprego nos pa...
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