https://isiarticles.com/bundles/Article/pre/pdf/42956.pdf

Non-renewable and renewable energy consumption and CO2 emissions in OECD countries: A comparative analysis

Investigation of Environmental Kuznets Curve for Ecological Footprint: The Role of Energy and Financial Development

The effect of urbanization on CO2 emissions in emerging economies

Effect of natural resources, renewable energy and economic development on CO2 emissions in BRICS countries.

exceeds 90 percent of nominal GDP on a sustained basis. Such public debt overhang episodes are associated with lower growth than during other periods. Even more episodes are associated with lower growth than during other periods. Even more striking, among the 26 episodes we identify, 20 lasted more than a decade. The long striking, among the 26 episodes we identify, 20 lasted more than a decade. The long duration belies the view that the correlation is caused mainly by debt buildups during duration belies the view that the correlation is caused mainly by debt buildups during business cycle recessions. The long duration also implies that the cumulative shortfall business cycle recessions. The long duration also implies that the cumulative shortfall in output from debt overhang is potentially massive. These growth-reducing effects of in output from debt overhang is potentially massive. These growth-reducing effects of high public debt are apparently not transmitted exclusively through high real interest high public debt are apparently not transmitted exclusively through high real interest rates, in that in eleven of the episodes, interest rates are not materially higher. rates, in that in eleven of the episodes, interest rates are not materially higher.

/pdf/public-debt-overhangs-advanced-economy-episodes-since-1800-304wp3jv7d.pdf

Public Debt Overhangs: Advanced- Economy Episodes Since 1800

This paper uses Monte Carlo simulations to investigate the impact of nonstationarity, parameter heterogeneity and cross-section dependence on estimation and inference in macro panel data. We compare the performance of standard panel estimators with that of our own two-step method (the AMG) and the Pesaran (2006) Common Correlated Effects (CCE) estimators in time-series panels with arguably similar characteristics to those encountered in empirical applications using cross-country macro data. The empirical model adopted leads to an identification problem in standard estimation approaches in the case where the same unobserved common factors drive the evolution of both dependent and independent variables. We replicate the design of two recent Monte Carlo studies on the topic (Coakley et al, 2006; Kapetanios et al, 2009), with results confirming that the Pesaran (2006) CCE approach as well as our own AMG estimator solve this identification problem by accounting for the unobserved common factors in the regression equation. Our investigation however also indicates that simple augmentation with year dummies can do away with most of the bias in standard pooled estimators reported --- a finding which is in stark contrast to the results from earlier empirical work we carried out using cross-country panel data for agriculture and manufacturing (Eberhardt & Teal, 2008; Eberhardt & Teal, 2009). We therefore introduce a number of additional Monte Carlo setups which lead to greater discrepancy in the results between standard (micro-)panel estimators and the novel approaches incorporating cross-section dependence. We further highlight the performance of the pooled OLS estimator with variables in first differences and speculate about the reasons for its favourable results.

Cross-section dependence in nonstationary panel models: a novel estimator

This article introduces a new Stata command, xtmg, that implements three panel time-series estimators, allowing for heterogeneous slope coefficients across group members: the Pesaran and Smith (199...

https://journals.sagepub.com/doi/pdf/10.1177/1536867X1201200105

Estimating panel time-series models with heterogeneous slopes

Public debt and growth: Heterogeneity and non-linearity

Since the seminal contribution of Gregory Mankiw, David Romer and David Weil (1992), the growth empirics literature has used increasingly sophisticated methods to select relevant growth determinants in estimating cross-section growth regressions. The vast majority of empirical approaches however limit cross-country heterogeneity in production technology to the specification of Total Factor Productivity, the 'measure of our ignorance' (Abramowitz, 1956). The central theme of this survey is an investigation
of this choice of specification against the background of pertinent data properties when the units of observations are countries or regions and the time-series dimension of the data becomes substantial. We present two general empirical frameworks for cross-country productivity analysis and demonstrate that they encompass the approaches in the growth empirics literature of the past two decades. We then develop our central argument, that cross-country heterogeneity in the impact of observables and unobservables on output is important for reliable empirical analysis. This idea is developed against the background of the pertinent time-series and cross-section properties of macro panel data.

/pdf/econometrics-for-grumblers-a-new-look-at-the-literature-on-3lw22o6tz9.pdf

Econometrics for grumblers: a new look at the literature on cross-country growth empirics

Despite the widely recognised importance of the manufacturing industry for successful development few studies investigate this sector in cross-country analysis. We fill this gap in the literature by analysing manufacturing production across a large number of developing and developed economies. Our empirical framework allows for heterogeneous production technology and accounts for endogeneity as well as cross-section dependence in the panel. Our results imply that differences in production technology are of crucial importance for understanding cross-country differences in labour productivity and their underlying causes. In the light of these findings the interpretation of regression intercepts as TFP level estimates collapses and we introduce an alternative measure which is robust to parameter heterogeneity.

Markus Eberhardt

Papers

Cross-section dependence in nonstationary panel models: a novel estimator

Estimating panel time-series models with heterogeneous slopes

Public debt and growth: Heterogeneity and non-linearity

Econometrics for grumblers: a new look at the literature on cross-country growth empirics

Productivity analysis in global manufacturing production