Output effects of infrastructure investment in the Netherlands, 1853-1913
Granger-causality tests in a Vector Auto-Regression (VAR) framework models are used to determine the effects of transport infrastructure investment on GDP in the Netherlands from 1853-1913. The VAR models are analyzed by employing innovation accounting. Although there is strong evidence of a Granger-causal relationship between infrastructure investment and Dutch GDP in the second half of the 19th century, the framework does not disregard the explanation that infrastructure increased because of the expected growth in future GDP.
Publication Name: Journal of Macroeconomics
Virtual and composite fundamentals in the ERM
The appropriate driving process for fundamental exchange rates in the exchange rate mechanism (ERM) was identified by means of the application of a latent-variable approach. A significant degree of mean reversion can be asserted from the time-series characteristics of so-called "virtual fundamentals" and "composite fundamentals." Documented degrees of credibility of the exchange rate policies pursued closely corresponded to assumed degrees of economic integration in the case of Germany.
Publication Name: Scandinavian Journal of Economics
Prices in the two Germanies
A study was conducted to analyze prices in the two Germanies and examine the assumption that prices in East Germany do not reflect relative scarcities as well as West German prices. Francis Seton's eigenprices were utilized as the standard of valuation. Results indicated that the assumption is flawed. Prices in West Germany deviated from the standard of valuation by just as much as those in East Germany.
Publication Name: Journal of Comparative Economics
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