What do unions do at the large scale? Macro-economic evidence from a panel of OECD countries

This paper investigates the long-run relationship between trade unionism and productivity using a panel data set comprising of 18 OECD economies. Much of the existing evidence on this issue derives from micro-economic studies, with limited attention paid to long-run dynamics and economy-wide effects. Using the mean group and pooled mean group estimation techniques on cross-country panel data, the paper offers support to the "productivity-increasing face of unionism" hypothesis, revealing a positive relationship between trade union density and per worker output.Trade unions, productivity growth, panel data econometrics

The determinants of foreign direct investment: a panel data study for the OECD countries

This study examines panel data evidence concerning empirical relevance between Foreign Direct Investment (FDI) attraction and its determinative effects. The main bulk of FDI is among the developed countries. Indeed, OECD countries has probably been the most potential group in undertaking FDI by caring out about 95% of the total outward FDI while, on average, 75% of the world FDI was directed into OECD countries. In this paper, we first present and analyse the theoretical/empirical findings on FDI, then we focus on assessing the relative significance of the factors that may attract FDI via a panel data regression analysis for a sample consisting of 20 OECD countries for 23 years (1975-1997). Our findings suggest that certain variables such as human capital and trade regime, as well as, the density of infrastructure appear to be robust under different specifications. Positive significance of the agglomeration factor is also observed, confirming the relevant theoretical propositions. However certain deferential variables, such as the governmental policy effect, could not be fully captured due to the statistical homogeneity of the sample

Manufacturing price determination in OECD countries; markups, demand and uncertainty in a dynamic heterogeneous panel

Manufacturing price markup equations are estimated for 15 OECD countries using annual data. Firms have CES production technology. The markup depends on demand, competitors' prices and uncertainty. Cointegration is tested with the Pedroni tests and a panel version of the Johansen test, and evidence found for unique cointegrating vectors. Estimation of the long-run parameters is performed with a pooled mean group method, with short run heterogeneous dynamics. Tests for homogeneity of the long-run parameters do not reject the hypothesis. Markups are pro-cyclical and rise with both competitors' prices and uncertainty.pricing behaviour, markups, panel test for order of integration, panel cointegration, dynamic heterogeneous panels, pooled mean group estimation

Optimal dynamic auditing based on game theory

A dynamic model based on game-theory is proposed to address the problem of fraud detection in auditing under non-linear payoff functions. Non-linearity is introduced by incorporating learning and sympathy effects in the audit process. It is proven that the audit/fraud detection game between two new engagement parties has a unique mixed strategy equilibrium, between an experienced auditor and a client has a unique pure strategy equilibrium, whereas in the long-run the game converges to a pure strategy equilibrium. In addition to this, to ensure an acceptable level of quality in the audit process, a closed form formula used to estimate the optimal auditor’s replacement time is extracted. The validity of the proposed scheme is tested on empirical data and modeling results comply with the International Standard of Auditing that requires the key audit partner to be rotated after a predefined period

Testing The Convergence Hypothesis Using Time Series Techniques: The Case Of Greece 1971-1996

Over the last five years, few issues have proven more controversial in empirical economics than the so-called convergence hypothesis.  This paper considers the issue of convergence across Greek regions, using time series techniques.  Our empirical results support the popular view prevailing in Greece about the existence of dualism across the Southern and Northern regions of Greece.  A possible explanation for this may be the lack of experience that the poor countries (like Greece) have in comparison with the rich ones.  The rich countries have the combined ability to educate themselves as they grow rich and the endogenous ability to accumulate the knowledge upon which these efforts are made.  Also, the same argument can be used as an explanation for the regional differences -the fact that the poor regions do not have previous experience and knowledge for efficient investments

Rockfalls: influence of rock hardness on the trajectory of falling rock blocks.

Οι καταπτώσεις βράχων θέτουν σε σημαντικό κίνδυνο τις ανθρώπινες δραστηριότητες και τις υποδομές. Η εκτίμηση του κινδύνου αυτού κατά μήκος οδών και άλλων ανθρώπινων δραστηριοτήτων έχει ιδιαίτερη σημασία. Με κατάλληλη γεωλογική αξιολόγηση είναι δυνατόν να προβλεφθούν οι επισφαλείς θέσεις έναντι καταπτώσεων, να εξηγηθεί ο μηχανισμός ενεργοποίησης του φαινόμενου και να καταστεί αποτελεσματικότερος ο σχεδιασμός των μέτρων προστασίας. Η τροχιά ενός τεμάχους επηρεάζεται σημαντικά από την αλληλεπίδρασή του με το πρανές κατά την κρούση, όπου οι κινηματικές συνθήκες του τεμάχους μεταβάλλονται ανάλογα με τους συντελεστές αναπήδησης. Για την διερεύνηση των ιδιοτήτων των πετρωμάτων που επηρεάζουν τους συντελεστές αναπήδησης πραγματοποιήθηκε εργαστηριακή έρευνα που βασίζεται στην ελεύθερη πτώση τεμαχών διαφορετικών βραχωδών και τεχνητών υλικών. Από την εργαστηριακή διερεύνηση προτείνεται μια συσχέτιση του συντελεστή αναπήδησης με την σκληρότητα που προσδιορίζεται με τη σφύρα Schmidt.Rockfalls pose significant hazard on human activities and infrastructure. The assessment of rockfall risk along roads and on other human activities is of great importance. Geological assessment can predict the outbreak of such events; explain the mechanism of occurrence and assist in the effective design of protection measures. The trajectory of a falling block is significantly affected by its response to the impact with the slope, since block kinematics properties mainly depend on the coefficient of restitution values. In this research a laboratory procedure based on the free fall of small blocks of different rock types and artificial materials was implemented in order to address the effect of their mechanical properties on the coefficient of restitution values. From the evaluation of testing results a correlation between kinematic coefficient of restitution and Schmidt rock hardness is proposed

A Small Macro-Econometric Model for Greece: Implications About the Sustainability of the Greek External Debt

This paper develops a small-scale macro-econometric model for Greece. The model will be used in order to examine the impact of macroeconomic policies on the real sector of the economy during the very difficult adjustment period that the Greek economy is currently facing. The model combines short-run Keynesian dynamics with a consistent neoclassical supply side. In this version potential output is given by a constant returns-to-scale Cobb-Douglas type production function. In most cases the short-run dynamics are modeled through an Error Correction Mechanism (ECM) which assumes the presence of adjustment costs in order to smooth-out the long-run equilibrium. A public sector side is also used in order to examine the impact of various shocks on public finance (specifically public debt)

Terrorist incidents and tourism demand: Evidence from Greece

© 2017 Elsevier Ltd The purpose of this paper is to examine the impact of terrorism on tourism demand in Greece using monthly data from 1977 to 2012. We investigate whether this relationship is bidirectional and whether it exhibits long run persistence. Thus, we employ a large dataset of terrorist incidents and perform cointegration and long-run causality tests, correcting our data for cyclical seasonality and applying PCA to construct a terrorism proxy according to the severity of the incident. Our findings concur that terrorism has a significant negative impact on tourist arrivals to Greece and that causality is noted from terrorism to tourism only. The results suggest that authorities should establish firm measures against terrorism and that further actions should be taken to promote tourism, safety and security, as a response to terrorist incidents. Our study is, to the best our knowledge, the first to approach terrorism using a three-factor proxy with qualitative features