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In this paper we examine the presence of agenda-setting effects by theprint media in Argentina from June 2003 to December 2008. Using previouslyunavailable monthly data on newspapers mentions we test twohypotheses about the relationship between the different agendas. We findsupport for the hypothesis that there were media effects during our periodof analysis. More specifically, we find that the total number of newspapermentions of the President positively influenced public confidence in thegovernment. Finally, there is also evidence of a strong and stable relationship between the total number of economic news and leading economicindicators.

En este trabajo investigamos la presencia de efectos de la agenda de los medios en Argentina desde Junio de 2003 a Diciembre de 2008. Usando una base de datos construida a partir de menciones en periódicos, investigamos dos hipótesis sobre la relación entre las diferentes agendas. Encontramos que existen efectos de agenda significativos durante el período de análisis. Más específicamente, encontramos que el número total de menciones del Presidente afecta positivamente la confianza del público en el gobierno. Finalmente, también encontramos evidencia deuna relación estrecha y estable entre el número total de menciones de noticias económicas y la evolución de los principales indicadores económicos.Palabras clave: Agenda-setting, Opinión Pública, Cointegración, Efectosde Medios.Código JEL: L82, E66. AbstractIn this paper we examine the presence of agenda-setting effects by the print media in Argentina from June 2003 to December 2008. Using previously unavailable monthly data on newspapers mentions we test two hypotheses about the relationship between the different agendas. We find support for the hypothesis that there were media effects during our period of analysis. More specifically, we find that the total number of newspaper mentions of the President positively influenced public confidence in the government. Finally, there is also evidence of a strong and stable relationship between the total number of economic news and leading economic indicators.Keywords: Agenda-setting, Public Opinion, Cointegration, Media Effects.JEL Code: L82, E66.

The aim of this paper is to investigate whether there exists a long‐run relationship between the real exchange rate and the commodity terms of trade in the so‐called Mediterranean or MENA countries. These economies are good candidates for this type of formulation, as are commodity exporting countries. Using cointegration techniques, we find long‐run relationships linking the real exchange rate and a commodity‐based measure of the terms of trade. Therefore, commodity terms of trade are a potential explanation for the apparent nonstationarity of MENA countries' real exchange rates previously found in the empirical literature.

PurposeIn particular, in this article, the authors investigate the degree of persistence in the credit-to-gross domestic product (GDP) ratio in 44 Organisation for Economic Co-operation and Development (OECD) economies in the context of nonlinear deterministic trends.Design/methodology/approachThe authors use Chebyshev's polynomials in time, which allow us to model changes in the data in a smoother way than by structural breaks.FindingsThis study's results indicate that approximately one-quarter of the series display non-linear structures, and only Argentina displays a mean reverting pattern.Research limitations/implicationsPolicy implications of the results obtained are discussed at the end of the manuscript.Originality/valueThe authors use an approach developed that allows for non-linear trends based on Chebyshev polynomials in time, with the residuals being fractionally integrated or integrated of order d, where d can be any real value.

In this paper we aim to analyse the degree of mean reversion of public expenditure, revenue and the difference between them, over GDP for 27 European Union (EU) countries. To gain flexibility in the analysis of the order of integration of the variables we apply fractional integration techniques. In general, we find evidence of mean reversion in all countries.

In this paper we aim to analyse the degree of mean reversion of public expenditure, revenue and the difference between them, over GDP for 27 European Union (EU) countries. To gain flexibility in the analysis of the order of integration of the variables we apply fractional integration techniques. In general, we find evidence of mean reversion in all countries.

AbstractIn this paper, we consider inflation rate differentials between seven Central and Eastern European Countries (CEECs) and the Eurozone. We test for convergence in the inflation rate differentials, incorporating non‐linearities in the autoregressive parameters, fractional integration with endogenous structural changes, and also consider club convergence analysis for the CEECs over the period 1997 to 2015 based on monthly data. Our empirical findings suggest that the majority of countries experience non‐linearities in the inflation rate differential; however, there is only evidence of a persistent difference in some countries. Complementary to this analysis we apply the Phillips and Sul (2007) test for club convergence and find that there is evidence that most of the CEECs converge to a common steady state.

In this paper we aim to analyze the level of sustainability of external debt and, more importantly, how it has changed for a number of European economies. Given the severity of the crisis since 2008, we argue that the path of external debt burdens may have changed since the start of the crisis, given the concerns about debt accumulation in most countries. We analyze the reaction of present debt accumulation to past debt stock, incorporating the possibility of endogenously determined structural breaks in this reaction function. We find that structural breaks happen in most cases after 2008, highlighting the importance of the policy measures taken by most governments.

This paper studies the convergence of self-employment by gender in the European Union, through tests for the order of integration and cluster analysis, in order to investigate the occurrence of two types of convergence: between genders and among European countries. The paper makes two contributions to the literature: (1) theo-retically, it provides useful insights into the macroeconomic determinants of self-employment; (2) methodologically, it uses unit roots, fractional integration and clus-ter analysis to assess convergence. The empirical results point at mixed evidence of convergence, but with clear differences between the core and the periphery of Europe.