Measuring 1992's Medium-Term Dynamic Effects
This paper presents an explicit model of the link between the 1992 market liberalization and the aggregate marginal productivity of EC capital. We show that the liberalization is likely to lead to a ceteris paribus rise in capital's marginal product and thereby raise the steady-state capital-labor ratio. The comparative steady-state impact of 1992 on output is roughly quantified.
Published: "On the Measurement od Dynamic Effects of Integration", Empirica, Vol. 20,pp 129-145, 1993.