Carmignani, Fabrizio; Colombo, Emilio; Tirelli, Patrizio - Dipartimento di Economia, Metodi Quantitativi e … - 2007
We revisit the empirical relationship between output volatility and government expenditure in a model where the two are jointly deter- mined. The key regressors in our model are trade and ¯nancial integra- tion indicators, institutional variables, including central bank indepen- dence, and a...