In recent years, federal spending and deficits have declined significantly as a percent of GNP, the earlier sharp rise in the federal debt-to-GNP ratio has been halted, and the huge primary deficit (budget deficit excluding net interest outlays) has been eliminated. More progress on reducing the...

The stated purposes of President Clinton's fiscal policy proposal are to provide short-run fiscal stimulus to "guarantee" the durability of the economic recovery, and cut the deficit while increasing outlays and subsidies for public and private investment and income maintenance. Although well...

The European Network of Economic Policy Research Institutes (ENEPRI) brings together twenty-four leading national economic policy research institutes from most of the EU-27 countries. The goals of the network are to foster the international diffusion of existing research, co-ordinate research...

Das Institut für Weltwirtschaft an der Universität Kiel (IfW) ist eines der großen Zentren weltwirtschaftlicher Forschung, wirtschaftspolitischer Beratung, ökonomischer Ausbildung und wirtschaftswissenschaftlicher Dokumentation. Das Institut sieht seine Hauptaufgabe in der Erforschung...

Since the abolition of its Apartheid regime in 1994, South Africa has launched a massive program of education, which has been financed through resources representing on average 21% of the national budget or 7% of GDP. Today, the GDP share of public spending on education is 1.3 times the average...

This dissertation empirically investigates macroeconomic fluctuations.In the first chapter, I study nontechnology shocks. It is popular to identify technology shocks as shocks permanently affecting labor productivity in SVAR. However it potentially misidentifies nontechnology shocks permanently...

This dissertation focuses on issues related to economic globalization and its implications for the domestic economy. The first two chapters pertain to international financial integration, while the last chapter studies the impact of interprovincial migration in China as a result of...

The purpose of this paper is to examine the fiscal characteristics of the new members in the light of the requirements of the SGP and the criticisms levelled against the Pact and to see in what ways their initial conditions differ from those faced by the current euro zone countries in the run-up...

We show that several shocks identifi ed without restrictions from a model, and frequently used in the empirical literature, display some persistence. We demonstrate that the two leading methods to recover impulse responses to shocks (moving average representations and local projections) treat...