Purpose – There is a growing consensus that monetary policy occupies a primary position in macroeconomic management. This study aims to analyse how monetary policy performed in a sample of Caribbean countries. Design/methodology/approach – The paper uses a univariate analysis on the price...

The aim of this paper is to develop a comprehensive analysis of the shock therapy model of transition. As such the model requires an analysis of what I define as the primary elements: economic analysis, definition of a good society, speed, political structure, ideological structure and initial...

Fiscal policy tries to achieve its objectives by modifying the programmes of public revenues and public expenses elaborated by the policy maker. One of its objectives is to improve the situation of the economic agents, and one way to achieve it is increasing the activity of the firms, employment...

Rosenstein-Rodan proposed that if expansionary and developmental policies have to be pursued, the small changes in fiscal and monetary policy make minor changes in economic growth. So, if a meaningful economic development is the objective carrying out Big Push is necessary for the policy makers....

This study shows that the origins of the sovereign debt crisis within the euro area are to be found within the private sector and in economic policy mistakes rather than only in the profligacy of some national governments in the Southern periphery of Euroland. Sovereign debtors and their private...

Do elections allow voters to express their policy preferences, with change in government spending patterns following the election of a new leader? How long does it take for the composition of government spending to change following a change in leadership? Or, do significant spending changes...

The main purpose of this article is to provide empirical evidence for Spain on the dependency relationship between government spending and private consumption at the disaggregated level. To this end, we will use two approaches that extend traditional consumption models, allowing for...

This paper analyzes the growth and employment effects of dynamic fiscal policies in an overlapping generations model with endogenous growth and imperfect labour markets. With balanced-budget policies, the modelled closed economy grows at a constant rate which is higher, the lower are the labour...

To examine the long-run and short-run multipliers of fiscal policy in China, simple models with some basic characteristics of the Chinese economy are developed and then estimated using cointegration and error correction approaches. Empirical results confirm some similarities between the Chinese...

This paper examines Chairman Greenspan's recent claim that central bankers around the world have been operating 'as if' monetary policy were constrained by gold that backs up reserves. The paper argues, instead, that central banks in flexible exchange rate regimes operate with an overnight...