Showing 1 - 10 of 26
Persistent link: https://www.econbiz.de/10005125891
Recent research on the unobserved economy suggests that the phenomenon has important implications for both macroeconomic policy and public finance. Attention is focused on the public finance implications by examining a macro-model model from which it is possible to derive a family of Laffer...
Persistent link: https://www.econbiz.de/10005126189
This paper studies the structure and time consistency of optimal monetary policy from a public finance perspective in an economy where agents differ in preference for liquidity and holdings of nominal assets. I find that the presence of distributional effects breaks the link between time...
Persistent link: https://www.econbiz.de/10005126192
Pro Poor Growth has become a central concern to achieve sustainable poverty reduction in developing countries. Despite being widely used, the term is not well-defined nor has there been a clear policy document that would summarize the determinants and policy implications of pro poor growth. This...
Persistent link: https://www.econbiz.de/10005126303
Hall (1978) theorized that future consumption could be written only as a function of its current consumption. Since this result is known to be wrong in data, we reexamine, from Flavin's original equations (1981), how they may have reached this conclusion. In the Appendix, we derive a generic...
Persistent link: https://www.econbiz.de/10005126322
Compared to its central role in policy discussions in the United States and most other developed countries, the reliability of the measurement of the output gap has attracted relatively little academic study. Furthermore, both the academic literature and the debate among practitioners have...
Persistent link: https://www.econbiz.de/10005126356
This paper looks at the history of money and its modern form from a scientific and mathematical point of view. The approach here is to emphasize simplicity. A straightforward model and algebraic formula for a large economy analogous to the ideal gas law of thermodynamics is proposed. It may be...
Persistent link: https://www.econbiz.de/10005126382
'Reforming the Stability and Growth Pact: where do we stand ? Reforming the SPG has become a highly debated issue in Europe. This parper starts with recalling the fiscal policy framework in the euro area: the 3% of GDP limit for public deficits, stability programmes, the broad economic policy...
Persistent link: https://www.econbiz.de/10005126403
European policy makers have repeatedly suggested that fiscal- policy coordination and fiscal federalism will play key roles in Europe's monetary union. This paper warns that this hope is misplaced. Fiscal federalism will not be available to offset recessionary shocks for the foreseeable future....
Persistent link: https://www.econbiz.de/10005126477
The transition from a planned to a market oriented economy requires a complex amalgam of stabilization, liberalization and privatization policies. This paper outlines a combination of policies believed to be necessary, if not sufficient to enlist the efficiency of market mechanisms along with a...
Persistent link: https://www.econbiz.de/10005062463