Empirical work in macroeconomics is plagued by small sample size and large idiosyncratic variation. This problem is especially severe in the case of transition economies. We use a mixed estimation method incorporating information from OECD country data to estimate the parameters of a...

This major Handbook addresses fiscal relations between different levels of government under the general rubric of "fiscal federalism", providing a review of the latest literature as well as an invaluable guide for practitioners and policy makers seeking informed policy options. The contributors...

Does decentralization enhance service delivery and poverty reduction? Drawing on cutting edge research, expert contributors address this fundamental question facing policy-makers in developing as well as advanced countries. This timely book builds upon insights on the recent developments in the...

Fiscal federalism has been the subject of much scholarly debate over the years. These volumes successfully bring together seminal articles from the past fifty years to demonstrate how the focus has evolved from 'first generation' to 'second generation' theories of intergovermental relations. The...

Financing Decentralized Expenditures presents new original research papers on the structure of intergovernmental fiscal relations in virtually all types of countries and the design and implementation of transfer mechanisms between different levels of government. In developing, transition, and...

"This paper summarizes recent developments in the theory and practice of monetary policy in a closed economy and explains what these developments mean for U.S. dollar policy. There is no conflict between what is appropriate U.S. monetary policy at home or abroad because the dollar is the world's...