The paper studies the effects of heterogeneity upon the monetary and fiscal-budgetary policy interactions in a Keynesian monetary union. As a result of interactions, some of our results contrast sharply with the ones in studies that consider separately monetary, fiscal and budgetary policies....

Extending Asensio's closed-economy framework (2005a,b) to a monetary union, we show that theprinciples of governance which emanate from the so called "New Consensus in Macroeconomics"(NCM), and therefore have been designed for presumed stationary regimes, may cause severedysfunctions, such as...

This paper discusses the problem of optimal design of a jurisdiction structure from the view point of a welfarist social planner when households with identical utility functions for non-rival public good and private consumption have private information about their contributive capacities. It...

While there is a large body of literature on the determinants of allocation of intergovernmental …fiscal transfers in developed countries, this kind of study is still very limited for developing countries, especially Subsaharan countries. Using an original micro-level public fi…nance panel...

We use panel data on seventy-four developing countries for the period 1980-2007 to examine the effects of aid unpredictability and migrants' remittances on fiscal consolidation in these countries. Two definitions of fiscal adjustment are considered and a conditional logit model is used to...

This paper contributes to the established literature both on the side of fiscal consolidation (for e.g. Alesina and Perotti 1995; Alesina et al. 2010) and that of aid supplies (for e.g. Mosley 1985; Faini, 2006) by investigating the effects of fiscal episodes in OECD donor countries on their aid effort...

In this paper, we investigate the effects of fiscal episodes in Organization for Economic Cooperation and Development (OECD) donor countries on the distribution of their aid expenditures towards developing countries. We use descriptive statistics provided by Alesina and Ardagna (2010) on fiscal...

This paper investigates the relevance of the No-Ponzi game condition for public debt (i.e. the public debt growth rates has to be lower than the real interest rate, a necessary assumption for Ricardian equivalence) and of the transversality condition for the GDP growth rate (i.e. the GDP growth...

This paper investigates the relevance of the No-Ponzi game condition for public debt (i.e. the public debt growth rate has to be lower than the real interest rate, a necessary assumption for Ricardian equivalence) and of the transversality condition for the GDP growth rate (i.e. the GDP growth...