can result in instability, while a debt-level targeting rule, irrespective of GDP, can result in stability. A primary … deficit target may result in instability for the debt but stability for output, while a total deficit target can result in … stability for both debt and output. A fiscal reaction function similar to those found in the macro literature may result in …

proportion between wages and profits could attract investment (also FDI), possibly searching for short-term gains. It underlines …

. Using an out-of-sample forecasting exercise and a stability analysis, it is shown that core money growth carries important …