In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential policy can play a role. We find that the introduction of a...

The paper provides a quantitative assessment of social returns to education in Italy. It shows that, after controlling for individual characteristics, local average human capital is positively correlated with individual wages, with estimated social returns between 2 and 3 percent. This result is...

This paper addresses the potential effects on human capital accumulation and economic growth of the alternative compositions of public expenditures in the context of a computable dynamic general equilibrium model of overlapping generations and heterogeneous agents in which altruistic parents...

The paper investigates empirically the impact of ethnic heterogeneity on the amount of public spending on health and education and the quality, or “technical efficiency” of spending. While it finds partial evidence for the claim that more heterogeneous societies spend less on public goods,...

While public education is often intended to be progressive in its effects on income distribution, in reality its incidence is often skewed toward the rich. This paper argues that the extent of this bias is directly related to institutional weaknesses in governance. We present a simple dynamic...

The measurement of the efficiency of public education expenditure using parametric and non-parametric methods has proven challenging. This paper seeks to overcome the difficulties of earlier studies by using a hybrid approach to measure the efficiency of secondary education spending in emerging...

This paper focuses on Sudan’s Interim Poverty Reduction Strategy Paper (I-PRPS). I-PRSP will support existing planning and budgeting instruments, including the 3-Year Salvation Economic Program (SEP) 2012–2014 and the 5-Year Development Plan (2012–2016), by strengthening the...