This paper computes the fiscal stance in a small open economy and asses its position to relevant macroeconomic variables in order to protect the macroeconomic stability and promote development. Since 2006 change in income and tax structure shifts the implementation of fiscal policy, increasing...

This study tests the hypothesis that balanced-budget rules (BBRs) that restrict public borrowing to investments in public infrastructure increase growth by increasing the productivity of debt, either because investments in public infrastructure are more productive than other uses for which...

An empirical analysis is conducted on two panels of 18 OECD countries to test whether the elasticity of hourly productivity to working time is negative and decreasing with working time itself. If so, the decreasing returns on working time could be indicative of a fatigue effect that increases...

This paper provides a tool to build climate change scenarios to forecast Gross Domestic Product (GDP), modelling both GDP damage due to climate change and the GDP impact of mitigating measures. It adopts a supply-side, long-term view, with 2060 and 2100 horizons. It is a global projection tool...

The purpose of this paper is to test whether institutional governance and its performance is a main driving force to achieve a positive relationship between natural resources and economic growth in the long run. The main objective is to ascertain what kind of institutional governance would be...

The main purpose of the paper is to analyze GDP PPP per capita growth rates across countries in the period 1980-2008, as well as to identify top and bottom country performers. In addition, the author verifies the statistical relationship between GDP PPP per capita and some arbitrary selected...

The paper provides an alternative explanation for the “resource curse” based on the income effect resulting from high government current spending in resource rich economies. Using a simple life cycle framework, we show that private investment in the non-resource sector is adversely affected...

Poverty and inequality around the world has been rising over the last three decades and the attainment of the Millennium Development Goals (MDGs) seems a far fetched goal. In explaining underdevelopment, Classical Economics has offered many theories and models including but not limited to...

In this paper, we analyse the effects of transitory fiscal expansions when public debt is used as liquidity by the private sector. Aggregate shocks are introduced into a tractable flexible-price, incomplete-market economy where heterogenous, infinitely-lived agents face occasionally binding...