This paper investigates the implications of budgetary policies for consumption and economic growth. We present a model … a rise in government debt, financed by lump-sum taxes, increases the share of private consumption to national income and … reduces the long-run growth rate. We also show that a rise in government consumption financed by lump-sum taxes reduces both …

A method of testing the relative importance for consumption of full insurance behaviour and changes in income is … consumption. Both types of behaviour are found to be statistically significant, but the full insurance model is found to explain … considerably more of the growth in consumption than changes in income do. …

This paper tests for the optimality of consumption across Canadian provinces. The results indicate that consumption is …

This paper uses consumption patterns across countries to measure capital market integration. It argues that earlier … Japan was the only industrialized country for which national consumption was fully integrated with the rest of the world … associated with incomplete integration across capital markets. Elsewhere, consumption is found to be excessively dependent on …

natural rate of unemployment. In addition, because of differential inflation across countries, real exchange rates become …

We extend the `rational-partisan' model of inflation to allow for the effects of unemployment persistence on the … to the failure of political parties to precommit to price stability, in the light of unemployment persistence. Elections … are associated with higher inflation, with the exception of the Thatcher period. There is no evidence that the Labour …

recent differential unemployment persistence in our sample of countries: first, sluggishness in labour demand, and second …In this paper we present an investigation of unemployment persistence in Japan, the United States and fourteen European … economies. We concentrate on the sources of slow adjustment in the labour market, such as sluggishness in labour demand and …

We extend the `rational partisan model' of inflation and unemployment by introducing inflation and unemployment … stability. The greater aversion of `socialists' to unemployment results in an inflation rate which is higher by five percentage … points than under the more anti-inflationary `conservatives'. Unemployment seems to be independent of the identity of the …

using macroeconomic data on employment, unemployment, participation, and (for Canada) migration and real wages. We find that …We analyze the flexibility of the Canadian labour market across provinces in both an inter- and intra-national context … Canadian labour markets respond in a similar manner to their U.S. counterparts and are more flexible than those in major euro …