, spending and taxes are higher inside currency unions. This effect is especially pronounced for dollarized countries that …

confidence. Long-term interest rates, as a measure of confidence in the sovereign, tend to fall around spending …, spending-based measures seem preferable. Slump periods are not necessarily bad moments for such measures, while strengthening …

This paper analyses the causes and consequences of offshore financial centers (OFCs). Since OFCs are likely to be tax … and simulate a model of a home country monopoly bank facing a representative competitive OFC which offers tax advantages …

stock of debt is low, it is optimal for government spending to remain largely inactive, but when the initial stock of debt … is high, government spending should play a significant stabilisation role in the first period. This finding is robust to …

Despite intense scrutiny estimates of the government spending multiplier remain highly uncertain with values ranging … spending multiplier is substantially below 1 for fiscal expansions, but the multiplier is substantially above 1 for fiscal …

We use the time series of shifts in U.S. Federal tax liabilities constructed by Romer and Romer to estimate tax … includes output, government spending and revenues, inflation and the nominal interest rate) does not rely upon the assumption … that tax shocks are orthogonal to each other as well as to lagged values of other macro variables. Our estimated multiplier …