The aim of this paper is to develop a comprehensive analysis of the shock therapy model of transition. As such the model requires an analysis of what I define as the primary elements: economic analysis, definition of a good society, speed, political structure, ideological structure and initial...

The aim of this paper is to develop a comprehensive analysis of the shock therapy model of transition. As such the model requires an analysis of what I define as the primary elements: economic analysis, definition of a good society, speed, political structure, ideological structure and initial...

Debates on the appropriate response of fiscal policy to economic downturns, such as the debates on the merits of austerity measures in Europe, have been centered on the size of the fiscal multipliers. Indeed, empirical and theoretical evidence suggests larger multipliers at times of recession...

In this paper, we employ a block structured near-vector autoregression in order to compare the reactions to euro area shocks in four new member states (Bulgaria, Hungary, Czech Republic and Romania) and in the old member states of the EU. The methodology adopted also allows us to study the...

The European Union and the MENA countries fostering North-South economic integration (by Sándor Richter; pp. 1-5) Keywords North-South, economic integration Countries covered European Union, MENA Topics Labour, Migration and Income Distribution Europe's position in trade in knowledge-intensive...

In this paper we explore the effects of alternative combinations of fiscal and monetary poli- cies under different income distribution regimes. In particular, we aim at evaluating fis- cal rules in economies subject to banking crises and deep recessions. We do so using an agent-based model...

A few reflections on fiscal and monetary policy in the euro area (by J. Pöschl; pp. 1-3) Keywords fiscal policy, monetary policy, euro area Countries covered EU Topics Macroeconomic Analysis and Policy; International Trade, Competitiveness and FDI Unit labour costs, exchange rates and responses...

This article presents a survey of the Fiscal Theory of the Price Level. According to it, there are two stable regimes of economic policies: one, traditional, where the monetary authorities control inflation and where the fiscal authorities must be concerned with their intertemporal balance. The...

According to the fiscal theory of the price level (FTPL), the interactions between monetary and fiscal policies with governments facing the possibility to act in a non-Ricardian manner make the general price level be fully determined. Here, depending on the expectations framework, we show to...

A central goal that has eluded most countries in sub-Saharan Africa is to effectively manage their natural resources, develop diversified and prosperous economies, and as a result, improve the standard of living of their citizens. This paper draws from the framework of diversification and...