We introduce a military sector and external security considerations into a real-businesscycle setup with a public sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2018). We investigate the quantitative importance...

Stochastic shocks to aggregate labor supply elasticity are introduced into a real-business-cycle setup augmented with a detailed government sector. The model is calibrated to Bulgarian data for the period following the introduction of the currency board arrange-ment (1999-2018). The quantitative...

This study represents a new way of looking at health, by investigating the effect of aggregate cancer incidence rates on labour productivity, using a macroeconomic methodology. The health of the labour force is a key determinant of labour productivity, with poor health comes both physical and...

We show that in an endogenous growth model with human accumulation calibrated to Bulgarian data under the progressive taxation regime (1993-2007), the artificial economy exhibits equilibrium indeterminacy. These results are in line with the recent findings in Chen and Guo (2015) in the context...

This paper analyses the quantitative welfare effects of the Thatcherism taxation programme reforms. Modern macroeconomic techniques are put into application to the important historical fiscal reforms. The Paper provides details of the Thatcherism taxation reform, the changes in taxation rates...

We introduce consumption habits into an exogenous growth model augmented with a detailed government sector, and calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2016). We show that in contrast to the case without habits,...