This study analyses Granger-causality between the return series of CPI and PPI (i.e., inflation measured by CPI and PPI) for Romania, by using monthly data covering the period of 1991m1 to 2011m11. To analyse the issue in depth, this study decomposes the time-frequency relationship between CPI-...

China's major wheat producing areas play a crucial role in ensuring domestic grain production and food security more generally and it is therefore of significance, both empirically and theoretically, to investigate the current situation and future tendencies of the sector. Based on input- and...

The purpose of the paper is to revisit the inflation–output gap relationship using a new approach known as the wavelet transform. This approach combines the classical time series analysis with frequency domain analysis and presents the advantages of assessing the co-movement of the two series...

This paper examines the dynamic effects of taxation and investment on the steady state output level of an economy. A simple neoclassical growth model with different tiers of government is developed. The initial focus is on governments that aim to maximise their citizens' welfare and economic...

Libya experienced traumatic political and economic upheaval during 2011 arising from an eight-month-long civil war that cost thousands of lives, resulted in major economic dysfunction, destroyed part of the country's infrastructure, almost halted oil production, the country's major source of...

Between 1990 and 2010, the Dutch government pursued two successful fiscal adjustments: first, in 1995–2002, through a pure expenditure-based strategy and second, in 2004–2007, through a mixed strategy based on social transfer cuts and tax increases. In order to assess welfare and, in...

Simulations with dynamic, single country, CGE models typically imply that reductions in domestic demand, e.g. a cut in investment, generate increases in exports and reductions in imports facilitated by real depreciation. However, currently in the U.S. a large reduction in investment is occurring...

In this paper a fiscal consolidation program for India has been presented based on a policy simulation model that enables us to examine the macroeconomic implications of alternative fiscal strategies, given certain assumptions about other macro policy choices and relevant exogenous factors. The...

This paper uses a unique monthly data set that covers the overall credit card usage in a small-open economy, Turkey, to investigate a possible credit channel of monetary policy transmission through credit cards. A reduced-form vector autoregression analysis is employed, where the forecast error...

This paper relies on the ‘institutional debt rule’ implemented in Franc Zone countries to assess whether the structural vulnerability of these countries matter for their probability to enter into excessive indebtedness. This structural vulnerability is measured by retrospective ‘Economic...