Purpose: This paper aims to explore the effects of fiscal policy in an economy with efficiency wages, consumption taxes and a common income tax rate. Design/methodology/approach: A dynamic general-equilibrium model with the government sector is calibrated to Bulgarian data (1999–2018). Two...

Purpose – The discourse on credit cycles has been reinvigorated following the global crisis. The purpose of this paper is to contrast the positions of mainstream, Marxist, Austrian and post-Keynesian (PK) schools of thought on these matters. It is posited that most notions underplay the...