We present an algorithmic approach for the design of fiscal policy rules. In particular, using algorithmic feedback control techniques, we design linear feedback policy rules such that predetermined target levels for GDP and public debt are simultaneously, exactly tracked. We run a number of...

Background: One of the principal goals of monetary policy pursued by Central Banks worldwide is virtually price stability. Understanding inflationary dispositions and its determinants is therefore a critical issue from the monetary authorities, scholars and the policy makers viewpoint. The...

This study focuses on the empirical tests for the sustainability and solvency of fiscal policies in Algeria using a nonlinear model approach, based on quarterly data from 1963Q1 to 2017Q1 on the Algerian budget balance-GDP. Empirical evidence indicates that the adjustment behavior of the budget...

The failure over time of the tax system in Greece to harmonize with a sound and efficient fiscal mix raises questions about the possibility of a radical restructuring. The last decade of continuous tax reforms has neither particularly restricted the black economy nor provided the government with...

An attempt is made in this paper to examine the impacts of government spending on human capital on human development indicators like healthcare outcomes, education achievements and increase in national income in Namibia using time series data from 1980 to 2015. The analysis reveals a significant...

The 2008 financial crisis triggered the debt crisis in Europe. High debt-to-GDP ratios made it impossible for some countries to apply countercyclical policy in order to overcome the recession. As a result, highly indebted countries were forced to apply austerity measures to avoid sovereign...

Two challenges in the literature have inspired this paper. First, the highly contradictory puzzle of debates on the 'public budget-economic growth' correlation, explainable in great measure by the inadequacy of involved modeling tools (assumptions and specifications) with studied samples....