We show an example of a small open economy - the Czech Republic - where the fiscal restriction was put in place between 2010 and 2013 in a negative output gap and zero lower bound on nominal interest rates. According to our results, such fiscal policy seems to have been mistaken, as the...

The research address a partial issue of market failure in the form of information asymmetry. Within the public sector, social services, together with health services, belong to typical sectors where the information superiority of supply against demand is detected. The presence of...