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DSGE (Dynamic stochastic general equilibrium) models are the common workhorse of modern macroeconomic theory. Whereas story-telling and policy analysis were in the forefront of applications since its inception, the forecasting perspective of DSGE models is only recently topical. In this study,...
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Ten years ago, the global financial crisis started to unwind in the USA and triggered the greatest recession since World War II. Although the crisis of 2007-08 was caused in the USA, their economy was not hit so hard in the Great Recession of 2009 as in Europe, and in particular in the Euro...
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-country income and growth gaps. Public sector activities may have an effect on overall productivity and growth via two channels …: directly by the level and changes of productivity within the public sector, and indirectly by triggering off productivity … the size of government are therefore likely to enhance the sector's own productivity and thereby positively contribute to …
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