Models in macroeconomic sciences are designed with the aim of understanding and then simulating the real world economic and monetary policy making. There has been a considerable debate over how to model the real world economic phenomena, and how correctly those models allow explanations of...

This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the size of fiscal multipliers in European countries. Using a set of common simulations, we consider transitory and permanent shocks to government expenditures and different...

This paper analyses the 1980s Latin American debt crisis in Argentina, Brazil and Mexico and, in particular, the influence of cumulative processes at work in its early and final stages. The paper is organised in three sections. The first examines the crisis<92> features in the three countries, and...</92>

This chapter aims to provide a hands-on approach to New Keynesian models and their uses for macroeconomic policy analysis. It starts by reviewing the origins of the New Keynesian approach, the key model ingredients and representative models. Building blocks of current-generation dynamic...

This chapter aims to provide a hands-on approach to New Keynesian models and their uses for macroeconomic policy analysis. It starts by reviewing the origins of the New Keynesian approach, the key model ingredients and representative models. Building blocks of current-generation dynamic...

Balkan countries, block of Albania, Serbia, Bosnia, Bulgaria, Romania, Montenegro, Macedonia have somewhat specific path toward future economic growth . Although some of them are part of EU community ( Bulgaria Romania ) and they have experienced the highest GDP growth rate 2014/2000 ,...

This article proposes that Okun’s Law is an empirical relationship between employment and production which, in the United States, correlates to the relationship between the radius of a circle and one-half of its circumference i.e. numerically, the ratio 1 : .. This requires two new sets of...

In this paper we propose a new macro-micro econometric framework which incorporates both aggregate labour demand and supply, and the labour market flows which determine the steady-state unemployment rate. Thus, we can simulate either demand or supply shocks and therefore assess their impacts on...

This paper looks at the history of money and its modern form from a scientific and mathematical point of view. The approach here is to emphasize simplicity. A straightforward model and algebraic formula for a large economy analogous to the ideal gas law of thermodynamics is proposed. It may be...

The effects of the recent economic recession have been widely discussed, particularly at the macro economic level. However, the economic downturn has been pervasive and has also determined a range of economic effects at different territorial levels. It has therefore become necessary to set up...