In most transition economies, agricultural reforms have led to the emergence of family farms and household food production and to the decline of corporate farms. This study explores the extent of that trend for the case of Lithuania based on secondary information and primary survey data. The...

Economic hardship, agricultural policy reform and price developments have adversely affected incomes from agricultural production in Lithuania, and many farm households have accessed additional sources of income in the rural economy. In an analysis of recently collected survey data we find that...

Economic hardship, agricultural policy reform and price developments have adversely affected incomes from agricultural production in Lithuania, and many farm households have accessed additional sources of income in the rural economy. In an analysis of recently collected survey data we find that...

This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study identifies core differences, traces their intellectual pedigrees,...

Financial innovation during the Great Moderation increased the size and scope of credit flows in the US. Credit flows increased both in volume and with regard to the range of activities and investments that was debt-financed. This may have contributed to the reduction in output volatility that...

Classical political economy was underpinned by a shared view of the economy as a circular flow. This begged the question of how the value of produce can exceed the value of factor inputs: the ‘Profit Puzzle’. In this paper we advocate an understanding of the Profit Puzzle as a monetary...

The aim of this paper is to explore the link between credit and output in the context of a developed transition economy. Salient credit market features of these economies are (i) credit market imperfections leading to constraints on growth and (ii) the rapidly growing importance during...